Fianna Fáil finance spokesman Michael McGrath
“[Fianna Fáil finance spokesman, Michael] McGrath said the number of Civil Ejectment Bills or repossession cases coming before Cork Circuit Court had increased dramatically since the beginning of last year.”
“He said that in the first six months of 2013 there were 44 repossession bills, which rose to 246 in the second half of the year and in the first six months of this year that had grown to 335 civil ejectment bills.”
There you go now.
Dáil told of surge in home repossession cases before courts (Irish Times)
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“civil ejectment”
How different would those old 1800s engravings look if they were captioned “civil ejectment”?
Proper functioning economies require properly resourced court enforcement teams.
Channel 5’s “Can’t pay, we’ll take it away” is a real eye-opener. You can borrow big in the UK and take big risks; however if you mess up, you know that a van full of men in a Ford Transit will be knocking on your door after a very short period of non-payment.
Land League rent-a-mob scroungers who are always on the look out for free publicity simply do not exist in the UK or the USA.
The reason Irish businesses are so slow at paying invoices on time is because they know that there’s practically zero enforcement and there’s SFA you can do about it.
There’s also a reason interest rates are extremely high in this country – banks know it takes years to evict defaulters from the “family home”. Even though banks borrow money at 0.5%, they loan it out at 5%. In other words – a huge premium is levied on those who pay their way and pay on time.
It’s almost as something had happened to house prices so that now it’s worth the effort to throw people out…
Bingo!
“Mr McGrath also sharply criticised the mortgage rates Irish banks are charging new house buyers as “extortionate” and said Irish borrowers are paying about €4,000 more a year in interest on their mortgages than a typical borrower in the euro zone, even though it is costing the banks the same as in other jurisdictions.”
Thank goodness we have Fianna Fail to come along and highlight the issues of the little guy. I bet if we put thme in government they’d stand up to the banks and tell them where to go.
I enjoyed that
How many of these are rental properties vs family homes?
How long have they been in arrears?
Did the homeowners engage with the lending institutions? did they turn up in court??
Bit more detail would be nice. To get a repossession in this country takes a very long time, 3-4 years. So would not be surprised that there would be a glut coming through now as other arrangements come to an end or are unsustainable.
Wait a second – so if you spend 6 or 7 years not repossessing properties, and then you start to repossess properties, it manifests as a massive increase?! Eureka!
Irish mortgage holders are the most protected in the world. Where else in the world could you live in a property for 5 years + without paying the mortgage? Where else in the world would a BTL landlord get to keep his property (and maybe the rent too) for years, with minimal threat of repossession, even though he hasn’t made a mortgage payment for 2/3/4 years?
+1
But Joe Duffy will be delighted at the YEARS of ‘hardship’ stories coming down the tracks.
It’s a bit like a spokesperson for the Empire highlighting the massive increase in homelessness on Alderaan…
I heard they completely sorted the homelessness problem there.