Board index » The IRISH PROPERTY BUBBLE » The Republic of Property

Post new topic This topic is locked, you cannot edit posts or make further replies.  [ 46 posts ]  [Go to page]   1, 2, 3, 4  Next
Author Message
 Post subject: Irish Times Goes to Navan (The credit wolves at the door)
PostPosted: Sat Oct 11, 2008 4:33 pm 
Offline
Nationalised
User avatar

Joined: May 3, 2007
Posts: 11946
Navan; where unemployment is up 50% over the year and where the new queueing system in the dole office is in pairs because single file queues in the dole office are a traffic hazard they are so long.

This article contrasts greatly with the pornographic muck they publish in their property pages and is the main article in the Weekend Section

http://www.irishtimes.com/newspaper/new ... 89905.html

It graphically describes how Banks sometimes ring up 10 Times a Day LOOKING for Money .

The head of Mabs in Navan describes how three of his clients have committed suicide only "in the last few months"

This is a very very sobering read. I highly commend it . Well done Carl O'Brien and Ruadhán MacCormaic.

Noel Dempsey was not a contributor to the article. Sadly we shall miss his ever wise words because we all trust Noel will sort things out, defibrillate the Tiger and then become Taoiseach and go on to save the planet :nin

_________________
SEO Ireland. SEO Dublin.


Top
 Profile  
 
 Post subject: Re: Irish Times Goes to Navan (The credit wolves at the door)
PostPosted: Sat Oct 11, 2008 4:58 pm 
Offline
Old Time Landlord

Joined: Nov 23, 2007
Posts: 371
The guy with the apartment in Manhattan (halfway down the article) has been discussed here before...

viewtopic.php?f=4&t=13508&st=0&sk=t&sd=a&hilit=kenny+timmons

and prior to that...

viewtopic.php?f=11&t=5159&p=41146&hilit=kenny+timmons#p41146

_________________
''Wisdom is sold in the desolate market where none come to buy, and in the wither'd field where the farmer ploughs for bread in vain.'' - William Blake

''What if the pigs are wrong ?''- George Orwell, ''Animal Farm''


Top
 Profile  
 
 Post subject: Re: Irish Times Goes to Navan (The credit wolves at the door)
PostPosted: Sat Oct 11, 2008 5:26 pm 
Offline
Too Big to Fail

Joined: Aug 8, 2008
Posts: 3389
Location: Cathair na dTreabh
Anyone know how timmons did with that Wall Street investment property?
I'm tempted to ring him and ask, given that he was featured in the Times befor (Irish & New York)!

_________________
'Sitting on the sidelines, cribbing & moaning is a lost opportunity. I don't know how people who engage in that don't commit suicide because frankly the only thing that motivates me is being able to actively change something,' - Bertie Ahern 04/07/07


Top
 Profile  
 
 Post subject: Re: Irish Times Goes to Navan (The credit wolves at the door)
PostPosted: Sat Oct 11, 2008 5:37 pm 
Offline
Nationalised
User avatar

Joined: Nov 8, 2006
Posts: 8873
Location: Location, Location.
Quote:
"But the banks are coming down heavy; you get a credit controller from a bank ringing 10 times a day, looking for new income and expenditure sheets. It has hit construction, of course, but the ripples of the crisis are affecting much more. You have suppliers, pubs, restaurants, big factories, all feeling the pinch. We need a bit more from the banks - that would ease the burden on a lot of people."


This is exactly what they did in the 80's, I remember my Dad being on the receiving end of that (AIB at the time), it's not pleasant, there will also be menacing solicitors letters intended to instil fear and home visits by gurriers in suits looking for the money. It is unrelenting and not everyone will stand the pressure, a small few will commit suicide, others will abandon their wife and children and emigrate, a lot will claw their way out of debt, eventually, but the experience will drain a lot from them emotionally and physically.

_________________


Top
 Profile  
 
 Post subject: Re: Irish Times Goes to Navan (The credit wolves at the door)
PostPosted: Sat Oct 11, 2008 5:46 pm 
Offline
Nationalised
User avatar

Joined: May 3, 2007
Posts: 11946
The bank made a big mistake with one of my neighbours early this year ( he has since paid them off in full and is a relieved man ) .

He was sent a letter 'signed by 'a solicitor' but the solicitor , while qualified, was working in the bank .

You may not send a letter signing yourself as a solicitor Unless you are a solicitor who is IN PRACTICE .

You may style yourself LLB or BCL but not that magic word Solicitor.

He set the law society on her for misconduct and demanded and got an apology from both her and the bank and in writing .

Any time the bank rang him he simply read the grovelling apology letter back to them and asked them what they thought about it 8)

_________________
SEO Ireland. SEO Dublin.


Top
 Profile  
 
 Post subject: Re: Irish Times Goes to Navan (The credit wolves at the door)
PostPosted: Sat Oct 11, 2008 8:33 pm 
Offline
Property Magnate

Joined: May 15, 2007
Posts: 732
Location: London
Incredible reading. The disconnect in Irish minds between their extreme borrowing and the current mess is simply astounding.

Quote:
By his own admission, Kenny Timmons has never known bad times. When he left school in Kells in 1992 he went straight on to building sites, and by 2004 he had his own carpentry business that employed about 20 men. He has an apartment on Wall Street in New York to his name, and another in Dubai in the United Arab Emirates. "I could see this recession coming here. Unfortunately, I couldn't see it coming all over the world," he says.


Quote:
"The banks are to blame for this. They could have kept a better control on it. They were giving them out willy nilly to everyone, mortgages and loans. And that was driving everything up. And now things are gone down, they're not giving anything out."


Just staggering :-x


Top
 Profile  
 
 Post subject: Re: Irish Times Goes to Navan (The credit wolves at the door)
PostPosted: Sat Oct 11, 2008 8:51 pm 
Offline
Neo Landlord

Joined: Apr 2, 2007
Posts: 239
Quote:
"The banks are to blame for this. They could have kept a better control on it. They were giving them out willy nilly to everyone, mortgages and loans. And that was driving everything up. And now things are gone down, they're not giving anything out."


The main things to blame was greed (builders, banks, buy to let landlords and homeowners)and naivety (FTBs)


Top
 Profile  
 
 Post subject: Re: Irish Times Goes to Navan (The credit wolves at the door)
PostPosted: Sat Oct 11, 2008 9:12 pm 
Offline
Nationalised
User avatar

Joined: Jun 24, 2008
Posts: 10232
Location: South of the Border (Down Mexico Way)
Mikey wrote:
The main things to blame was greed (builders, banks, buy to let landlords and homeowners)and naivety (FTBs)


My, patented and now in glorious technicolour, role-mapping for the blame game:

Image


Last edited by What Goes Up... on Mon Oct 13, 2008 1:48 am, edited 1 time in total.

Top
 Profile  
 
 Post subject: Re: Irish Times Goes to Navan (The credit wolves at the door)
PostPosted: Sat Oct 11, 2008 9:13 pm 
Offline
Nationalised
User avatar

Joined: Jan 1, 1970
Posts: 22901
V Good... how about a pyramid of blame. I know who would be at the top :twisted:

_________________
Follow The Pin - https://twitter.com/dailypinster

"Politicians are always realistically maneuvering for the next election. They are obsolete as fundamental problem-solvers." - Buckminster Fuller

"I was comfortable with a couple of banks being married today, instead i wake up and find I'm married to the banks." - Catbear

Image


Top
 Profile  
 
 Post subject: Re: Irish Times Goes to Navan (The credit wolves at the door)
PostPosted: Sat Oct 11, 2008 9:19 pm 
Offline
IMF'd

Joined: Sep 13, 2007
Posts: 31599
Location: Tullamore
Open Window wrote:
V Good... how about a pyramid of blame. I know who would be at the top :twisted:

Sadly, that would turn it into a circle since the suckers at the bottom of the scheme invented the wankers at the top.


Top
 Profile  
 
 Post subject: Re: Irish Times Goes to Navan (The credit wolves at the door)
PostPosted: Sat Oct 11, 2008 9:23 pm 
Offline
Nationalised
User avatar

Joined: Jan 1, 1970
Posts: 22901
yoganmahew wrote:
Open Window wrote:
V Good... how about a pyramid of blame. I know who would be at the top :twisted:

Sadly, that would turn it into a circle since the suckers at the bottom of the scheme invented the wankers at the top.


Would that be the Brown Circle?

_________________
Follow The Pin - https://twitter.com/dailypinster

"Politicians are always realistically maneuvering for the next election. They are obsolete as fundamental problem-solvers." - Buckminster Fuller

"I was comfortable with a couple of banks being married today, instead i wake up and find I'm married to the banks." - Catbear

Image


Top
 Profile  
 
 Post subject: Re: Irish Times Goes to Navan (The credit wolves at the door)
PostPosted: Sat Oct 11, 2008 10:25 pm 
Offline
Planning Tribunal Attendee

Joined: May 19, 2008
Posts: 1144
"Brian Fitzgerald, an independent councillor, says the credit squeeze is hitting young couples particularly hard. "These are young people who have been waiting to get an affordable house under the local authority scheme. They've been approved by the council and are ready to buy, and now they find they can't get a mortgage from the bank. There are huge numbers being rejected for loans - it's absolutely ridiculous."

These are the lucky ones. What about the couples who got mortgages in the last few years.


What a tool.


Top
 Profile  
 
 Post subject: Re: Irish Times Goes to Navan (The credit wolves at the door)
PostPosted: Sat Oct 11, 2008 11:53 pm 
Offline
Back Home with Mammy

Joined: Jan 20, 2007
Posts: 69
Ahh, Mr. Kenny Timmons, investor from Navan. Not so long ago that I saw him in the NY Times.
Quote:
Published: November 4, 2007

KENNY TIMMONS has spent three long weekends in New York City since 2003, catching up with friends he knew in Ireland, visiting ground zero, restocking his wardrobe at Armani and Niketown and chatting about real estate with a bartender in an Irish pub in Midtown Manhattan.
That was enough of a glimpse of New York for Mr. Timmons, a 32-year-old carpenter from County Meath, Ireland. Last summer, he put down 10 percent on a $760,000 studio under construction at 75 Wall Street.

Mr. Timmons has never seen the apartment and does not plan to live there. Instead, he hopes to rent it out for $3,000 a month when it’s finished next year and eventually to sell it at a profit.

He predicts that a Wall Street address will always be in demand. “If you can’t rent on Wall Street, then where can you rent?” Mr. Timmons said. “It’s one of the biggest business areas in the world.”

http://www.nytimes.com/2007/11/04/reale ... ref=slogin


He should have done a little more homework I lived a block from 75 Wall St. for six years. He bought at the wrong end of the street away from the stock exchange. He won't be getting much rent from his next door neighbours at AIG. Check Kenny's snazzy photo in the Times slide show.


Top
 Profile  
 
 Post subject: Re: Irish Times Goes to Navan (The credit wolves at the door)
PostPosted: Sun Oct 12, 2008 4:24 pm 
Offline
Too Big to Fail

Joined: Feb 6, 2007
Posts: 4200
2Pack wrote:
The head of Mabs in Navan describes how three of his clients have committed suicide only "in the last few months"

That's awful. Nobody should have to pay for financial carelessness with their lives.

_________________
When Chuck Norris buys a house he wears a Bertiebasher T shirt - ewd3

Ruminations of a Rain Sozzled Paddy blog


Top
 Profile  
 
 Post subject: Re: Irish Times Goes to Navan (The credit wolves at the door)
PostPosted: Sun Oct 12, 2008 4:33 pm 
Offline
Nationalised

Joined: Oct 29, 2007
Posts: 11670
Location: Multiverse
polaris wrote:
"Brian Fitzgerald, an independent councillor, says the credit squeeze is hitting young couples particularly hard. "These are young people who have been waiting to get an affordable house under the local authority scheme. They've been approved by the council and are ready to buy, and now they find they can't get a mortgage from the bank. There are huge numbers being rejected for loans - it's absolutely ridiculous."

These are the lucky ones. What about the couples who got mortgages in the last few years.

What a tool.


Please clarify, who are you calling the tool ?
The councillor, who is simply reporting the issues his constituents are coming to him with, or the FTBs who are looking to buy ?


Top
 Profile  
 
Display posts from previous:  Sort by  
Post new topic This topic is locked, you cannot edit posts or make further replies.  [ 46 posts ]  [Go to page]   1, 2, 3, 4  Next

    Board index » The IRISH PROPERTY BUBBLE » The Republic of Property

Who is online

Users browsing this forum: Eschatologist and 5 guests


You cannot post new topics in this forum
You cannot reply to topics in this forum
You cannot edit your posts in this forum
You cannot delete your posts in this forum

Jump to:  

Follow, Retweet @dailypinster



Pyramid Built, Is Better Built! - Latest Property Discussions www.thepropertypin.com