Anglo Approved Loans Without Valuations

[ang]

Anglo Irish Bank has confirmed that it gave property loans to developers without any valuation report whatsoever in some cases. In "exceptional circumstances" the bank's credit committee approved loans without the valuations, the bank told the Sunday Tribune. When asked if this was done for larger customers or where due diligence and finance had to be completed quickly, the bank said it could not elaborate on what constituted "exceptional circumstances".




Meanwhile, the Nama valuation for loans for Irish development is coming in significantly below expectations, with one source in the process saying they were coming in at 15c in the euro for debt on land in south Dublin. The valuations have cause consternation in the banks and Bank of Ireland has objected to 40% of the valuations undertaken in recent weeks by experts working for Nama, leading industry sources told the Sunday Tribune. The new valuations of properties heading into the government agency are lower than the bank's own surveys based on valuations that took place as recently as late last year.



Now they want to argue over the values of this junk.

More Here:- Anglo approved loans without valuations

[dresden8]

It's time to get shooty.

[Senan]

Nothing surprises me. Anyone read Matt Coopers 'Who Really Runs Ireland' book? It'll open your eyes to the level of collusion between the politicians, banks, and developers over the past few decades. I can well believe developers simply had to make the right noises in the right places and the right times and money would come their way.

[SideysGhost]

Meanwhile, the Nama valuation for loans for Irish development is coming in significantly below expectations, with one source in the process saying they were coming in at 15c in the euro for debt on land in south Dublin.

Which of course is exactly what the sane amongst us have been consistently saying for the last year! 15% on the good stuff, there's some stuff in NAMA that actually has a negative long-term value.

Of course, to try and cover up the scale of the scam, FF in their infinite wisdom are trying to stuff NAMA full of other types of loans, good performing regular-income-producing loans. Which of course makes a complete nonsense of the whole ALLEGED point of NAMA in the first place (to quarantine the toxic waste away from the balance sheets of the banks and leave them as cleaned-up "good" banks).

[charley]

15% is way over the top ,auction off everything owns or is about to own on e-bay sometime this week and get rid of this albatross once and for all

[MPB]

15% is way over the top ,auction off everything owns or is about to own on e-bay sometime this week and get rid of this albatross once and for all

E- Bay has standards, they would not sell crap like this.

[markiemark]

It's time to get shooty.

What do you mean by shooty?

[dresden8]

If you can't work it out............

Maybe you're not on of us.

[markiemark]

If you can't work it out............

Maybe you're not on of us.

I am a capitalist, not a communist.

[charley]

E- Bay has standards, they would not sell crap like this.

looks like its the car boot sale then