Brendan Burgess
Founder
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............I wrote to my local TD who said it was not a political matter and that the Government had no role. .....still cannot believe this response
...................There are a lot of people in denial over the reasons Banks can and do charge high SVRs - that is the lack of repossessions.
Why would any bank such as Santander consider entering the Irish market when they wouldn't be able to enforce security on the asset.
It is well documented that repossessions rates in Ireland are minuscule compared to what they should be. There is no justification for this - instead of the wailing and gnashing of teeth why don't people get angry with the Debt Forgiveness champions like the IMHO who think that banks can just forgive debt without damaging their balance sheets.
The fake populist rage is reminiscent of the worst of the bubble
...................
Futures ,
You are probably correct in your reasoning as to why other Banks will not come into Ireland.
To state that the Reason Banks screw good payers on Svrs and charge high rates has little to do with Repos.
If you read linked threads on this SVR issue you will inevitably come to a much more nuanced conclusion.
1. Banks over-charge because they can (notwithstanding it was always clearly understood SVRs would follow market rates)
2. If you accept the above , in laymans terms Banks are sneaky and devious, lets be blunt they are thieves.
3.I do not agree with IMHO on all things, but it appears to me that mostly they are on the correct track. I see little sign of {debt-forgiveness-champions}.What I see are people outside of government/banking fraternities, offering ideas.
4. I have sympathy with your fake {populist} rage, if experience has taught me anything it is that these populist-howlers look for magic tree money.
I find it a bit depressing that we get forced into a them debt forgivers v bank apologists.
It means that solutions get harder to find and positions get entrenched.
defending rates? Who is defending rates. They are immoral, just as immoral as the behaviour as the can pay but won't pay brigade.This issue is too important to turn in to an Anti Reposession league Vs High SVR Deniers, money is being taken out of peoples pockets and there is no justification for it. A lot about the Irish Banking system and legislation needs to be fixed, including reposessions, but waiting for a bank to come rescue the market is not an option either. Folks that are paying their mortgages at these rates are not looking for handouts or magic tree money, just fair treatment. SVR holders (including myself) have a lot at stake in this matter so you can understand reading people's tupence worth defending the rates is infuriating.
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