Follow @PoliticsIE
 
 
 
Page 1 of 4 1234 LastLast
Results 1 to 10 of 36

Thread: Why NAMA will fail

  1. #1
    Politics.ie Member hammer's Avatar
    Join Date
    Jul 2009
    Location
    Olympic Stadium
    Posts
    58,469
    Mentioned
    1 Post(s)

  2. #2
    Politics.ie Member
    Join Date
    Aug 2007
    Posts
    524
    Mentioned
    0 Post(s)

    Default

    wow!

    Recent media reports have suggested that NAMA is running into serious difficulties in valuing loans due to borrowers' lack of solid legal title to the the properties used as collateral for the loans.

    Over the past decade, property developers were able to avoid paying stamp duty by not taking legal possession of acquired properties, but developing them under licence.


    Brian Cowen had introduced Section 110 to the 2007 Finance Bill to close the loophole after pressure from Deputy Burton, but he never signed the Ministerial order necessary to give effect to this section.

    It now looks as if Fianna Fáil's failure to act is coming back to haunt them; it could be NAMA's achilles heel.
    “A healthy social life is found only, when in the mirror of each soul the whole community finds its reflection, and when in the whole community the virtue of each one is living” R. Steiner

  3. #3
    Politics.ie Member
    Join Date
    Apr 2009
    Location
    hills of donegal
    Posts
    1,247
    Mentioned
    0 Post(s)

    Default

    so you are saying that the previous owner still holds the title and if they can't prove he sold it to the developer NAMA will be chasing broke developers with no assets

  4. #4
    Politics.ie Member
    Join Date
    May 2009
    Location
    heart of Europe
    Posts
    5,897
    Mentioned
    0 Post(s)

    Default

    Is there any end to the FF incompetence?
    We have turned the corner.I commend this Budget to the House. Brian Lenihan, 9 December 2009

  5. #5
    Politics.ie Member hammer's Avatar
    Join Date
    Jul 2009
    Location
    Olympic Stadium
    Posts
    58,469
    Mentioned
    1 Post(s)

    Default

    Quote Originally Posted by charley View Post
    so you are saying that the previous owner still holds the title and if they can't prove he sold it to the developer NAMA will be chasing broke developers with no assets
    EXACTLY.

    And the developers solicitors will claim client confidentiality over paperwork

    Only in Ireland.

  6. #6
    Politics.ie Member droghedasouth's Avatar
    Join Date
    May 2007
    Location
    Drogheda (obviously)
    Posts
    1,093
    Mentioned
    0 Post(s)

    Default

    BIFFO's biggest wimp-out to the Galway Tent comes back to bite him in the bullox.

    How very appropriate.
    There are times when you are simply required to be impolite. There are times when condescension is called for!
    - Aaron Sorkin writing as President Bartlet to Obama, NYT 21/09/2008

    You can't build a smart economy based on dumb decisions.
    - Richard Bruton 18/12/2008

  7. #7
    Politics.ie Member hammer's Avatar
    Join Date
    Jul 2009
    Location
    Olympic Stadium
    Posts
    58,469
    Mentioned
    1 Post(s)

  8. #8
    Politics.ie Member hammer's Avatar
    Join Date
    Jul 2009
    Location
    Olympic Stadium
    Posts
    58,469
    Mentioned
    1 Post(s)

    Default

    €250m saving a year by "avoiding legally" stamp duty.

    Now you know where the money came from to help party coffers.

  9. #9
    Politics.ie Member
    Join Date
    Apr 2009
    Location
    hills of donegal
    Posts
    1,247
    Mentioned
    0 Post(s)

    Default

    is there any figures as to how many of these properties are in title limbo ?

  10. #10
    Politics.ie Member
    Join Date
    Apr 2009
    Location
    hills of donegal
    Posts
    1,247
    Mentioned
    0 Post(s)

    Default

    can this be used to call for a no confidence motion in brian cowen

Page 1 of 4 1234 LastLast

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •