Couldn't agree with you more!
However bad this particular show was Pat Kenny has never sunk to the levels of bias and bullying that Vincent Browne sinks to every night. Tonight with Vincent Browne is a vehicle for VB to vent his spleen. It's a sham, a mockery of proper current affairs programming.
Bankers still in place.
Didn't see the programme so I can't comment on it but the discussion above seems for the most part to be reasonable enough. You seem to be implying that because a topic exercises some people it should be avoided which is hardly the point of a discussion forum...
In what way is it not true that the Clonee couple were not speculators who got caught out. I consider the statement that they were speculators to be correct but that does not mean one is being unkind. It's just a statement of fact.
Didn't see the programme so I can't comment on it but the discussion above seems for the most part to be reasonable enough. You seem to be implying that because a topic exercises some people it should be avoided which is hardly the point of a discussion forum...
I agree Bronte. Just because they are a young couple with a child and not some suave businessman with 20 properties does not mean they are not speculators. They bought with the intention of selling in 2 years for a profit.
I think it is the fact that thread has been titled 'appalling program' due to the fact that the owner of this site holds a completely different view to that espoused on Frontline has led some of us to feel that this thread is more than a little biased.
The case studies were simply not probed at all .
I thought most of the leading bank executives of the boom years were no longer in their jobs? Am I mistaken?
If there's been an exodus or a cull, I am not aware of it.
This is such an emotive argument, it always creates more heat than light. People always mix up negative equity with arrears, and they are both different issues with different solutions and different consequences.
I get it that people are sick of bailing out the banks, and don't want to bail out mortgage holders too, especially if they are working hard to pay off their own mortgages. But sometimes, I am shocked by the lack of empathy and sympathy for people like the Clonee couple. There is a real social and economic issue there that needs to be addressed. It won't go away, no matter what the moral hazard.
FWIW, here's my tuppence worth.
1 - People in NE should not receive state help just because they are in NE. They should continue to repay their mortgages if they can afford to, NE or not.
2 - People in deep NE who are also deep in arrears, and are unlikely ever to be able to meet their mortgage repayments, should have some of their debt written down by the banks so they can get on with their lives. This is what happens with unrealistic debts in business, it happens in other countries, and it is the most sensible thing to do. However, this should not apply to people who bought expensive homes. Nobody should get a debt write off to allow them live in a mansion. Those people should be forced to trade down to modest homes as part of the package.
3 - People deep in arrears who are not in NE should be forced to sell their homes to pay off their loans. That's just simple loan security enforcement. If they have equity, they don't need anyone's help, the state's or the banks'.
4 - People who are deep in NE, have good solid incomes, but are desperate to move for whatever reason (job offer in another city, tiny high-rise apt that may be unsuitable for raising children, etc....), the banks need to work with these people to find solutions for them. The state doesn't need to help them, except maybe by changing the rules re TRS etc so that they are not too heavily penalised for renting out their apts, and moving to become renters in more suitable family homes.
The Clonee couple who featured in the programme. They had bought a two bedroom apartment a few years ago. They were worried about the future. They were meeting their repayments but what if one of them lost their job? But bizarrely, two years ago they had applied to the bank to trade up with a negative equity mortgage. The bank had laughed at them. They were critical of the bank. But they should be grateful to the bank. If they had traded up , they would be in much more severe negative equity and their repayments would be much higher. Their worry about losing their job would be far worse.
The public servant was on the News at One today on RTE.
She is a mother of 1.
She appears to be Caroline Lennon-Nally a Resource Officer with the HSE. (They also called her Celine)
She bought her house(in Kilkenny I think?) for €320k in 2007 and has been paying interest only since then ( €50k in interest since 2007)
She has invested a lot in the house.
She is involved in something called "Irish Homeowners Unite"
The bottom line is that if the state is offering write downs/debt forgiveness/ alternative arrangements to connected wealthy speculators and developers, it should be morally and legally responsible to offer the same treatment to the ordinary people
The public servant was on the News at One today on RTE.
She is a mother of 1.
She appears to be Caroline Lennon-Nally a Resource Officer with the HSE. (They also called her Celine)
She bought her house(in Kilkenny I think?) for €320k in 2007 and has been paying interest only since then ( €50k in interest since 2007)
She has invested a lot in the house.
She is involved in something called "Irish Homeowners Unite"
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