Marc Coleman : Multi-generational Muppetry

xman · **Joined:** Sep 18, 2007 **Posts:** 4785

Quote:

MULTI-GENERATIONAL MORTGAGES

Finally, unlike the measures above, extending the period over which mortgages can be taken out won't reduce the burden of negative equity on the housing market as such. But it will spread it out more equitably across generations.

In Japan, mortgages that are passed on to another generation are common. In Dublin, many of our grander buildings once had 99-year mortgages. Ours is the first generation in fiscal history to shoulder the burden of paying for our pension and our own homes through higher taxes and mortgage repayments. Today's thirtysomethings will pay for the mistakes of their parents' generation who steered our economy into crisis. As most property is inherited in some form or other, allowing coming generations to spread mortgage repayments over longer time periods would -- provided regulation of the mortgage market is strengthened-- give to those currently in negative equity a slice of what they have invested in for their children and grandchildren. It's an unusual idea, surely. But then we live in unusual, if not revolutionary, times.

http://www.independent.ie/opinion/analy ... 43913.html

This strikes me as the greatest load of economic muppetry I've ever seen written down.

Marc Coleman the man who wrote "The Best Is Yet To Come" in 2006 and bought into the Irish Property Bubble right at the very top still gets to write about half-baked solutions to the problem he couldn't spot in the first place.

"Sorry Mary, we can't go for that dream starter shoebox in Adamstown, I'm still paying the multi-generational mortgage on the dream starter shoebox in Gorey my parents bought 53 years ago."

Coleman you are a multi-generational FUCKWIT of the highest order.

kerrynorth · **Joined:** Nov 9, 2007 **Posts:** 3415

The whole article is pure muppetry. I also note that he did not declare a personal interest in the solutions he proposed.

Ivor Lot · **Posted:** Sun Nov 15, 2009 3:52 pm

I genuinely believe Coleman is unhinged.Why he is given a platform for this nonsense says more about our media in general than anything else.
Marc won't complain, he's getting paid.

johnnyskeleton · **Joined:** Jun 7, 2008 **Posts:** 1645

xman wrote:

Quote:

MULTI-GENERATIONAL MORTGAGES

Finally, unlike the measures above, extending the period over which mortgages can be taken out won't reduce the burden of negative equity on the housing market as such. But it will spread it out more equitably across generations.

In Japan, mortgages that are passed on to another generation are common. In Dublin, many of our grander buildings once had 99-year mortgages. Ours is the first generation in fiscal history to shoulder the burden of paying for our pension and our own homes through higher taxes and mortgage repayments. Today's thirtysomethings will pay for the mistakes of their parents' generation who steered our economy into crisis. As most property is inherited in some form or other, allowing coming generations to spread mortgage repayments over longer time periods would -- provided regulation of the mortgage market is strengthened-- give to those currently in negative equity a slice of what they have invested in for their children and grandchildren. It's an unusual idea, surely. But then we live in unusual, if not revolutionary, times.

http://www.independent.ie/opinion/analy ... 43913.html

This strikes me as the greatest load of economic muppetry I've ever seen written down.

Marc Coleman the man who wrote "The Best Is Yet To Come" in 2006 and bought into the Irish Property Bubble right at the very top still gets to write about half-baked solutions to the problem he couldn't spot in the first place.

"Sorry Mary, we can't go for that dream starter shoebox in Adamstown, I'm still paying the multi-generational mortgage on the dream starter shoebox in Gorey my parents bought 53 years ago."

Coleman you are a multi-generational fuckwit of the highest order.

"Marc coleman has invented a new weapon which destroys the lives of hundreds of thousands of people while leaving buildings intact."

- Alexei Sayle

Ivor Lot · **Posted:** Sun Nov 15, 2009 4:02 pm

Marc bought his house in 2005

meerkat · **Joined:** Sep 28, 2009 **Posts:** 8

"Did ye hear that the couple from down the road just had their first child"

"really, what was it?"

"Insolvent" :lol:

undertone · **Joined:** Sep 6, 2009 **Posts:** 592

I think it's time we redecorated wee Johnny's bedroom. He's 46 now and I think he's outgrown the Noddy wallpaper.

Does he think all generations of the one famly are going to live together like the Ewings in Dallas?

sharper · **Joined:** Feb 21, 2008 **Posts:** 3114

undertone wrote:

Does he think all generations of the one famly are going to live together like the Ewings in Dallas?

All the people with these one-beds are going to have to significantly readjust their notions of modesty.

yoganmahew · **Posted:** Sun Nov 15, 2009 5:03 pm

The most alarming bit of all this is not multi-generational mortgages per se, it is the ending of a long established idea that debt is extinguished on the death of the borrower - i.e. it dies with the borrowers estate. If the borrower dies insolvent, that is tough tittie on the lender. If the borrower has life insurance, that's fine, the lender gets paid and the estate gets the asset. But intergenerational debt is an attempt to enshrine the idea that you can bequeath debts.

I was at a wedding a few months ago and got chatting late in the evening (as you do) with a fellow who was convinced that an attempt was being made to turn us all back into debt slaves of an insect overlord rich class. I pooh-poohed the idea saying our european colleagues with their concepts of society and fairness wouldn't stand for it. I am no longer so sure. If we ended up voting ourselves into slavery because enough believed, as Mr. Coleman clearly does, that the solution to their personal financial idiocy was to bequeath their debt (so they wouldn't have to attempt to clear it), to sell their children into bondage, would we be saved from ourselves?

exiled · **Joined:** Nov 8, 2006 **Posts:** 1163

Obviously this is the best bit that was yet to come.

Can the children say "Screw you, don't want your house, don't want your debt"?

Puck may be Famous · **Joined:** May 3, 2008 **Posts:** 735

Quote:

And yet they are guiltless, more than guiltless. They are victims, made vulnerable only by their belief. Belief that their leaders were telling the truth when they warned them to buy properties in case prices rose further. Belief that the banks had their best interests at heart when they lent them many times their income. Belief that estate agents were telling the truth about the prices being bid.

They are victims of a vast network of misgovernance encompassing our land laws, our planning system, our spatial strategy, our system of financial regulation, and, yes, our banks. They are also victims of a State that plundered them for tax revenues. At its peak levels of 2006, the State took over €2bn off of these people in stamp duty. And it was those who bought their properties in 2006, the peak of the market, who are suffering the most.

Some interesting omissions from colemanballs' list of the guilty. The media? Self-appointed economic experts?

paracetomol · **Joined:** Feb 9, 2009 **Posts:** 196

Actually I think he bought his house in 2007, even better.

Fucking amoral fuckwit. I was sitting next to him on the DART once while he was chatting on his mobile. "HELLO THIS IS MARC COLEMAN" he felt the need to repeat several times, sneaking looks around him to make sure people were watching.

2Pack · **Joined:** May 3, 2007 **Posts:** 8126

This suggestion by Marc Coleman is utterly moronic.

Mortgages longer than 25 years should be banned unless you qualify as a Doctor at 20 ....in which case I would allow 30 years

mr_anderson · **Joined:** Oct 29, 2007 **Posts:** 2806

If someone is given 40 years in jail for a murder but dies after 20 years, do their kids have to take up the slack ?

paracetomol · **Joined:** Feb 9, 2009 **Posts:** 196

Not fair, I don't have a mortgage. They should extend it to credit card debt. Kids - Ma is going to BT2!

Marc Coleman : Multi-generational Muppetry

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