Why are Bankers and Developers getting bailed out... but home owners who were cheated

[bobbysands81]

by the Government and other vested interests are being ignored?

Firstly I firmly believe that people need to take personal responsibility for decisions that they make in their lives.

However, sometimes bad decisions are made in good faith and this is where the property market crash comes into play. Everybody is talking about the poor Banking sector and the poor Developers - both of whom are getting bailed out of the present crises, but spare a thought for the poor folks that bought property at the height of the bubble, in these recessionary times what is being done to help them?

I know quite a lot of you will express no sympathy at all for folks that bought at the height of the bubble and you'll say it serves them right but I believe that these people are the ones that are being forgotten about by the Govt even though they are rushing out to help the Developers and Bankers.

Everybody, bar the home purchaser, has benefitted in recent years.

Banks made huge profits from mortgages.

Developers morally bankrupted themselves by making extortionate profits from selling substandard homes.

The Government allowed this to happen (even though Civil Servants were screaming to stop) as tax intake from wages and Stamp Duty reached unprecedented highs.

The media were complicit as they sold shedloads of advertising to go in their bumper property pull outs.

Solicitors were delighted to get easy work.

Meanwhile, folks who were told at every opportunity that they must get onto the property ladder, by all of societies vested interests, are now finding themselves in a situation where the value of their purchase has crashed, and in many cases their jobs (or wages) are being cut. The only thing working in favour of the home owner is that interest rates are very low at the moment.

The frightening thing is that if Europe comes out of recession before Ireland does then Irish people will have rising interest rates to deal with as well.

Why is it that the Bankers and Developers are getting bailed out by the Govt, but the biggest victim of all is being ignored?

[DCon]

To answer your question..

because home owners did not give cash to the government.

[SamVimesBoots]

Every single person who enthusiastically piled into the bubble in the hope of making a quick buck is now crying and painting themselves as a victim who needs help.

But who is paying for all these poor widdle helpless victims? Right, those of us who were prudent, who didn't join the BTL brigade, who didn't buy 3 dodgy apartments owned by the mafia in Bulgaria, who didn't live out of the credit card every month, who didn't buy a new car every year so that the neighbours were reassured you were loaded, who lived modestly and within our means, who own our homes because we f***ing paid the mortgage off as soon as possible instead of getting top-up mortgages every 2 years to fund our lifestyles, who instead of being in massive debt have very little debt and maybe even some savings.

We're the ones that are going to get completely screwed to pay for the full-on greed and thievery of the Laddermaniacs, the builders and the banks. Ye're all as bad as one another, don't give me that guff. For nearly 10 long years, all you could hear was numpty after numpty boasting about their property portfolio, ye were all on the gravy train and ye all thought it was brilliant and ye all voted FF in three times in a row in order to keep the gravy train going.

Don't lie, that's exactly what was going on, ye all thought a good old housing bubble would make ye all rich, rich rich! And ye all thought ye were canny and savvy enough to cash out before the bust, leaving the bill with some unfortunate Paddy Last.

Well who is canny now, eh?

Crocodile tears and nonsense. Take yer lumps like an adult and stop whining.

[sauntersplash]

Every single person who enthusiastically piled into the bubble in the hope of making a quick buck is now crying and painting themselves as a victim who needs help.

But who is paying for all these poor widdle helpless victims? Right, those of us who were prudent, who didn't join the BTL brigade, who didn't buy 3 dodgy apartments owned by the mafia in Bulgaria, who didn't live out of the credit card every month, who didn't buy a new car every year so that the neighbours were reassured you were loaded, who lived modestly and within our means, who own our homes because we f***ing paid the mortgage off as soon as possible instead of getting top-up mortgages every 2 years to fund our lifestyles, who instead of being in massive debt have very little debt and maybe even some savings.

We're the ones that are going to get completely screwed to pay for the full-on greed and thievery of the Laddermaniacs, the builders and the banks. Ye're all as bad as one another, don't give me that guff. For nearly 10 long years, all you could hear was numpty after numpty boasting about their property portfolio, ye were all on the gravy train and ye all thought it was brilliant and ye all voted FF in three times in a row in order to keep the gravy train going.

Don't lie, that's exactly what was going on, ye all thought a good old housing bubble would make ye all rich, rich rich! And ye all thought ye were canny and savvy enough to cash out before the bust, leaving the bill with some unfortunate Paddy Last.

Well who is canny now, eh?

Crocodile tears and nonsense. Take yer lumps like an adult and stop whining.

Here here. Were all grown ups, and need to take responsibility for our decisions in life. There was never a law passed which required anybody buy a house and further inflate the bubble which will destroy this State.

"Rent...well it's just dead money" does anybody remember this mantra? You don't hear it so much these days...

[COMMIE]

Every single person who enthusiastically piled into the bubble in the hope of making a quick buck is now crying and painting themselves as a victim who needs help.

But who is paying for all these poor widdle helpless victims? Right, those of us who were prudent, who didn't join the BTL brigade, who didn't buy 3 dodgy apartments owned by the mafia in Bulgaria, who didn't live out of the credit card every month, who didn't buy a new car every year so that the neighbours were reassured you were loaded, who lived modestly and within our means, who own our homes because we f***ing paid the mortgage off as soon as possible instead of getting top-up mortgages every 2 years to fund our lifestyles, who instead of being in massive debt have very little debt and maybe even some savings.

We're the ones that are going to get completely screwed to pay for the full-on greed and thievery of the Laddermaniacs, the builders and the banks. Ye're all as bad as one another, don't give me that guff. For nearly 10 long years, all you could hear was numpty after numpty boasting about their property portfolio, ye were all on the gravy train and ye all thought it was brilliant and ye all voted FF in three times in a row in order to keep the gravy train going.

Don't lie, that's exactly what was going on, ye all thought a good old housing bubble would make ye all rich, rich rich! And ye all thought ye were canny and savvy enough to cash out before the bust, leaving the bill with some unfortunate Paddy Last.

Well who is canny now, eh?

Crocodile tears and nonsense. Take yer lumps like an adult and stop whining.

Some poeple need somewhere to live. Simple as that. I dare say you own your own home.

[121.5]

Every single person who enthusiastically piled into the bubble in the hope of making a quick buck is now crying and painting themselves as a victim who needs help.

But who is paying for all these poor widdle helpless victims? Right, those of us who were prudent, who didn't join the BTL brigade, who didn't buy 3 dodgy apartments owned by the mafia in Bulgaria, who didn't live out of the credit card every month, who didn't buy a new car every year so that the neighbours were reassured you were loaded, who lived modestly and within our means, who own our homes because we f***ing paid the mortgage off as soon as possible instead of getting top-up mortgages every 2 years to fund our lifestyles, who instead of being in massive debt have very little debt and maybe even some savings.

We're the ones that are going to get completely screwed to pay for the full-on greed and thievery of the Laddermaniacs, the builders and the banks. Ye're all as bad as one another, don't give me that guff. For nearly 10 long years, all you could hear was numpty after numpty boasting about their property portfolio, ye were all on the gravy train and ye all thought it was brilliant and ye all voted FF in three times in a row in order to keep the gravy train going.

Don't lie, that's exactly what was going on, ye all thought a good old housing bubble would make ye all rich, rich rich! And ye all thought ye were canny and savvy enough to cash out before the bust, leaving the bill with some unfortunate Paddy Last.

Well who is canny now, eh?

Crocodile tears and nonsense. Take yer lumps like an adult and stop whining.

+1, spot on again Sam.

(Bobby if you are looking for someone to hang, start in the public/civil service..
Hurley - Central Bank
Neary - Financial Regulator)

[myk]

How were buyers cheated? Caveat Emptor I say.

Of course I think Anglo should have been excluded from the bank guarantee and let go to the wall.

[toughbutfair]

There are bright sides.

A few years ago, a new couple might buy a two bed apartment for 300k as a starter house was 33% (100k)dearer at 400k. over tree years the property prices probably moved up about 33% so they sold their apt for 400k but new house was now also 33% more expensive (which is now 133k)at 533k , while thinking they made 100k profit, they really made a 33k loss.

Add in that stamp duty for first time buyers was about 15k (no FTB exmption at the time) and they had to pay about 37k stamp duty on the new house, they really lost 85k.

Now move on to the present day, the person that bought that apt for 400k (probably after the Finance Act which gave the FTB exemption from stamp duty), have seen their property price drop by about 30% to 280k but the new house, for their new family has dropped from 533k by 30% too to about 375k i.e now only 95k more expensive - they have MADE money on the drop.Also the stamp duty on a 375k house is now only about 17k (down 20k on what it would have been on that house a few years ago).

If you are moving up the ladder as family expanding - this is great news.

[MsAnneThrope]

To answer your question..

because home owners did not give cash to the government.

And they don't have the details of bank accounts/dodgy deals/bribes/bungs that would ruin many a political career. All seasoned perhaps with a pinch of infidelity.

[loaded32]

To answer your question..

because home owners did not give cash to the government.

in an ilegal fashion you meant to add there and that the govt did not make personal gain from the houseoweners taxes and stamp duty