My presentation on Non performing Mortgages to the Oireachtas Finance Committee tomorrow

[MrEarl]

Did David call you a "bank lover"?
There was background noise and it was either that or something else I heard....

That's a bit silly, as anyone who knowns Mr. Burgess and has heard him speak on various topics over the years, would know he's far from a Bank Lover.

I fear David Hall has moved from trying to do right by mortgage holders who the Banks were not treating properly, to wanting social housing for all and that is not something I would ever support.

....
But overall, the attitude of the media is changing. The penny is beginning to drop that there are a lot of irresponsible borrowers out there. Interviewers, like Shane Colman this morning, are asking the David Halls of this world: "Are you saying that when people know that there is no sanction for not paying their mortgage, that they will pay their mortgage anyway?".

Brendan

Maybe the penny has finally dropped with them, that if people won't pay for their homes, then the odds are they also won't pay to read their newspapers, or pay for a TV licence etc.

 

[Open air]

So i repeat myself again, when will this be sorted on a case by case basis, and not have everyone tarred with the same brush

 

[MrEarl]

So i repeat myself again, when will this be sorted on a case by case basis, and not have everyone tarred with the same brush

Probably never, because that's the way we do things in little old Ireland... .we just move on to the next mess, then sweep the remains of the previous one under the rug

Until the large majority of people in Ireland stop tolerating the way things happen in this country, nothing will change.

 

[demoivre]

Interviewers, like Shane Colman this morning, are asking the David Halls of this world: "Are you saying that when people know that there is no sanction for not paying their mortgage, that they will pay their mortgage anyway?".

Did the interviewee not put him back in his box fairly quickly?

 

[Brendan Burgess]

Not sure what you mean by "put him back in his box". This is what was actually said. I can't make head nor tail of David's answer. He just keeps talking, whether it makes sense or not and changing the topic.

Shane: David , are you saying that there is no link between a failure to repossess houses and the level of arrears and the interest rates? Are you saying that there is no link between the two of them?

David: There is a miniscule link of people who have the ability to pay – the point is that people don’t have the ability to pay – there are politicians there are financial advisors in organisations like our own throughout the length and breadth of the country – the Abhaile Scheme is the greatest of evidence to show

Shane: But do you accept that repossessions are sometimes necessary?

David: Yes. Absolutely. My point here is unnecessary repossessions and random execution of repossessions which Brendan is suggesting without any evidence is not acceptable. I am not saying that repossessions should be outlawed , nor have I ever said so . What I am saying is that there are unnecessary repossessions which need to be presented in the midst of a housing and homeless crisis the likes of which the state has never seen before

 

[demoivre]

Not sure what you mean by "put him back in his box"

Well it's rubbish and irresponsible to suggest their is no sanction for not paying your mortgage. Ultimately the house will be repossessed though it may take several years because of a very protracted legal system. Only last month a couple was jailed in Dublin for contempt of court for not vacating their repossessed house on foot of a court order.

 

[Brendan Burgess]

Well it's rubbish and irresponsible to suggest their is no sanction for not paying your mortgage.

Hi demoivre

Go down to the Registrar's Court and see it for yourself.

There is effectively no sanction. As they say, justice delayed is justice denied.

Brendan

 

[demoivre]

I've been to the courts several times and I have seen what goes on and I fully accept that the process is slow and repossessions don't happen often but they DO happen. Unless a borrower in arrears comes to an alternative arrangement with their bank the borrower will eventually loose their home, but the process could take 7 or 8 years.

 

[MrEarl]

...the borrower will eventually loose their home, but the process could take 7 or 8 years.

..or even 8-10 years, if the borrower turns up each time and turns on the tears etc.

The fact is that anything near that length of time is wrong.

3-4 years should be the max and even then, that should be the exception to the rule, and exclude those not willing to many any sort of payments and / or cooperate with their lender.