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Thread: Banks fight mortgage code

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    Politics.ie Member Ulster-Lad's Avatar
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    Default Banks fight mortgage code

    BANKS are fighting to keep the pressure on hard-pressed homeowners by resisting proposed new rules to protect mortgage holders.

    They have written to the Financial Regulator claiming that mortgage holders will abuse the code he is planning to impose on financial institutions.
    Under the proposals there are guarantees that homeowners who do a deal with their lender won't have their homes repossessed. The code also prevents banks taking customers off trackers mortgages and putting them on more expensive variable rates.
    Banks fight mortgage code - Property & Mortgages, Personal Finance - Independent.ie

    These banks seem to forget it is the people of this country that own them. They are losing money with tracker mortgages and have been trying to get people off them.

    Now they are saying the people in the country can't be trusted as we will spoof them in this code. What have they done to us over the course of the last several years?
    ‘The Great only appear great because we are on our knees: Let Us Rise!’ “ (James Larkin)

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    Politics.ie Member A view from England's Avatar
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    Quote Originally Posted by Ulster-Lad View Post
    Banks fight mortgage code - Property & Mortgages, Personal Finance - Independent.ie

    These banks seem to forget it is the people of this country that own them. They are losing money with tracker mortgages and have been trying to get people off them.

    Now they are saying the people in the country can't be trusted as we will spoof them in this code. What have they done to us over the course of the last several years?
    If the banks cannot make any money then the people will need to continue to support them. These tracker motgages are a joke. Whilst the individuals who have them are making a killing, the taxpayer as a whole is having to pay more to support the banks. I don't have any sympathy per se for the banks, many of them have been run by economically stupid idiots on behalf of corrupt politicians and greedy developers. However, until the nettle is grasped and the general populius starts to understand that without the banks there are no new cars, now investment, no houses etc and that banks need to make money in order to lend it, the taxpayer is going to be paying the bill for these artificially low mortgages.

  3. #3

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    Do you honestly think that if the banks that are currently here would not be replaced if they failed. Other banks would come in to fill the void.

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    Politics.ie Member Disillusioned democrat's Avatar
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    Quote Originally Posted by Ulster-Lad View Post
    Banks fight mortgage code - Property & Mortgages, Personal Finance - Independent.ie

    These banks seem to forget it is the people of this country that own them. They are losing money with tracker mortgages and have been trying to get people off them.

    Now they are saying the people in the country can't be trusted as we will spoof them in this code. What have they done to us over the course of the last several years?
    The assumption that the people "own" the banks is sadly false, and if you talk to senior bankers I think they believe that the events of the past two years actually demonstrates that the banks own us - like a bunch of cows crazing at our desks and factory floors throughout the month to be brought in every so often to be milked, either by the Rev Com or through excessive bank charges, interest rates, etc.

    Sadly the government has done nothing for the general population, while going through hoops to support and protect the bankers, so there has been nothing to demonstrate they give two fe*ks about the banks customers.

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    Politics.ie Member A view from England's Avatar
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    Quote Originally Posted by NorthTheBorder View Post
    Do you honestly think that if the banks that are currently here would not be replaced if they failed. Other banks would come in to fill the void.
    And do you think those banks would give you a mortgage at 1%? Current rates in Ireland should be about 4%-5% in order for the banks to refinance. The ECB rate is too low for Ireland (again).

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    Politics.ie Member Sync's Avatar
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    There's a decision to be made here, and the Govt have been a bit dishonest in their efforts to avoid the discussion around it.

    Either we can allow debt forgiveness and ridiculously leniant terms for repayment, thus seeing far less reposessions but more public money into the banks and less viable entities as a result.

    Or we allow people who freely entered into contracts see those contracts enforced, meaning less public money, more viable banks and more repossessions.

    I've a few mortgages. I "own" the banks as much as my neighbour who decided to hold off investing "owns" the banks. Why should my neighbour pay for the financial decision I freely entered? If I hold on and sell for a profit what cut will he get? Why should he suffer?

    Agree on the tracker offers though. I have a contract with the banks. I don't call them every day asking to redraw up terms, don't bother me every day trying to do the same.
    I'm living in America, and in America, you're on your own. America's not a country. It's just a business. Now f***ing pay me.

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    Politics.ie Member Aindriu's Avatar
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    Quote Originally Posted by A view from England View Post
    And do you think those banks would give you a mortgage at 1%? Current rates in Ireland should be about 4%-5% in order for the banks to refinance. The ECB rate is too low for Ireland (again).
    What do you care and what has it to do with you anyway? You are not in the Eurozone are you so it matters not one jot to you what rate the ECB set for Ireland.
    If you continue to elect idiots in elections, don't be surprised when the result is an idiotic government.

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    Politics.ie Member A view from England's Avatar
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    Quote Originally Posted by Aindriu View Post
    What do you care and what has it to do with you anyway? You are not in the Eurozone are you so it matters not one jot to you what rate the ECB set for Ireland.
    It matters to the rest of the EU that Ireland does not default on it's obligations. If Irish banks fail it affects the UK (and Germany etc) and therefore me so I have a vested interest in Irish banks getting back on track and becoming properly refinanced. I see the banks struggling to survive. I see the Government having to borrow money in order to support the banks at 5% on the bond market yet the people who recklessly borrowed for their big fancy houses are getting away with 1%. This is wrong and unfair. So look outside Ireland and see the bigger picture. If the ECB had set the right rate for Ireland when you joined the Euro instead of the ludicrously low rate you actually had then the banks would not be in the mess they are in now.

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    Politics.ie Member Ulster-Lad's Avatar
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    Quote Originally Posted by A view from England View Post
    . If the ECB had set the right rate for Ireland when you joined the Euro instead of the ludicrously low rate you actually had then the banks would not be in the mess they are in now.
    The ECB did not set a rate for Ireland. They set a rate for all of the Eurozone.
    ‘The Great only appear great because we are on our knees: Let Us Rise!’ “ (James Larkin)

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    Politics.ie Member dresden8's Avatar
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    Quote Originally Posted by Ulster-Lad View Post
    The ECB did not set a rate for Ireland. They set a rate for all of the Eurozone.
    Thereby setting a rate for Ireland.

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