Dave Vanian
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Good article by Brendan on mortgage arrears
- Thread starter Dave Vanian
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Jonathan.OB
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haha. brilliant!
"To put things in perspective, the main banks and building societies repossessed only around 50 homes last year between the lot of them." - Brendan Burgess
I think this figure is misleading - a more accurate figure would be the number of repossession or mortgage suits that lending institutions bring against their clients.
Last year there were 222 applications before the High Court regarding mortgage arrears or repossessions. [[broken link removed]]
If the figure of "50" as quoted by Brendan above, is from the Irish Bankers Federation, then it doesn't include the sub-prime lenders who aren't part of the .
Another point is that the number of actual repossessions is less than the number of "requested" repossessions - the Irish Courts are reluctant to enforce repossessions despite the lender requesting, and having grounds, for it.
I think this figure is misleading - a more accurate figure would be the number of repossession or mortgage suits that lending institutions bring against their clients.
Last year there were 222 applications before the High Court regarding mortgage arrears or repossessions. [[broken link removed]]
If the figure of "50" as quoted by Brendan above, is from the Irish Bankers Federation, then it doesn't include the sub-prime lenders who aren't part of the .
Another point is that the number of actual repossessions is less than the number of "requested" repossessions - the Irish Courts are reluctant to enforce repossessions despite the lender requesting, and having grounds, for it.
S
SunShine Boy
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Having read through a good number of threads on Banking/Arrears issues, does anyone else feel that there are more Bankophiles here than people on the side of the consumers.
No disrespect to Brendan intended - but I believe that an average layperson reading that article, with the author's name removed, would be easily convinced that it was produced by a Bank. There seem to other disciples of the Banking Church here too.
Is this a consumer-focussed website or a Bank-influenced PR avenue ??????
No disrespect to Brendan intended - but I believe that an average layperson reading that article, with the author's name removed, would be easily convinced that it was produced by a Bank. There seem to other disciples of the Banking Church here too.
Is this a consumer-focussed website or a Bank-influenced PR avenue ??????
C
Camry
Guest
I see a good few flaws. Including
If you have bought in the "last few years", you most likely have negative equity.
Off topic rant deleted - Brendan
If you have bought in the "last few years", you most likely have negative equity.
Off topic rant deleted - Brendan
No - there is a good mix of both. In fact I reckon that there are more of the latter than the former. Even the "bankophiles"
often post with their consumer hats on from time to time. There is no conspiracy here in spite of what some headers like to think from time to time.The former. Certainly not the latter!
Brendan Burgess
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OK, I admit it. All the work over the past 20 years on behalf of consumers was just to lull them into a false sense of security. I am really paid a substantial retainer by a consortium of banks, brokers, insurance companies, building societies (especially), auctioneers, international property salesmen, government regulators, sub-prime lenders, money lenders, the Revenue, stockbrokers and sellers of investment products to elderly people to promote their interests surreptitiously.
Brendan
Brendan Burgess
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Hi EFM
Yes. I sort of agree with you. I have made this very point myself at AGMs of the Irish Nationwide when they claim few repossessions. But the point I was trying to make was that you are very unlikely to lose your home.
I did make the point that you should speak to the lenders to stop them taking legal action.
Brendan Burgess
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Why is this a flaw? Selling half your house is going to be one of the options for some people.
Brendan
Dave Vanian
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I disagree. If a borrower sticks their head in the sand about arrears, the bank will roll more interest (and possibly penalties) on to the account and will therefore make more money eventually.
If a distressed borrower takes Brendan's advice and makes some effort to keep paying, the bank won't get to roll on as much interest.
If you were asked by the Irish Indo to write a piece on what borrowers should do if they have difficulty repaying their mortgage, what points would you make?
funny, I just searched on DAFT and couldn't find any half-houses for sale
maybe I'm looking in the wrong place?
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SunShine Boy
Guest
Wow... it is impressive to see the rush of Administrators (Clubman) and stalwarts to Brendan's side. I didn't intend to launch a personal attack on him - just express my opinion on the impression the article gave.
btw... loved the Cartoons - very funny
Forgive me for I am new to using smileys. A Bankophile is someone who is more sympathetic to the plight of Banks who have all legal bits & pieces on their side than they are to the consumer who finds themselves, through their own fault or not, facing a huge multinational with empty pockets.
I freely acknowledge that my personal situation, please see my posts at the weekend re arrears, means that I am biased in this area. I just wonder how many people are biased towards banks without disclosing it.
As I said before I am not a Bank-basher - they are an essential organ of the Irish economy and state. I would be disappointed is Clubman's "header" comment was aimed at me as I am certainly no such thing.
Brendan - a bit overkill on your disclosure of brown envelopes from the Banking industry - haha
Listen - I respect this site as a free-thinking vehicle for informing oneself and interacting re financial issues. It's just that sometimes ( as today) it can seem that people jump down your throat for not toeing the party line (consumers in default are useless headers who should lie prostrate at Banking altar).
We all know its a tough world out there - one manifestation of this is when you are in financial difficulty. The other personal finance blog I am active now, an American one, has a much more human feel to it... I guess I am wrong in automatically expecting the same here ....
The financial best interests of those in default are not always the same as the Banks (in fact they may be competing).... negotiating a deal that least harms a non-fraudulent defaulter's long-term future is more important than paying the Bank every cent it lent.... who agrees ??
btw... loved the Cartoons - very funny
Forgive me for I am new to using smileys.
A Bankophile is someone who is more sympathetic to the plight of Banks who have all legal bits & pieces on their side than they are to the consumer who finds themselves, through their own fault or not, facing a huge multinational with empty pockets.I freely acknowledge that my personal situation, please see my posts at the weekend re arrears, means that I am biased in this area. I just wonder how many people are biased towards banks without disclosing it.
As I said before I am not a Bank-basher - they are an essential organ of the Irish economy and state. I would be disappointed is Clubman's "header" comment was aimed at me as I am certainly no such thing.
Brendan - a bit overkill on your disclosure of brown envelopes from the Banking industry - haha
Listen - I respect this site as a free-thinking vehicle for informing oneself and interacting re financial issues. It's just that sometimes ( as today) it can seem that people jump down your throat for not toeing the party line (consumers in default are useless headers who should lie prostrate at Banking altar).
We all know its a tough world out there - one manifestation of this is when you are in financial difficulty. The other personal finance blog I am active now, an American one, has a much more human feel to it... I guess I am wrong in automatically expecting the same here ....
The financial best interests of those in default are not always the same as the Banks (in fact they may be competing).... negotiating a deal that least harms a non-fraudulent defaulter's long-term future is more important than paying the Bank every cent it lent.... who agrees ??
One admin posting in his personal capacity as a regular user a single post defending the site (not Brendan - he can fight his own battles) from ridiculous insinuations and accusations is a rush?!
Who ever said or implied that?
Not really sure what your precise point is here?
I
IFT
Guest
Didn't I read somewhere recently that you are also a substantial shareholder in AIB? Is there a conflict of interest there ? Shouldn't that be mentioned in the article as a caveat ? Personally, i would think it should.
Found it.
Last edited by a moderator:
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SunShine Boy
Guest
Ok.. let's try the forensic quoting thing:
If expressing an opinion on an article is an attack on the site (requiring "defending the site") perhaps you are a bit over-protective of your baby and should let the rational contributors have space to give air to their opinions. I have no desire to fight a "battle" with anyone. I have my hands full at the moment
Its just that Brendan's article is almost exactly what I would expect to hear from an arrears guy in a Bank. And, please, I am not doubting Brendan's integrity or the fact he has worked for 20 yrs on behalf of consumers... I am just saying to defaulters... try to work out a solution that least harms you and your family's long-term future rather than leaving yourself destitute by signing over everything you own to the bank.
I think I am not used to amount of moderation/admin/policing input that is involved on this site... I think I may be better off on my American site where people with an interest in personal finance exchange ideas rather than being accused of battling because they don't learn by rote from Mr Admin.
My precise point relating to a more human feel on the American site.... is that you find a lot of people in the same boat as yourself who share the daily trials and tribulations of trying to get out of debt - you are not judged to be a header nor are you simply fed brochures that banks would give to you about getting out of debt.
If expressing an opinion on an article is an attack on the site (requiring "defending the site") perhaps you are a bit over-protective of your baby and should let the rational contributors have space to give air to their opinions. I have no desire to fight a "battle" with anyone. I have my hands full at the moment
Its just that Brendan's article is almost exactly what I would expect to hear from an arrears guy in a Bank. And, please, I am not doubting Brendan's integrity or the fact he has worked for 20 yrs on behalf of consumers... I am just saying to defaulters... try to work out a solution that least harms you and your family's long-term future rather than leaving yourself destitute by signing over everything you own to the bank.
I think I am not used to amount of moderation/admin/policing input that is involved on this site... I think I may be better off on my American site where people with an interest in personal finance exchange ideas rather than being accused of battling because they don't learn by rote from Mr Admin.
My precise point relating to a more human feel on the American site.... is that you find a lot of people in the same boat as yourself who share the daily trials and tribulations of trying to get out of debt - you are not judged to be a header nor are you simply fed brochures that banks would give to you about getting out of debt.
C
Camry
Guest
"Off topic rant" indeed.
It's nice being able to stage manage both sides of a debate. Certainly good for the old ego I imagine. T'would be nice to have similar privileges. I might be inclined to edit any number of your posts with the comment "self serving twaddle deleted"
The flaw is in the fact that:
a) given they will owe more than the asset is worth in all probabilty they may not be able to sell
b) should they be able to secure some form of unsercured credit they will be facing higher interest rates on that significant sum.
But of cause the biggest greyest smelliest elephant following you around as an "authority" on personal finance is the ill advised "moderation" policy on this site that you take the opportunity to push in the media.
Do you lie awake at night Brendan and wonder to yourself whether any of these people now saddled with too much debt secured against an inflated, but depreciating, asset came to this site and found nothing but a "balanced" analysis of the Irish housing market conveniently cleansed of the majority of comments and argument that appear so bleeding obvious with 20/20 hindsight.
Dismal
The following, if not attacks, are at least loaded comments rather than just opinions in my view:If expressing an opinion on an article is an attack on the site (requiring "defending the site") perhaps you are a bit over-protective of your baby and should let the rational contributors have space to give air to their opinions. I have no desire to fight a "battle" with anyone. I have my hands full at the moment
Its just that Brendan's article is almost exactly what I would expect to hear from an arrears guy in a Bank. And, please, I am not doubting Brendan's integrity or the fact he has worked for 20 yrs on behalf of consumers...
I don't think that anybody here, including Brendan, would disagree with that in spite of the alleged bias you seem to perceive with the site and contributors.
Once again these seem like mealy mouthed comments designed to stir up controversy rather than actual genuine opinions designed to tease out the issues.
Not sure what exactly you mean by "human feel" sounds like a euphemisms for people posting warm fuzzy feelings and other fluff rather than actually discussing and teasing out what may be difficult and tricky issues. If that's what you prefer then perhaps your other site is a better place for you alright?
I never called people in this situation headers. I was referring to the small minority of people who for some reason believe all sorts of conspiracy theories about the site and the motivations of people who run it and contribute to it.
Dave Vanian
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SunShineBoy - my earlier question is of genuine interest to me - If you were asked by the Irish Indo to write a piece on what borrowers should do if they have difficulty repaying their mortgage, what points would you make?