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Thread: Sale of distressed mortgages to be blocked by Fianna Fail ..

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    Default Sale of distressed mortgages to be blocked by Fianna Fail ..

    Fianna Fáil set to block bank sale of distressed mortgages

    Fianna Fáil is poised to block moves by a number of banks to sell off tens of thousands of mortgages, according to the Sunday Business Post.

    The opposition party is set to invoke its confidence and supply agreement to prevent the sale of distressed mortgages to unregulated vulture funds.

    The party is set to publish a bill which could put a halt to the likes of Permanent TSB's plans to sell 20,000 struggling mortgages.

    Ulster Bank is also preparing to offload non-performing loans, and it is expected they will signal their plans to sell off more loan portfolios.

    The Sunday Business Post report that AIB will look to sell off their distressed commercial and investment property debt by the end of this year, or early 2019.
    So ... is this a good move by FF?

    As the article states, these are "struggling mortgages" .. probably a legacy of the 08 crash? .. STILL. So as harsh as it might be, should these mortgages be left go to sink or swim OR should state banks / the taxpayer effectively be left funding these indefinitely due to this FF move?

    Of course one could be cynical and ask is this FF move purely because they are 11 points behind in the polls ..

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    The maFFia will tackle the problem of discussion of their route to previous insolvency......by banning such discussions on the media.
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    Quote Originally Posted by robut View Post
    Fianna Fáil set to block bank sale of distressed mortgages



    So ... is this a good move by FF?

    As the article states, these are "struggling mortgages" .. probably a legacy of the 08 crash? .. STILL. So as harsh as it might be, should these mortgages be left go to sink or swim OR should state banks / the taxpayer effectively be left funding these indefinitely due to this FF move?

    Of course one could ask is this FF move purely because they are 11 points behind in the polls ..
    Tis a cold day in hell when FF must be applauded for financial policy.

    Keep an eye out on the horizon tomorrow morning. Should be able to see a few pigs flying.

    If people haven't yet been convinced of the depravity of FG. Having distressed mortgages gives at least the faint hope of eventually recapitulating some gain. Vulture funds are built to buy low and reap high. There is no gain to the Irish taxpayer of having funded these mortgages only to sell off any future value to some group in America.
    Avarus animus nullo satiatur lucro - Latin Proverb

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    Politics.ie Member sic transit's Avatar
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    This came up already on other threads earlier. Much ado about FF TBH!
    "There is nothing noble in being superior to your fellow man; true nobility is being superior to your former self." Ernest Hemingway

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    If they can't pay now they will never be able to pay.

    Give them all free houses.
    We appreciate the move by the Government today and remind ourselves that it is a bail-out by taxpayers for the banks. Pearse Doherty

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    What happens to the lendee when these loans are purchased by Vulture Funds? They get evicted and placed on the lA's Housing List.
    The truth of an idea is not a stagnant property inherent in it. Truth happens to an idea. It becomes true, is made true by events.

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    Politics.ie Member sic transit's Avatar
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    Quote Originally Posted by APettigrew92 View Post
    Tis a cold day in hell when FF must be applauded for financial policy.

    Keep an eye out on the horizon tomorrow morning. Should be able to see a few pigs flying.

    If people haven't yet been convinced of the depravity of FG. Having distressed mortgages gives at least the faint hope of eventually recapitulating some gain. Vulture funds are built to buy low and reap high. There is no gain to the Irish taxpayer of having funded these mortgages only to sell off any future value to some group in America.
    These are mortgages owned by a bank which has got a State share, but for all intents and purpose functions like a private entity we have no share in. BTW it was the British taxpayer that supported Ulster Bank.
    Last edited by sic transit; 19th February 2018 at 01:21 AM. Reason: Details were wrong
    "There is nothing noble in being superior to your fellow man; true nobility is being superior to your former self." Ernest Hemingway

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    Quote Originally Posted by Socratus O' Pericles View Post
    What happens to the lendee when these loans are purchased by Vulture Funds? They get evicted and placed on the lA's Housing List.
    FG's trust in the "benevolent" multinational comes to dominate policy once more. Selling off distressed loans ensures that any debt we supported is completely ruined but hey, some lad in a pair of suspenders in a boardroom in Manhattan laughs all the way to the bank.

    Look at the debacle in Tyrellstown not too long ago. Last thing we need is a repeat.

    These lads realize that Thatcher's government fell a good while ago?
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    Politics.ie Member APettigrew92's Avatar
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    Quote Originally Posted by sic transit View Post
    These are mortgages owned by banks who have no connection to the State, in other words private entities we have no share in. BTW it was the British taxpayer that supported Ulster Bank.
    So when FF guaranteed the banks, that gave us no cause to be concerned about what their dealing with us are? What was the point in guaranteeing them so?

    Also, let's say what you're saying is on point - it will not matter a whit to the Vulture Funds who can and will evict tenants in order to flip the houses for a profit. Very hard to see how those sales will benefit anyone except the vulture funds.
    Avarus animus nullo satiatur lucro - Latin Proverb

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    Quote Originally Posted by sic transit View Post
    These are mortgages owned by banks who have no connection to the State, in other words private entities we have no share in. BTW it was the British taxpayer that supported Ulster Bank.
    The OP article says "Permanent TSB's plans to sell 20,000 struggling mortgages." AND "AIB will look to sell off their distressed commercial and investment property debt by the end of this year, or early 2019."

    Arent AIB and PTSB still on some sort of life support from the state / taxpayer? So they do have a connection to the State?

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