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 Post subject: Re: Edmund Honohan is at it again
PostPosted: Thu Jun 22, 2017 1:53 am 
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slasher wrote:
http://www.irishtimes.com/business/financial-services/repossessions-to-increase-fivefold-warns-master-of-high-court-1.3127000

Repossessions to increase fivefold, warns master of High Court
Sell-off to vulture funds will push up evictions, costing taxpayers millions


“Evicting one occupier costs money,” he said. “The wholesale eviction of many thousands over the next four or five years is going to cost millions, and it is the taxpayer who will foot the bill.


Seamus Coffey picked up on a a quote from that article:

IT wrote:
Mr Honohan also said his “overwhelming impression anecdotally” was that individuals before the courts in relation to these matters were sub-prime borrowers “who should probably never have been given mortgages in the first place”.


Coffey provides evidence that Honahan is pretty much talking through his hole about sub-prime borrowing -- over 76% of cases are from regular lenders and only 15% from vulture funds -- accompanied by the following flourish:

Seamus Coffey wrote:
Where did I go to find the evidence to refute this wild claim? The Courts Service website. Is the Master of the High Court familiar with the Legal Diary? It only took a short while to gather the figures in the above table. Surely it would be better to rely on evidence rather than an “overwhelming impression anecdotally”?


More here:

http://economic-incentives.blogspot.ie/ ... funds.html

_________________
"Prediction is very difficult, especially about the future" – Niels Bohr


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 Post subject: Re: Edmund Honohan is at it again
PostPosted: Thu Jun 22, 2017 5:33 am 
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Coffey's analysis (all here) also shows that many cases involve abandoned dwellings and/or borrowers who don't show up in court and don't engage with the lender.

How are these candidates for restructuring?


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 Post subject: Re: Edmund Honohan is at it again
PostPosted: Tue Feb 20, 2018 10:16 pm 
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And he's still at it

http://www.thejournal.ie/high-court-mas ... 9-Feb2018/
Quote:
THE MASTER OF the High Court Edmund Honohan has written a new bill which would give greater powers to the State’s financial and legal support services and stronger protections to people who are in mortgage arrears.
Honohan in his courtroom has been critical in the past of the behaviour of banks towards financially distressed customers and has on a number of occasions called out the government for failing to offer real solutions to repossession and eviction.
The bill, which was written by Honohan with input from academics and legal experts, will be lodged with the Ceann Comhairle’s office by Fianna Fáil’s John McGuinness tomorrow morning....
....he function of the new housing co-operative society, according to Honohan’s bill, would be to acquire housing that is at rick of repossession and redirect it to a non-profit housing provider who would then rent it back to the occupants, allowing them to remain in their homes.
The bill would allow the co-operative to pursue a compulsory purchase order if the bank does not accept the offer to buy the mortgage at a written-down price.
And it would enable courts to consider factors like whether an order for possession is justifiable by reference to a pressing social need - a housing shortage, for example.

Separation of powers!


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 Post subject: Re: Edmund Honohan is at it again
PostPosted: Wed Feb 21, 2018 11:17 am 
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Ed's close links with FF go way back.

He was a former advisor to Taoiseach Jack Lynch.
https://www.pressreader.com/ireland/sun ... 8900352761

And he lobbied Brian Lenihan for a plum EU Judge's role though he's against lobbying itself!
https://www.independent.ie/irish-news/a ... 50291.html
Quote:
Asked for his response to the publication last week of his own letter to Mr Ahern in which he asked to be considered for appointment as Ireland's judge at the European Court of Justice, Mr Honohan said: "I was happy to see the fact that I applied for a job back in 2008 brought to the public's attention in the hope that it would open up a debate on how we appoint judges. I think it's a debate we should be having."

He objected to his application for the €228,000 job being "characterised" as lobbying, however, adding: "To suggest that it's a revelation is to suggest that there is some wrongdoing. Then there's the question of characterising it as lobbying when it's just an application. The use of the word 'lobbying' suggests that you're using back-door methods, that it's nearly something reprehensible or dishonourable."


Ed could be in for a big promotion when/if FF get back into power


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 Post subject: Re: Edmund Honohan is at it again
PostPosted: Wed Feb 21, 2018 10:11 pm 
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I am quite sure that it is within the law for the Master of the High Court to go drafting bills and publicising them.

That doesn't make it anything other than completely bizarre.


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 Post subject: Re: Edmund Honohan is at it again
PostPosted: Wed Mar 07, 2018 7:35 pm 
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Skippy 3 wrote:
I am quite sure that it is within the law for the Master of the High Court to go drafting bills and publicising them.

That doesn't make it anything other than completely bizarre.


Finally someone opposes this publicly. And it's come from the ECB, so it should count. No doubt this new master plan from the master of the high court is a tough sell to the Germans, French, Dutch etc. who presumably worry about the functioning of the Mortgage market, Interest rates for sound borrowers, and the stability of the Banks.

Quote:
ECB critical of Edmund Honohan-sponsored mortgage arrears Bill
Draft legislation would introduce Mortgage Resolution Office with wide powers


The Bill put forward by the Master of the High Court, Edmund Honohan, and the Right 2Homes organisation to deal with mortgage arrears has been heavily criticised by the European Central Bank, which said it may undermine legal certainty for lenders and potentially affect the supply of lending and the interest rates offered to borrowers.

The ECB, which was asked to comment on the Bill by the Oireachtas Committee of Justice and Equality, said that the regime it proposes – involving a new Mortgage Resolution Office (MRO) with wide-ranging powers – is being put forward “without the benefit of a thorough economic impact assessment”.

The ECB warns that “the draft law introduces changes that may affect the ability of lenders to give effect to the agreed terms of secured credit, which could undermine legal certainty and the adequate management of credit risk in financial institutions”.

Given the importance of mortgage lending to Irish banks, this could negatively affect the sector and “ultimately have implications for financial stability.”

It could also affect the supply of credit and push up interest rates, it warned.

The National Housing Co-Operative and Fair Mortgage Bill 2018, written by Mr Honohan is being supported by TD John McGuinness, chair of the Oireachtas Committee on Finance, Public Expenditure and Reform, by Fianna Fáil TD Marc MacSharry and Independent TD Mattie McGrath.


https://www.irishtimes.com/business/financial-services/ecb-critical-of-edmund-honohan-sponsored-mortgage-arrears-bill-1.3418426


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 Post subject: Re: Edmund Honohan is at it again
PostPosted: Fri Jun 08, 2018 5:50 am 
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http://www.thejournal.ie/high-court-mas ... 0-Jun2018/


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 Post subject: Re: Edmund Honohan is at it again
PostPosted: Fri Jun 08, 2018 9:42 am 
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slasher wrote:
http://www.thejournal.ie/high-court-master-3-4056420-Jun2018/

A very 1 sided puff piece as is normal from The Journal. No mention in the examples given of how much arrears are owing, what the normal monthly payment should be, how long the arrears are etc.


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 Post subject: Re: Edmund Honohan is at it again
PostPosted: Fri Jun 08, 2018 10:32 am 
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FreeFallin wrote:
slasher wrote:
http://www.thejournal.ie/high-court-master-3-4056420-Jun2018/

A very 1 sided puff piece as is normal from The Journal. No mention in the examples given of how much arrears are owing, what the normal monthly payment should be, how long the arrears are etc.


TBH I think the specifics - eg how much arrears - of individual cases is completely irrelevant. It is in court over a relatively simply piece of contract law. Edmund Honahan should be more concerned with whether or not the bank is legally entitled to enforce the contract, not query the social effect of doing so.

Quote:
Turning to the bank’s barrister, the High Court Master asked:

“What is your pressing social need to have this woman’s house? How many other houses do you have that are empty? Are you operating as a charity?”

The Master said even the government accepts now that evictions cannot take place “just because you are owed a few bob”.

This is about whether society has a pressing need to evict 10,000 people. That’s one thousand times today’s list, one thousand days like this.

Honohan said 10,000 was the minimum figure, because the banks appear to have a “pressing need” to evict debtors in arrears from their homes.


This is actually insane, as he is making the macro problem worse.

In any normal country the he'd be repossessed of his job within three months but in Ireland Honohan has been allowed to carry on like this for >720 days.


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 Post subject: Re: Edmund Honohan is at it again
PostPosted: Fri Jun 08, 2018 11:03 am 
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Its not Honohan's place to be question the Banks 'pressing needs'. Or to question how many they currently have empty.

The specifics are relevant in a puff piece like this as 1 side of the story only has been given. This feeds into the narrative that creates an atmosphere amongst the public to tolerate large arrears/long number of years with no payments being made. No attempt at balance was made in the article...the reporter went out of their way I'd say to leave out certain facts


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 Post subject: Re: Edmund Honohan is at it again
PostPosted: Tue Jul 10, 2018 5:00 pm 
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http://www.thejournal.ie/housing-bill-4119584-Jul2018/

Private member's bill written by mad Ed


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