Brendan Burgess
Founder
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Good article by Shane Coleman in today's Times Ireland
https://www.thetimes.co.uk/article/a9a4325e-9731-11e8-85e3-d844d3177259
Who in Irish politics represents the silent majority struggling to make ends meet and trying to do the right thing by paying their dues? The question seems particularly relevant following the predictable outrage over Permanent TSB’s sale of its Project Glas loan portfolio to Start Mortgages, an affiliate of Lone Star, a so-called vulture fund.
...
As Brendan Burgess, a finance expert and one of the few voices of reason on this subject, pointed out this week, in most countries banks are able to repossess homes six months in arrears. That’s not an option in Ireland. Politically, repossessions are toxic, even in cases where the borrower has made absolutely no effort to make repayments for many years. The courts have also, understandably and quite correctly, been extremely reluctant to allow situations in which people lose their homes.
To sum up: the Irish banks are being attacked for not addressing non-performing loans, attacked for the notion of taking court cases against homeowners who have not been paying their mortgage for years, and attacked for selling on the non-performing loan that they are unable to seek redress on. It’s a farcical situation that would not be tolerated in any other EU country.
https://www.thetimes.co.uk/article/a9a4325e-9731-11e8-85e3-d844d3177259
Who in Irish politics represents the silent majority struggling to make ends meet and trying to do the right thing by paying their dues? The question seems particularly relevant following the predictable outrage over Permanent TSB’s sale of its Project Glas loan portfolio to Start Mortgages, an affiliate of Lone Star, a so-called vulture fund.
...
As Brendan Burgess, a finance expert and one of the few voices of reason on this subject, pointed out this week, in most countries banks are able to repossess homes six months in arrears. That’s not an option in Ireland. Politically, repossessions are toxic, even in cases where the borrower has made absolutely no effort to make repayments for many years. The courts have also, understandably and quite correctly, been extremely reluctant to allow situations in which people lose their homes.
To sum up: the Irish banks are being attacked for not addressing non-performing loans, attacked for the notion of taking court cases against homeowners who have not been paying their mortgage for years, and attacked for selling on the non-performing loan that they are unable to seek redress on. It’s a farcical situation that would not be tolerated in any other EU country.