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Thread: Warning of avalanche of repossessions

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    Default Warning of avalanche of repossessions

    The Master of the High Court has warned that an avalanche of home repossession cases is anticipated for the courts.

    More from RTE News.

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    Politics.ie Member HarshBuzz's Avatar
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    presumably this will be in twelve month's time?

    (unless he's talking about orders sought by institutions not covered by the Guarantee Scheme?)

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    Edmund Honohan SC said many or most borrowers were not to blame for their arrears as we go through this recession.

    He warned that banks 'cannot expect to have it all their own way' as the number of possession cases increases weekly.
    How can he make this judgement ahead of seeing the actual cases?

    It sounds like the Courts will be doing their best to contribute to the collapse of our economy.
    However, banks know they have a duty of care to their clients and I'm sure that this should prevent them lending irresponsibly.

    George Lee 2 June 2006

    Ziggy

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    Maybe since nothing has been signed yet , regarding stalling on repossessions , then perhaps the banks have decided to strike while they still can . Theyre quite unscrupulous little rascals you know .

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    Politics.ie Member Magror14's Avatar
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    The courts are seeing many repossession summonses being issued and expect these to come before them in the next year. They are prejudging nothing but will have little discretion in making repossession orders if there are substantial arrears. The price of property will be further depressed.

    I cannot figure out how some lenders forked out figures like 250K in the last year or so to people who had very little prospect of repaying and on properties that were likely to depreciate substantially in value. Maybe it is just hindsight but it really is hard to understand.

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    Politics.ie Member merle haggard's Avatar
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    Quote Originally Posted by Magror14 View Post
    The courts are seeing many repossession summonses being issued and expect these to come before them in the next year. They are prejudging nothing but will have little discretion in making repossession orders if there are substantial arrears. The price of property will be further depressed.

    I cannot figure out how some lenders forked out figures like 250K in the last year or so to people who had very little prospect of repaying and on properties that were likely to depreciate substantially in value. Maybe it is just hindsight but it really is hard to understand.
    they were forking out money that didnt actually exist , now they are turning money that didnt physically exist and which they knew perfectly well could never be repayed into an actual tangible physical asset , property that they own .

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    Politics.ie Member Magror14's Avatar
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    Quote Originally Posted by merle haggard View Post
    they were forking out money that didnt actually exist , now they are turning money that didnt physically exist and which they knew perfectly well could never be repayed into an actual tangible physical asset , property that they own .
    Nice one, Merle. And you know lenders are also telling borrowers that when they have repossessed their houses they will be going after them for any shortfall created by negative equity and continuing mortgage repayments.

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    My bank has informed me that they are increasing the mortgage insurance I am paying them each month. (This is the insurance on the loan itself, not the life insurance for the borrower).

    I am wondering are all banks doing this now? I have heard that these insurance policies are pretty worthless, does anyone have an opinion on them? And are they compulsory?
    Thanks for any thoughts.

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    Quote Originally Posted by merle haggard View Post
    they were forking out money that didnt actually exist , now they are turning money that didnt physically exist and which they knew perfectly well could never be repayed into an actual tangible physical asset , property that they own .
    Banks don't want houses, they aren't very liquid and carry considerable overheads if you do want to liquidate them, especially in a falling market. It makes more sense for them to get the defaulter to sell at firesale prices and realise what they can while they can - the remainder is probably more bearable financially to the defaulter in any case. Banks want money.

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    how about reading and quoting the full report before starting another attention grabbing doom and gloom thread.

    the actual gist of the high court masters statement was that the courts will do all in their power to resist reposessions given the extraordinary situation. he was warning the banks and i believe specifically the subprime gang that they should come up with alternatives.

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