Prime Time Investig (25/5/09): Lady who made no effort to pay her mortgage since '02!

Re: Prime Time Investig (25/5/09): Lady who made no effort to pay her mortgage since


But that's it, they are risk takers and need to take the consequence of those risks. It didn't provide you or anybody else with a confortable livings you did that yourself by charging for your skills.

Also how could a guy who has so much property starting since he was 21 not see any of this comiong.

I'm not saying he should have a crystal ball nor would I like to see anyone suffer because of this crisis but there's something fishy about the story really.
 
Re: Prime Time Investig (25/5/09): Lady who made no effort to pay her mortgage since

My point is that more risk-averse among us wouldn't be employed and reap the relative benefits and protection the status affords, unless others took the chance to become employers.

Having all your eggs in one basket isn't desireable. In not seeing this coming or in being delusional about the long-term economic prospects, this guy was hardly on his own. I don't feel sorry for him but I didn't jump on the property bandwagon before and I won't be jumping on the property investor-bashing bandwagon now either.

As far as I could see he is taking the consequences, which are pretty stark. The point is that I don't think he was particularly 'stupid' to put his house on the line. Plenty of small businesses end up with the family homes of the owners on the line either directly or indirectly and if they didn't do it, there'd be less jobs for the likes of me.
 
Re: Prime Time Investig (25/5/09): Lady who made no effort to pay her mortgage since

UptheDeise said:
I'm not saying he should have a crystal ball nor would I like to see anyone suffer because of this crisis but there's something fishy about the story really.
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I agree. But this was "Prime Time Investigates," and the only investigating that was done was tracking down a couple of people who aren't doing too well after the bust. There was feck all investigation in this programme. Just pithy stories, and the journalists didn't even bother to anticipate the obvious questions that are being asked in this thread and answer them in the programme.

The silence accompanying the closing credits was unintentionally hilarious, suggesting as it did that we had just witnessed great tragedy (we'd just seen a couple of construction workers being let go, nothing more, nothing less.)

Your license fee at work, folks.
 
Re: Prime Time Investig (25/5/09): Lady who made no effort to pay her mortgage since

room305 said:
The guy was a slum landlord whose "business plan" involved flaunting planning laws...
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How did you reach this conclusion? Was this suggested in the programme?
 
Re: Prime Time Investig (25/5/09): Lady who made no effort to pay her mortgage since

why are so many people jumping on the guy with the houses?

do we not need landlords? I know I once was glad to be able to rent when I was in college and also when I worked in different parts of the country. Thankfully my experiences with landlords were mostly positive.

If he owned 10 pubs and was about to lose them would it be the same reponse - or a chain of creches / restaurants... He obviously worked hard from a young age and was he not entitled to gain from his hard work.If he was paying his taxes and providing a good service is he not entitled to the same sympathy as any other business person?

I personally admire people who are willing to work hard and take risks no matter what business they are in and if it goes wrong for whatever reason big man small man the pain of loss and failure is the same for everyone.
 
Re: Prime Time Investig (25/5/09): Lady who made no effort to pay her mortgage since

sidzer said:
why are so many people jumping on the guy with the houses?
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Well if you have to ask...

It's because he had a €24m 'empire' of properties but yet was stupid enough to:
A) Not cash in on one or more of them and release enough equity to pay off the family home and set himself and his wife & kids up safely & securely

or

B) Not see the inevitable end of the boom when it was being broadcast from the rooftops.

Whether it's stupidity or greed or a mixture of both is debatable.

Me, I think it was greed...and he's lost everything.

No-one's having a go at him because he's a landlord. If he was, as you say, a pub or restaurant owner and went on Prime Time with the same spiel, I'd have the same opinion of him....that he is a fool.
 
Re: Prime Time Investig (25/5/09): Lady who made no effort to pay her mortgage since

MissRibena said:
I'm not defending the guy on PrimeTime or saying that business owners are altruistic, just that without the risk takers many businesses and the related jobs wouldn't exist.
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MissRibena said:
My point is that more risk-averse among us wouldn't be employed and reap the relative benefits and protection the status affords, unless others took the chance to become employers.
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You do a disservice to other small business owners (and I am one) by comparing them with this fool. Thanks to his fecklessness, the fecklessness of the banks and the fecklessness of the government in underwriting all of this nonsense there will be less jobs and credit available to the rest of us risk takers (those of us who understand the concept of risk) for generations to come.

extopia said:
How did you reach this conclusion? Was this suggested in the programme?
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This was my understanding of his plan. That he intended to subdivide the house into flats by pre-tending it was a "pre-63" house.
 
Re: Prime Time Investig (25/5/09): Lady who made no effort to pay her mortgage since

room305 said:
This was my understanding of his plan. That he intended to subdivide the house into flats by pre-tending it was a "pre-63" house.
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Still fail to see how this makes him a slum landlord? Sub-dividing a house doesn't make you a slum landlord does it?

In relation to ring fencing the family home, most business people are asked for personal guarantees in order to get a business loan. That's the way it works. If you are very clever you of course try to ensure that the family home is protected. But it's not always possible. I didn't see the programe so I cannot comment properly on that landlords business but we do need people to be able to create businesses which in turn creates employment and wealth. It sounds to me like he overextended, borrowed too much when banks were throwing out the money and he never thought about a downturn.
 
Re: Prime Time Investig (25/5/09): Lady who made no effort to pay her mortgage since


The music they played in the background was like something you would hear in a soppy love story gone wrong. I was shouting at the screen, as the interviewer didn't ask the necessary questions.

RTE can at times let themselves down with this soddy docu-emo-drama type thingy programming.
 
Re: Prime Time Investig (25/5/09): Lady who made no effort to pay her mortgage since

I totally agree that the production of the programme was very strange (kindest word I can think of) and the whole thing was very cringeworthy. The people they picked as examples of the 'victims' of the recession, with the exception of the guys on the building site, must have had the people who are really struggling screaming at the TV.
 
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