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Thread: If its good enough for Lloyds, is it too good for the little people?

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    Politics.ie Member
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    Default If its good enough for Lloyds, is it too good for the little people?

    Lloyds considering selling some of its Irish property loan portfolio at a discount. Seems like figures between 10% and 25% of book value are mooted.

    Lloyds mulls sale of

    But of course some muppets here think Irish people caught up in this nightmare should pay full value for their lifetime and that of their kids, and live in penury until they die just to pay back unsustainable mortgages?

    Go figure.



    D

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    I fail to see how that analogy works.

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    That is sort of the opposite of what you want. They are going to take the loss themselves.

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    Politics.ie Member Victor Meldrew's Avatar
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    Quote Originally Posted by DuineEile View Post
    Lloyds considering sellingsome of its Irish property loan portfolio at a discount. Seems like figures between 10% and 25% of book value are mooted.

    Lloyds mulls sale of

    But of course some muppets here think Irish people caught up in this nightmare should pay full value for their lifetime and that of their kids, and live in penury until they die just to pay back unsustainable mortgages?

    Go figure.

    D
    Our mortgages have already been sold and chopped up as it stands in terms of securities and other weapons of mass delusion.

    At least what Lloyds is doing is up front and transparent.

    You might pay your small mortgage because you have the means and are morally and legally bound to do so.
    I might not be able to do so because of pay cuts. Moral and legal still apply, but you can't get blood from a stone.
    Mick the cheat may be faking poverty to get out of his mortgage.

    Collectively, this loan book is impaired, so it is worth less, so it has to be sold at a discount. there is nothing immoral in what Llyods are doing AT THIS POINT

    The immorality took place when they inflated a market through lending to me. Mick is just a shyster

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    Politics.ie Member Sync's Avatar
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    Um. Your logic is bizarre. Could you explain it? Lloyds will take a loss on their mortgages by selling them, but will still be obliged to pay back their own debts.
    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 dizillusioned's Avatar
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    If ... and I say if, you know that your mortgage is part of this why is it not possible for you to purchase that mortgage at the discount rate?....

    I know I am not a financial genius, but it would seem that financial institutions have the ability to sell your debt without informing you.

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    Quote Originally Posted by dizillusioned View Post
    If ... and I say if, you know that your mortgage is part of this why is it not possible for you to purchase that mortgage at the discount rate?....
    I know I am not a financial genius, but it would seem that financial institutions have the ability to sell your debt without informing you.
    Because this isn't Fantasy Island?

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    Quote Originally Posted by Sync View Post
    Um. Your logic is bizarre. Could you explain it? Lloyds will take a loss on their mortgages by selling them, but will still be obliged to pay back their own debts.
    Em, the UK taxpayers are repaying LBG's debts,

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    Politics.ie Member Howya's Avatar
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    Quote Originally Posted by DuineEile View Post
    Lloyds considering selling some of its Irish property loan portfolio at a discount. Seems like figures between 10% and 25% of book value are mooted.

    Lloyds mulls sale of

    But of course some muppets here think Irish people caught up in this nightmare should pay full value for their lifetime and that of their kids, and live in penury until they die just to pay back unsustainable mortgages?

    Go figure.



    D
    Whoever buys the loan portfolio will be looking to make a profit by chasing the borrowers to repay the original loan amount. In some cases they will be successful and in others not so. The point you make is that the new loan owner recognizes this in the price they pay and will be willing to cut deals with the borrowers (and no-one will be shouting about moral hazard).
    “Still paying, still to owe. Eternal woe! ” ― Paradise Lost, John Milton

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    Politics.ie Member Picasso Republic's Avatar
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    Quote Originally Posted by dizillusioned View Post
    If ... and I say if, you know that your mortgage is part of this why is it not possible for you to purchase that mortgage at the discount rate?....

    I know I am not a financial genius, but it would seem that financial institutions have the ability to sell your debt without informing you.
    Its not possible to cherrypick only the good from a bundled asset, thes loan book assets are sold "as seen" similar to (and forgive my analogy) those Warehouse and Lock-Up reposessions one sees on TV from the USA - the purchaser knows there is a mixture of good and bad and plays the odds.

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