PAMA - Personal Asset Management Agency

Hi, We are getting in touch with you to highlight PAMA2011 which we launched last week. Our initiative is a concerted attempt to relieve the burden on some of the thousands of people affected by negative equity and mortgage debt. As you can see our two-pronged approach involves neither debt forgiveness or increased taxation etc.

PAMA will "Put People First"


Having received the backing of many of those we consulted, we decided to launch


WWW.PAMA2011.COM


We will be campaigning to the government to assist many who find themselves caught in negative equity and/or mortgage arrears through a two pronged approach:

PAMA (Personal Asset Management Agency )

This agency will look at the best ways in which to tackle personal negative equity and mortgage arrears.


Pension Fund Release

Offset some pension expectation on retirement in public sector against mortgage debt in 2011.

Release pension funds now in the private sector to relieve those struggling to meet their mortgage commitments in 2011.


Importantly, neither approach involves debt forgiveness and both approaches would be entirely voluntary.

Please hit “LIKE” on http://www.facebook.com/#!/pages/Pama2011/130862933649969 so that your voice can be heard.

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LDFerguson said:

Offset some pension expectation on retirement in public sector against mortgage debt in 2011.

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[FONT=Helvetica, Arial, sans-serif]PAMA - Personal Asset Managment Agency
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[FONT=Helvetica, Arial, sans-serif]PAMA, through Government will borrow funds at a fixed preferential rate to assist individual borrowers in defined categories.
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[FONT=Helvetica, Arial, sans-serif]Borrowers many of whom will be in negative equity and/or mortgage arrears will have their mortgage application(s) re-assessed to confirm their true indebtedness.
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• [FONT=Helvetica, Arial, sans-serif]The property or properties will be valued as at 2011 values
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• [FONT=Helvetica, Arial, sans-serif]Applicants can reduce their borrowings to a maximum of 92% of the new valuation
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• [FONT=Helvetica, Arial, sans-serif]This monthly reduction will allow mortgage holders the freedom to clear other associated debt
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• [FONT=Helvetica, Arial, sans-serif]The deferred portion of the mortgage charged a rate of 2.5% and the mortgage itself at 4.5% both rates fixed (depending on rate of borrowed funds).
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• [FONT=Helvetica, Arial, sans-serif]Every 5 years the property will be valued however, a minimum notional increase of 3% pa factored from year 3 onwards. This increase will be transferred to the deferred portion of the mortgage
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[FONT=Helvetica, Arial, sans-serif]Robust control and management systems must be in place during the life of PAMA[/FONT]

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Brendan Burgess said:

The Examiner reported yesterday that it is Fine Gael policy to allow people to access their pension funds to reduce their mortgage debt. I agree that this is worth looking at.

Brendan

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Jim2007 said:

Chances are that the ones who are in need of a financial boost are the ones that have little or nothing in the pension funds in the first place....

Jim.

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