Official data from the US shows that employment in mortgage institutions are down 9.1pc year on year plus the number of mortgage brokers has fallen 7.5pc. It is reckoned that 20000 have been laid off in mortgage providers in the last month alone. It could be much worse here when you factor in that we do not have anything like the scale of remortgageing as they do in the US.
Have a look at the BBC News website. There's a piece about the no. of repossessions in Milwaukee. Frightening numbers. Of course, our right wing friends including Fox News will probably blame Bill Clinton.
anyone worried about the ads for sub prime products on the airwaves at the moment.
"no proof of income, bad credit history, don't worry, we'll lend you a mortgage! talk to ...."
they have bad credit history for a reason. they don't pay their debts.
Not being able to govern events, I govern myself. -Michel de Montaigne, essayist (1533-1592)
Why would it be much worse here? you said yourself we have nothing like the level of remortgaging as aour American friends, so surely our mortgage holders are much more financially solvent? Bad debt provisions by the main banks are low here so I fail to see how our mortgage lenders could be laying off staff, given the stability of Irish loanholders.Originally Posted by kerrynorth
Private profit for public gain!
The 8 interest rate rises in the past 18 months has stiffed these mortgage-churners. I went to one once, and did a better deal myself with one of the insititutions the mortgage broker claimed to have an agency with.....
The cause of Labour is the cause of Ireland, the cause of Ireland is the cause of Labour. They cannot be dissevered.
Remortatging means additional business coming through the door from existing mortgae holders. As we do not have anything on the scale of that business here as in the US then the mortgage companies/brokers etc are much more heavily dependant on new business!
It's more accurate to say they can't pay their debts.
People don't go around taking out loans and running off for the laugh. Usually they are sucked into debt because their incomes are too low to meet their basic needs. This is a massive problem in America, but is also a serious concern in Ireland too.
Actual morality is doing what is right regardless of what you're told. Religious morality is doing what you're told, regardless of if it's right.
Here is a very good piece on the causes of the sub Prime conspiracy to defraud that is about to reap a whirlwind over the coming weeks, months and years.
http://www.zmag.org/content/showarticle ... emID=13607
Many right wing folks are claiming that the crisis is all the fault of the mortgage holders who took out loans beyond their capacity to repay them, when the real blame lies squarely at the predatory practises of huge vulture corporations and the blatant deception they used against vulnerable people.
Actual morality is doing what is right regardless of what you're told. Religious morality is doing what you're told, regardless of if it's right.
Thanks for the link Akrasia. That is a very good article. The author is not too chuffed with the subprime carry on, or his government, and I'd have to agree with him.
But I think there has to be some degree of speculators getting burned with CDOs and other subprime packages. No?
Under Review.
Line 2.
we would need to be worried about Ireland if there were a lot of these types of mortgages around - there arent. not to the massive extent that they exist in the US.....
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