because we have a culture of 'you have to own your home...at any cost"
because we have a culture of 'you have to own your home...at any cost"
What salary would you have to be on to pay 24K a year? Is not 340K a high price for a house in Waterford?
for me of all the things that has happened in banking over the past few years, the biggest crime of bankers and regulators was the exploitation of the vunerable and the naive by the explosion in this type of lending
I have to agree Regulation should not allow this.
At what level does it make common sense to have a section of the market with a massive chance of defaulting?
The business model actually made perfect sense because of securitisation. (Their wonderful models didn't consider a property crash!). The problem is that the whole concept is based on lending to people who are desperate, vunerable or as is clearly the case, financially stupid. Like I say, they were loan sharks in suits.
Have to say having experienced Irish landlords from childhood to adulthood I can understand the desperation to own their own home. Not wanting to hijack the thread but here's just a few 'fine-upstanding-pillar-of-the-community' landlord experiences:
Walking straight in to house without knocking and past the family eating their dinner and going straight upstairs.
Expecting a woodworm riddled house to be acceptable to tenants with their own furniture.
Refusing to provide PPSN in order for tenant to claim rent relief or giving a equivalent decrease in rent and then issuing a Notice to Quit when the tenant claims anyway.
Expecting tenants to live in a house with damp blackened walls while they live palatially next door.
Increasing the rent without notice.
Pottering around the outside of the house and looking through the windows.
Being told to <> when tenant asks for a refund of an over-estimated electricity bill.
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