There is a big surprise
NAMA was a scam from the start, renting an office building owned by a developer who is in debt to NAMA. All the government did was make the bed bigger so they could all sleep together in it.
Gee let me think why wouldn't there be more repossesions , maybe because there was no market to resell the houses , there was no demand for housing ? the banks are not going to take something back and be lumbered with it while they are still getting some sort of contribution and maintainance of the property from the mortgage payer stuggling to pay the high mortgage.
what the banks do is this , they Know eventually when the property market improves they'll be have no problem selling a house but until that time they need the person their going to evict to maintain the house , so they draw out lengthy legal proceedings.
what happens is this .. When the court hearing comes around for the repossession of the house , the legal team for the Bank conveniently forget a document or something so the hearing will have to be adjourned . This keeps going on until eventually they see a gap in market in which they can sell the house
how do you figure , if the ordinary person who is in debt is turfed out onto the street for not paying that debt but on the other hand a wealthy property developer is in fact rewarded for not paying his .
well ? how do you come to your conclusion ? sorry if i dont get you , but your really have me baffled now.
Jesus, first off u state mortgage holders in arrears are getting evicted while developers are not being evicted.
I point out mortgage holders in arrears are not in fact being evicted save for a very very small minority c. 1%
Then you say lenders are messing around in court with no supporting evidence whatsoever. I can't see any judge allowing such tricks. Judges are not dumb and would be quick to spot a common ploy like u suggest.
Then in then next line u repeat the fallacy that people are being turfed out.
What is it? Are banks throwing poor unfortunates out or not? You seem to contradict yourself.
As for banks waiting for the property market to recover before selling, are u for real? This is a ridiculous statement. How will the market improve? Most would expect the market to improve when demand increases. The only way for demand to increase is for people to become more prosperous and the economy to improve. Improving economy results in increased employment. As employment increases, unemployment decreases, more and more of those in the 70000 in arears get jobs and now can afford to meet some, maybe not all, of their mortgage obligations.
As mentioned already in this thread, no developer in Ireland has had one cent written off. But u can chose to believe what you want and idle speculation emanating from people with private agendas.
RTE This Week is just reporting that developers in NAMA will be granted debt forgiveness for part of their debts - up to 40% from the example given. They are saying that the terms are a lot more attractive than bankruptcy. If this happens it will be the polar opposite of Lenihan's claims that the agency wouldn't be a bailout mechanism for developers.
Gangsters, swindlers and parasites ---- 1
Taxpayers ---- 0
EDIT: Could a mod remove the second 'to' from the title please.
What he meant was NAMA will be a bailout for Crony Developers.
Was NAMA set up for that specific purpose?
Why were the helicopters swooping over that Galway tent?
Hardly for the luxurious ambience of canvas covering in Irish weather.
Did NAMA headquarters not replace the Galway tent as a sheltered place for crony developers?
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