Starring St Micheal Noonan patron Saint to Hep C sufferers, vulture funds and part time teachers.
Remember US company Cerberus paid a €7 million fixer fee to secure assets originally worth €6.5 billion for just €1.34 billion. Even though the family home tax rapist Noonan was informed that another company had withdrawn from the bidding after it was asked for a ‘fixer fee’, "Hep C" Noonan sleazily allowed the sale to go ahead.
So who else was bidding for all these "assets" at the time that lost out.
Bundling up into tranches of hundreds/thousands of properties ensured the only people who could get entry to the firesale party would be these vermin.
Baldy didn't want the moral hazard of a householder paying 150k on a mortgage of 200k when he could sell it to Vulture vermin for 75k and book another 75k loss for the tax payer, while Vulture vermin went after home owner for full 200k
Nice f*cked up FG amoral solution to the cluster fu*k FF created
But can anyone suggest a viable alternative to how to get rid of these worthless properties
- ie the originals buyers/borrowers were incapable of maintaining an interest in them except at a loss
If there was a not a Fire Sale on these distressed properties then they would still be on the books of the Irish Banks
- that taxpayers are propping up at great cost to themselves
People scream and shout about how these people got a great deal, there was nobody else willing to put in ANY money to buy lame duck propertys and everybody was a property expert. It was a fire sale where you take what is on offer as you really have no negotiating power.
People were emigrating in thousands and even on P.ie people stating as supposed FACT that there would not be much of a need for new houses for decades.
Politics.ie is one of Ireland's leading politics and current affairs discussion websites with more than 600,000 visitors a month. Founded in 2003, Politics.ie has one of the most engaged, respected and influential politics and current affairs communities.