I genuinely have no idea what josh8267 is talking about. It sounds a bit like those people who go on about the illuminati or the lizard people or the international jewish conspiracy. Too much time watching nutters on YouTube.
Rise of extremist politics
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Now Mr Purpletrator you're once again on the ran-tan. How are the banks robbing people?
1. During my mortgage period (20 years) with AIB Home Loans the mortgage rate rose to 19.75%, I kid you not. I remember when the rate was reduced to 15% I felt quite relieved. If the mortgage rate was at even 15% today there'd be a revolution probably led by many on this forum.
2. On another thread currently alive on this forum, the founder (yep Mr Burgess himself) is asking for the interest rate of mortgages to be made an election issue. The interest rate is a lot lower now than it ever was during my 20 year stint with AIB Home Loans.
3. Some illegal moneylenders don't charge as much as 19.75%; I know many charge more. In my book there ain't too much difference between the banks and illegal moneylenders. When the banks get robbed, do you think I care a whit? They've been robbing me for years.
Just to get back To the Subject of your first post,Of course you are.
I fear Reckless policies from the likes of FF/FG/LAB will bring this Country to its knees again,
When the TROIKA arrived in Ireland in Dec 2010 with 86bn to bail us out from FF/FG/LAB reckless policies over many years ,
The fairest government in my lifetime was the Unelected TROIKA,
The only thing that will turn people in the direction of Extreme policies is reckless promises made by the main parties ,
Having watched the leaders debate
FF are reckless
FG are reckless
Lab are reckless
SF are reckless
Greens I got the feeling I could trust them even though there is lots I don't agree with them on,
PBP or whatever they were called now extreme policies no vote from me only reason the exist is because FF/FG/LAB and FG in Government no change
Social Democrats suspect they are not reckless I would trust them as the official left opposition party ,
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Was that back in the 80's when inflation was running at over 20% and the real cost of your mortgage was going down at historic rates?
I haven't read that thread but I'm sure you are aware that the fact that it is virtually impossible to repossess a house is a large part of the reason interest rates are higher than the EU average. Are you advocating a higher rate of repossessions in order to reduce interest rates? If so I agree.
No they haven't. That's just hyperbole.
Sophrosyne
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That's an exaggeration.
The only year that inflation exceeded 20% was 1981, when it was 20.34%.
| Inflation | Average Mortgage Interest Rates | ||
|---|---|---|---|
| 1980 | 18.13% | 14.15% | |
| 1981 | 20.34% | 16.25% | |
| 1982 | 17.30% | 16.25% | |
| 1983 | 10.48% | 13.00% | |
| 1984 | 08.69% | 11.75% | |
| 1985 | 05.40% | 13.00% | |
| 1986 | 03.84% | 12.50% | |
| 1987 | 03.16% | 12.50% | |
| 1988 | 02.13% | 09.25% | |
| 1989 | 04.09% | 11.40% |
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I am not going to even open the your link, ,I worked in costings before I retired , I suspect there is big cost saving to be had by restricting access to the nutters watchers on YouTube in a lot of places,
So you think highlighting the 86bn bailout including the rainy day fund was all a dream,
There is another nightmare building up from the extreme policies of FF/FG/LAB/SF;
Extreme politics are you trusting the wrong people,
I bet in a few months you will be on about why the top 20% pay most income taxes in Ireland,
Well enjoy paying more income tax because a lot of the people backing you up will have a loophole ,
If you want to know why the top 20% pay most income tax in IRELAND google
PENSION 370000 and enjoy your tax break,
By the way FF/FG/LAB have restricted access to the Dairymaster ,
You know about the FG supporter who walked up to the FG leader with jug of milk and says I milked your cow FG leader say we dont have any cows we only keep bulls,
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very good
There is a message there, All those positive words they speak to supporters are only truthful when there actions in the past back them up
Trust me the are like the man milking the bull they are only taking the PI$$,
Hi Purple and anybody else looking in
(a) The mortgage was taken out in 1980 for 20 years. The interest rates charged mainly by the banks and building societies were crippling. You could plan nothing fearing at any time the interest rate could increase several times even in a short period. In work you got your yearly increment which was eaten up easily by the financial institutions on their solo runs just increasing rates. Nobody could say boo to the banks. They had carte blanche to do whatever they wished.
(b) Even before the mortgage was "made available" to you, you paid up to one year's interest on a bridging loan. The reality of this is that effectively your mortgage was extended by up to one year while the bank dilly dallied with the delay in providing the mortgage. It was in their own interest to delay your start to paying the mortgage. On the bridging loan you paid zero off the mortgage during that year.
(d) If these were not ploys to rob the mortgagee, I don't know what is. Incidentally, the last recession was a doddle to the like of me because of the way the banks behaved. And whatever way you look at it, the banks took the best years of my life while we paid that mortgage. For that I will never forgive them.
(e) Virtually Impossible to Repossess a House:- Newsflash Purple, Tell that to people who had their mortgages sold to Vulture Funds.
(f) "That's just Hyperbole":- Try and convince the lucky ones (i.e. those who came out the right end of the mortgages robbery with their full health).
(g) I still have correspondence with the bank over my situation. Their replies to the questions I raised and even my begging for an extension to the repayment period were nothing short of unchristian. I could say more, but before my emotions take off, I'll try to remain calm.
. . . . and if a bank gets robbed, I'm supposed to feel sorry for them. Pass the bucket, please.
(a) The mortgage was taken out in 1980 for 20 years. The interest rates charged mainly by the banks and building societies were crippling. You could plan nothing fearing at any time the interest rate could increase several times even in a short period. In work you got your yearly increment which was eaten up easily by the financial institutions on their solo runs just increasing rates. Nobody could say boo to the banks. They had carte blanche to do whatever they wished.
(b) Even before the mortgage was "made available" to you, you paid up to one year's interest on a bridging loan. The reality of this is that effectively your mortgage was extended by up to one year while the bank dilly dallied with the delay in providing the mortgage. It was in their own interest to delay your start to paying the mortgage. On the bridging loan you paid zero off the mortgage during that year.
(d) If these were not ploys to rob the mortgagee, I don't know what is. Incidentally, the last recession was a doddle to the like of me because of the way the banks behaved. And whatever way you look at it, the banks took the best years of my life while we paid that mortgage. For that I will never forgive them.
(e) Virtually Impossible to Repossess a House:- Newsflash Purple, Tell that to people who had their mortgages sold to Vulture Funds.
(f) "That's just Hyperbole":- Try and convince the lucky ones (i.e. those who came out the right end of the mortgages robbery with their full health).
(g) I still have correspondence with the bank over my situation. Their replies to the questions I raised and even my begging for an extension to the repayment period were nothing short of unchristian. I could say more, but before my emotions take off, I'll try to remain calm.
. . . . and if a bank gets robbed, I'm supposed to feel sorry for them. Pass the bucket, please.
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Sorry I still have no idea what you are talking about. Maybe just me so will leave to others....
I was in the same boat as you, I suspect others will need that expression explained to them also,
There are lots of middle aged smug people posting who haven't a clue sad to say
Those who fail to learn from they mistakes of there predecessors are destined to repeat them,
Whats worse there Predecessors are still alive ,
This tread is about Extreme Politics There is an extreme dangerous Right wing undercurrent bubbling under the surface that will take us under if left unchecked,
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No, it's not just you. You must be as stupid as me...
Sounds like you need to start your own party fella.
Paying your pension and the pension of other retirees is the biggest problem the State faces in the future.
Leper may think that freely entering into an agreement with a bank is them robbing him but it is pensioners who are now robbing the best years of those now entering adulthood by sucking up so much of the State's money. Now the greedy selfish generation who caused the last recession won't even work for an extra year!
Maybe he could just start the Irish branch of this one.
Sophrosyne
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Are you including your own generation in this?
Duke of Marmalade
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That's a fascinating table. To complete the picture we would need deposit rates and the official bank rate. And I think there was mortgage interest tax relief.
Very surprised that Leper was ever paying over 19% to AIB, given the above table.
The later '80s do smack of lack of competition.
That was certainly reversed in the early 2000's with banks, domestic and foreign, falling over themselves to attract mortgages, sometimes as low as 0.25% over their own cost of funds. And we all know how that ended up.
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