Repossessions by Irish Banks

[Lennon]

The Celtic Tiger is dead. Bereft of life it rests in peace. This is an ex-tiger.

An inept Irish Government, totally detached from reality, seems incapable of dealing with the growing economic crisis gripping the country. With accelerating inflation and rising interest rates together with high levels of job losses increasing numbers of Irish people are struggling to meet their borrowing commitments. The inevitable impact of years of reckless borrowing aggressively encouraged by the Irish banks is now clear for all to see.

The latest media reports indicate that Irish banks are now repossessing family homes in ever increasing numbers. However the Irish property market is so weak at present that the banks cannot even sell these repossessed houses and are now renting unsalable repossessed houses back to the evicted families.

Unregulated irresponsible lending practices by profit greedy Irish banks and reckless borrowing practices have created the property bubble which has now resulted in negative equity for increasing numbers of house owners.

The country now faces into an uncertain future where the specter of unemployment looms large on the horizon for many people with high levels of borrowings.

[idaworldbeaters]

Irish banks have always rented re-possesed houses back to their occupants where possible. Long before the Tiger. Actual evictions by Irish banks are now , and always have been extremely rare. Ussually in the dozens per year. This is for historic reasons. The Irish horror of eviction. So you need to give your rather slapdash opening post a little context perhaps?

[Lennon]

Irish banks have always rented re-possesed houses back to their occupants where possible. Long before the Tiger. Actual evictions by Irish banks are now , and always have been extremely rare. Ussually in the dozens per year. This is for historic reasons. The Irish horror of eviction. So you need to give your rather slapdash opening post a little context perhaps?

Figures for the courts service show a total of 465 repossession summonses at the High Court last year. This was well up on previous years. Figures for this year are likely to be well up on last year, according to legal sources.

[Burningbarricade]

Can you please supply links to your information sources so we can see them for ourselves?

[Sonic_exyouth]

Yes, details please.

Ad, please differentiate between a repossession and an eviction.

[andrew]

Figures for the courts service show a total of 465 repossession summonses at the High Court last year. This was well up on previous years. Figures for this year are likely to be well up on last year, according to legal sources.

The half of the repossessions were brought by 1 particular foreign sub-prime lender. The Irish main stream banks are very reluctant to take proceedings. In most cases the people having there houses repossessed hadn't made payments in a very long time (if ever) and didnt turn up in court or even acknowledge the proceedings. The judges always stick up for the defendant if they've made any attempt to resolve things or are still part paying their mortgage and always give them the benefit of the doubt.

[Sonic_exyouth]

Figures for the courts service show a total of 465 repossession summonses at the High Court last year. This was well up on previous years. Figures for this year are likely to be well up on last year, according to legal sources.

The half of the repossessions were brought by 1 particular foreign sub-prime lender. The Irish main stream banks are very reluctant to take proceedings. In most cases the people having there houses repossessed hadn't made payments in a very long time (if ever) and didnt turn up in court or even acknowledge the proceedings. The judges always stick up for the defendant if they've made any attempt to resolve things or are still part paying their mortgage and always give them the benefit of the doubt.

I never even heard of 'Start Mortgages', thank god!

[idaworldbeaters]

A summons is not an eviction. It is usually sought by a lender in order to get a repayment schedule set in stone so to speak. I stick by my earlier post. Irish bank reposessions in any one year can be measured in the dozens. As an absolute last resort. Your initial post is quite simply hysterical nonsense.

[Lennon]

Can you please supply links to your information sources so we can see them for ourselves?

Link as follows:

http://www.independent.ie/business/pers ... 17866.html

Yes, details please.

Ad, please differentiate between a repossession and an eviction.

Repossession is where the Lender takes over ownership of the property, usually for non-payment of the mortgage and is accompanied by legal eviction of the occupants. A repossession is a euphuism for an eviction - the 2 go hand in hand.

[adrem]

Not an overly scientific article you linked to was it??

Repos in Ireland are increasing but not to any huge extent yet. The specialist sub-prime guys (Start, Nua et al) are very quick off the mark - simply because their model is to give loans to people who can't afford them or who have had credit problems in the past. Any missed payments or late payments and they go straight to court. These guys have a miniscule share of the mortgage market and the lions share of the court proceedings.

Irish mainstream banks remain very very slow to move to repo a house. It's not an asset they particularly want on their balance sheet and it serves to effectively crystallize their loss. They prefer to look at rescheduling the payments for the defaulter.

I'm not saying that we're not moving in this direction - just not there yet !