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Thread: Matt Copper on Mortgage debt Problem.

  1. #1
    Politics.ie Member riker1969's Avatar
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    Default Matt Copper on Mortgage debt Problem.

    I don't often agree with Matt. He is usually too right wing for my taste but he makes some valid points here about the growing mortgage debt problem. Like many people I initially felt that I should not have to bail out those who were reckless or financially illiterate. (ie the guy on the late late who said he never heard of a stress test) but Matt does make some valid points about why we cant ignore this problem-even from a moral point of view.

    I would also acknowledge that many people borrowed conservatively but can no longer pay because of redundancy.

    Given particularly the situation with our developers who because it seems of negligence by the banks wont be pursued for personal guarantees ( according to the Indo), why cant something be done for Joe soap. Like forcing banks to take an equity stake for certain types of mortgages? Seems the Banks can swallow billions of tax payers money but can't be flexible for their clients?

    We can’t afford not to tackle our debt crisis -Times Online

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    Matt should stick to the mediocre show on Today FM.

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    Politics.ie Member riker1969's Avatar
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    Did you even read the piece?? Makes valid point that the state provides social housing out of tax payers money-tax payers who might lose their own homes? Surely,that's a moral hazard?!

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    Matt has gone down in my estimation with this populist NAMA for the mortgage holder dross.

    This equity stake, who services the interest on the stake? Ultimatly the bank will end up worse off.

    This is just one of the many holes in his plan. Nevermind the moral hazard.

    Something needs to be done but i was prudent in the good times, im not paying twice, banks and now this, for other peoples mistakes.

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    Politics.ie Member hammer's Avatar
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    Very good article. He must be monitoring this site

    I have no problem the State bailing out my neighbour, as the State has already bailed out Anglo €22.3 billion minimum and INBS €2.7 billion.

    My neighbour has a family to feed. Anglo / INBS dont.

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    Quote Originally Posted by riker1969 View Post
    Did you even read the piece?? Makes valid point that the state provides social housing out of tax payers money-tax payers who might lose their own homes? Surely,that's a moral hazard?!
    I read the piece. He makes a couple of points that many of us will agree with but at the end of the day we're all on our own.

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    Quote Originally Posted by hammer View Post

    I have no problem the State bailing out my neighbour, as the State has already bailed out Anglo 22.3 billion minimum and INBS 2.7 billion.
    But you are the state!!

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    Politics.ie Member hammer's Avatar
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    Correct. I prefer people to large private banks.

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    Quote Originally Posted by hammer View Post
    Very good article. He must be monitoring this site

    I have no problem the State bailing out my neighbour, as the State has already bailed out Anglo 22.3 billion minimum and INBS 2.7 billion.

    My neighbour has a family to feed. Anglo / INBS dont.
    Let's just be careful here: when you say the "State" you mean taxpayers. A bailout on private debt is essentially a tax on being able to pay your mortgage.

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    Matt isn't just for bailing out people who are struggling to pay their mortgage. He's for bailing out EVERYONE in negative equity, including multi-millionaires who have no problem paying for their overpriced property.

    Populist nonsense that makes Marc Coleman look good.

    P.
    "Ever tried. Ever failed. No matter. Try again. Fail again. Fail better."

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