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About LinkBacksNAMA to reduce number of developers it manages itself - Irish, Business - Independent.ie
Is this being made up as they go along.
NAMA to reduce number of developers it manages itself - Irish, Business - Independent.ie
Is this being made up as they go along.
Once the risks for Anglo and INBS were almost entirely loaded onto the taxpayer, NAMA had completely lost the plot. According to the article, "The original business plan of NAMA envisaged the agency directly managing the loans of up to 150 developers, but this is proving onerous and NAMA has told bank executives it would prefer to reduce the number of borrowers it manages itself."Originally Posted by hammer
I wonder how many of the loans causing them such bother are from Anglo and INBS. Or if the admin is being handed back to the other institutions, then NAMA is even more a creature of those two disastrous organisations. Either scenario, the taxpayer loses.
Why am I instantly reminded of Baldrick telling St Lenihan "Wait, I have a cunning plan".
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The article said that the banks will be paid an administrative fee [by NAMA] to manage the loans that NAMA took off the banks in the first place.
I can't wait until emigration time, July 1st!
This is news to you?
no pasaran!
Thats about the size of it. Except that NAMA looks more like Manuel taking over Fawlty Towers. Thats how plainass stupid it is.
It truly is astonishing, using borrowed EU money to reward the morons who got us into this situation in the first place. I see all the small shops around me closing but not 1 banker has had to look for a new job. The loss taking NAMA run zombie hotels are destroying the livelihood of viable businesses to save a few billionaires the horror of a tax break clawback. The unfairness and equal stupidity of the whole NAMA thing makes me feel sick and the animals who are cheering it on are cutting this country's throat with a smile on their ugly faces.
I have a vision 10 years in the future of a completely ruined country with no economy at all but zombie banks serving nobody. Lenihans dream.
+1 There were loads of people warning about this last summer.
"No one rules if no one obeys" - Tao
The cold day of reality is now exposing NAMA. How overvalued the swamps are, how useless all the ghost estates have become. Also all the phantom loans are exposed now as well. The Pollyannas in September last probably thought by now the property market would be up again and the EU would have just approved it with an nod and handshake by Christmas.
The SPV would have swept all the dodgy loans under the carpet.
But the reality is now that 100 Billion initial notional worth of property loans is now in reality worth 20 Billion Euro. Thats because of so many Glass bottle type loans that are worth 5% of their initial value 3 years ago. Also there are many cross collaterialised loans with multiple mortgages on the same property as loans were giving out on the nod from a solicitor.
The market is tearing NAMA apart. The longer the delay the better. The initial estimate to inject a further 25 Billion to recapitalise the banks will now rise to nearly 50 Billion Euro as the haircut moves from the inital average of 30% to over 50%. The ECB will not loan 50 Billion for that. Ireland will not raise 50 Billion in bonds. The Banks will not be able to raise that level of money themselves.
The market is finishing its job what it tried to do in September 2008, take out the insolvant banks. The government can only now nationalise all the banks and strip out their good assets and set up a new good bank.
"No one rules if no one obeys" - Tao
I distinctly remember lengthy debates here and on the Pin back in 2006/7 where those of us with a clue were chewing the cud about housing bubbles in general and the usual peak-to-trough drops and timescales, the resulting zombie banks, the lessons from the Japanese experience, why ZIRP is precisely the wrong response to a crisis like this etc etc etc.
All this is well-known, it has happened again and again over decades all over the world, but a mob of howling baying coked-up morons has taken over the asylum and they are completely impervious to little things like prior historical fact or logical analysis or God forbid doing some straightforward simple mathematics.
No, with these fanatical cultists, devotees of St Lenny, it's all about wearing the right tie and proclaiming black to be white in a firm authoritative arrogant tone of voice. That's all you have to do to make reality conform to whatever loony meglomaniacal fantasy is going on inside your head. And any inconvenient facts can just be ignored or hushed up.
We're not dealing with people who are merely misinformed or mistaken here people. We are dealing with total nutters, people with real mental issues, people with some or all of sociopathy, psychopathy and/or narcissistic personality disorder, people who desperately need medication and therapy and treatment, people who need to be kept away from society for everyone's good.
These are the people who are in charge of the world today. A small minority of severly damaged and unstable predatory fantasists.
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