Gorse Hill, Killiney (top) earlier this month and Brendan Burgess (above)
Bring it on.
Sez controversial Financial advisor Brendan Burgess:
Here we blame the bank and not the borrower. Banks have to comply with a complicated and bureaucratic Mortgage Arrears Resolution Process – proposed incidentally by an expert group of which I was a member. We place all the responsibility for solving mortgage arrears on the lender. We absolve the borrower of all responsibility saying that they are in arrears “due to no fault of their own”. We throw our hands up in horror at the very mention of the possibility of repossession.
The result? While most people have continued to pay their mortgage, a minority have exploited the situation. When these people realised that there was no effective sanction for not paying their mortgage, they tried to get away without paying. Some 30,000 people have now built up over two years of arrears. Some of these have done their best to pay what they can, but many of them have taken advantage of the lack of any effective sanction and made little effort to pay.
Well-meaning debt campaigners have done these borrowers no favours whatsoever as they have just encouraged the borrowers to avoid reality and to delay facing up to their problems. They have given these borrowers false hopes of debt write-downs. If these borrowers had addressed the problems early on, many could have got back on track. But many have now left it too late and will lose their homes.
Hardcore.
Want to solve arrears crisis? Make repossession faster and cheaper (Brendan Burgess, Independent.ie)
(Photocall Ireland)
This Brendan Burgess?
https://m.youtube.com/watch?v=z2q7bBVAo74
‘Wait….what does that red light mean? Is this being fillumed? Oh bollix’
The cases in Limerick recently highlighted this problem. With 219 listed for eviction, judge granted only 2. Rest were busy negotiating on the court steps and given more time for that. Suggests that either banks or mortgage holders were not properly engaging wit each other before.
Are you serious? His views are hardcore? Another cowardly post that fails to offer any counter argument beyond demonising the person for their views.
Some of these repossessions can’t get through the courts because of ongoing legal disputes over allegations of poor banking practice at the time of the mortgages being granted. Documents not being signed/witnessed etc.
It’s a good point. If I have a debt and I don’t pay it then I’m fair game. I can’t use being stupid as an excuse
isn’t Ireland supposed to have a permanent hangover from the landlords of famine times? When did the banks become our benevolent overlords?
Strangely, banks and developers themselves seem to get writedowns rather easily.
Tell that to the O’Donnells.
all these guys Are ruthless self promoters and the media lap them up. They Are trotted out as experts but they Are selling their wares.
tOtEs hUn x
I don’t really have a problem with the idea of repossession – it’s that the borrower still owes the balance that pisses me off – the banks have their cake and eat it, while the borrower is still indebted, now homeless and will probably need a lot of support from the state. By all means repossess the asset, but cancel the mortgage and give the borrower a chance at least.
And won’t non-recourse loans make it in the banks interest not to foster another property bubble?
this, exactly. if i was in the unfortunate position of having a home reposessed, knowing the debt would still follow me i’d quite happily drive a bulldozer through the gaff before i handed the keys back.
You’d just cost yourself another 100k then you genius.
what’s that they say, i owe you ten grand then it’s my problem. i owe you three hundred grand then it’s your problem.
I agree with him. Pearse O’Doherty was on the wireless this morning spinning yet more populist bullcrap and one of this points was that a home in Ireland should never be repossessed.
So why should anyone bother paying off their mortgage once they get the keys into their hand ?
Did he expand on what alternative solutions could be put in place?
He was asked, but didn’t give a clear or understandable answer, as par for the SF course.
That’s what will happen with SF. They’ll over-reach and people will realize “Hold on a second… That’s fupping nonsense”.
Then their support will drift back down to the core of hard republicans and fantasists.
Good to see some common sense for a change.
Why would anyone pay a mortgage if you could just stop paying it and continue on like nothing’s different?
Agreed, there is far too much rabble rousing demanding write offs. These organisations need to shut up as all they are doing is driving distressed mortgages into deeper distress.
Also, the MARP process is nothing more than a fencing off approach to managing behaviour between banks and their mortgages that are in arrears/ distress etc
And should be scrapped.
There also needs to be more light focused upon unsecured creditors. The local fuel merchant that filled the oil tank. The plumber that fixed the boiler. The small sole trader wholesalers and suppliers. They also need to be considered. So do the local communities. Perhaps when these full time write off advocates shite talk about reducing the Bankruptcy term to a year, they might like to answer how these creditors recover from the financial loss. They need three years.
Debtors must be willing to pay what they can. And this constant air of demanding write offs and forgiveness must stop. Likewise the blame defense.
Debtors must cooperate wholly with the process. They cannot be allowed pay school fees, and other unreasonables like golf tennis club dues while their mortgages, loans, utilities, taxes and other suppliers remain unpaid.
They must not be allowed collect rent without not repay the lenders and Revenue something.
In fact I would go as far as saying Buy To Lets need to addressed very differently now.
The time for debtors to take responsibility is past due.
I’d say most are people who have lost their jobs, are under very severe stress and aren’t thinking straight.
The freeman nonsense being peddled by twits needs to be tackled head on. They should be done for fraud.
Certainly.
There are some debtors that may not survive a fraud exam.
BTW Dubloon
The Freeman Land Leaguers aren’t the only “twits” being given too much air time and attention.
+100
Please write like this more!
Neo Con rubbish. I bet he thinks anyone on the dole is a waster too. The banks are aggressivly pursuing people, including those they have previous agreements with. The gov let them off the leash. They can have the serial maligners, they should do everything possible to keep people in their homes and paying what they can. It blows my mind what the bankers have gotten away with, while common decent people are terrorised.
Bollix, common decent people. Fools or gombeens more like.
The banks aren’t been agressive enough in pursuing the debts they’re owed, mainly because the debtors are politically connected or political donors. Welcome to Ireland, the North Atlantic Banana Republic.
bank debts are guaranteed by the state. mortgages were packaged, leveraged and sold on by banks wholesale – just cos the market went pear shaped shouldn’t give the banks the right to repossess a property and still chase the mortgage debt.
Once again, tell that to the O’Donnells.
Is this the Brendan Burgess who still lives with his Mammy. Thought so.
Gas how Andy Capp nailed the notice to the gate.