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Thread: Fitch wants banks to evict more Irish families.

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    Default Fitch wants banks to evict more Irish families.

    Fitch Ratings MD Andrew Currie tells us through the medium of RTÉ tv News that Ireland's banks should foreclose on more residential mortgages.

    He is likely to be seen again on the Nine News just in case you missed him the first time round.
    "It is difficult to get a man to understand something when his salary depends upon his not understanding it." - Upton Sinclair.

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    Why do we always use the word foreclose here. Banks do not foreclose on Irish properties - foreclosures have virtually never happened in an Irish legal context. Our banks repossess and seek an order for sale. Foreclosure has a specific legal meaning, i.e. the extinguishment of the right of redemption on a property - this is not the order which banks in Ireland grant when a mortgagor cannot meet their payments. The right of a mortgagee to foreclose in Ireland has, in any case, been extinguished under the Land and Conveyancing Law Reform Act of 2009, but it has not been a commonly granted order for over a century.
    Last edited by johnfás; 8th October 2010 at 07:24 PM.

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    It also expressed concern about the slow pace of banks foreclosing on mortgage arrears.
    RT Business: Few homes repossessed so far - Fitch
    "It is difficult to get a man to understand something when his salary depends upon his not understanding it." - Upton Sinclair.

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    He is right, they should.

    Those that bit off more than they could chew deserve to face their destiny.

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    I can not believe that spinless little twerp from Finch talking about evictions as if it was just a dot on a peice of paper.

    THe very people they want to evict are the ones that helped save their precious banks.

    Its madness and clearly the biggest transfer of wealth known to man.

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    The delusion has to end, the flood on to the market and the second, scarier part of the property crash has to begin. As some of us have said all along.

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    Quote Originally Posted by Bi ciuin View Post
    I can not believe that spinless little twerp from Finch talking about evictions as if it was just a dot on a peice of paper.

    THe very people they want to evict are the ones that helped save their precious banks.

    Its madness and clearly the biggest transfer of wealth known to man.

    +1

    It is also a finely balanced decision. Let us imagine someone is 3-4 months in arrears do you proceed to repossess? It may well make better long term economic sense to restructure the loan.

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    Why would they want evictions?

    there is no one going to buy the repossessed property.

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    Quote Originally Posted by mickdotcom View Post
    Why would they want evictions?

    there is no one going to buy the repossessed property.

    Maybe the elites want to rent them back to us, just like in the good ol days.

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    Quote Originally Posted by toxic avenger View Post
    The delusion has to end, the flood on to the market and the second, scarier part of the property crash has to begin. As some of us have said all along.
    If events to date are anything to go by, it won't be let happen like that. Instead we'll have some torturous cure that will be worse than the disease.

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