Not you.
Namawinelake?
It is a dreadful report.
With little evidence of any in-depth research the report produces a number of generalised recommendations…
All of the solutions require someone, somewhere to pick up a tab, and I can say right here that sorting out the funding is not even touched upon…the report doesn’t say who is going to fund the new quango – the independent mortgage advice service – who is going to fund the purchase of homes from distressed borrowers, even if we could force our covered banks to play ball, who will force local units of foreign banks to take hits on their loans, who will fund the additional cost of housing those who the report says will inevitably lose their homes?
Oh.
Any good news?
And because we have been kicking the can down the road for so long, how will any new quango cope with the tsunami of distressed mortgage cases, how will new bankruptcy legislation cope with an estimated 5-10,000 cases in its first year, how will non-judicial bankruptcy processes (seem to be modelled on the UK’s Individual Voluntary Arrangement) cope with the colossal scale of problems?
Christ.
Throw us a bone.
“…Personal bankruptcy legislation [must] be introduced without delay, that a template from elsewhere – probably the UK whose legislation is generally similar to ours – be imported so as to expedite the enacting of reforms and reduce problems with interfacing with our own legal system. And our legal system needs to be resourced to deal with the temporary tsunami of urgent cases that our can-kicking has created. Because of the unique aspects of the Irish property and credit bubble, it is likely that additional measures will be needed, but without a basic bankruptcy process, we will end up creating some convoluted Irish innovation which may cost colossal sums and have unintended financial and societal consequences.”
That was a bone?
The Keane Mortgage Report (Namawinelake)
Earlier: An Irish Solution