10% of TDs are in mortgage difficulties

Hi delboy

I suspect that the article is incorrect

Correspondence obtained by this newspaper reveals that 23 members of the Oireachtas are clients of the Irish Mortgage Holders Organisation (IMHO), a not-for-profit body that helps struggling mortgage holders deal with their banks.

The IMHO is negotiating with lenders on their behalf in an effort to resolve their financial difficulties. Many of the politicians have fallen into financial difficulty as a result of investment properties and buy-to-lets.

This figure excludes politicians who are dealing directly with their banks on financial problems or those who have retained professional support. Sources said the real figure of financially struggling members was substantially higher.

The IMHO, established by the mortgage campaigner David Hall, has set up a dedicated email address for senators’ and TDs’ correspondence in relation to distressed mortgages and arrears.

It is probably correct to say that 10% of TDs are in email contact with IMHO, but I would guess that most of that contact would be on behalf of constituents.

I see no reason why a TD would use the services of the IMHO for their own cases. They are all confident enough and empowered enough to deal directly with the lenders. But given their salaries and expenses, it's unlikely that a substantial number are in arrears. You might well find those who lost their seats at the last election in some trouble.

Of course, if the article is correct and the IMHO is negotiating on behalf of 23 members of the Oireachtas, it would imply that well over half of them were in serious arrears, as most would not use the IMHO.

If you wanted to research it further, you could look at the register of members' interests to see how many own investment properties.
 
I admire your belief in our 'leaders' Brendan :D but I wouldn't be so confident. I'd be very surprised if the SBP got it wrong to the extent that they believed correspondence relating to Oireachtas members was in fact on behalf of their constituents, or that Hall wasn't clear on this point when 'talking' to the SBP about this story.

Quiet a lot of landlords in the Oireachtas per the register!!! John Perry of Sligo made big headlines last year for example in relation to his property travails and I doubt he went to the IMHO
 
And James Reilly had problems as well. But that is a long way from 10% going to the IMHO over their own affairs.

I admire your belief in our 'leaders' Brendan :D but I wouldn't be so confident.

I, in turn, admire your confidence in journalists not to make mistakes or in David Hall not to be clear.

Brendan
 
Delboy and Brendan ,

You could both be largely correct.
1. Give Journalists a headline grabbing bone and suddenly they have a carcase?
2. No doubt some of our TD,s were up to their neck in Building frenzy, so would not atall surprise me on the 10% + in trouble eg Mr Perry in Sligo, from Nth West that is more than 10%.
3. I do not see them rushing to IMHO , but then if IMHO has set up a separate cosy little place for them , why not?
4. I do not see most TD,s as {confident} enough.
I see most Td,s in property and the Dail, for the main chance, forgive my cynicism!

I hope we are not yet again seeing an extra (get out of jail card ) for our (elite) ie Td,s.
 
Delboy, I share your cynicism about our electer representatives, but the article was very low on fact.
Very poor journalism
 
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