Waiting To Pick Your Bones

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Oh boy.

Nama Wine Lake tweetz:

The vultures are swooping on Irish borrowers – unprecedented barrage of court cases in Dublin High Court, unreported in media.

Previously: May The Rent Rise To Meet You

Vulture Fund Vultures

Them Crooked Vultures

38 thoughts on “Waiting To Pick Your Bones

      1. Anne

        Some people wonder all right..

        And yet they’re very profitable –

        This makes Irish bank lending look more profitable than euro zone norms. Indeed the two big Irish banks generate about 200 basis points – or 2 percentage points of net interest margin, according to Fitch’s calculations, for their entire business – not just mortgage lending – and this compares well in a European context.

        “It’s a pretty good ratio compared to European peers,” says Marc Ellsmore, banks analyst at Fitch Ratings.

        And it’s still improving.

        http://www.irishtimes.com/business/personal-finance/how-much-is-the-bank-making-on-your-mortgage-1.2666060

        1. Fact Checker

          If you make it difficult for the enforcement of a pledge of collateral then a bank will need a higher margin to compensate for the higher risk of default.

          In Belgium you can get a 100% 20-year mortgage for 1.6% fixed because the bank will find it very easy to repossess your house in the event of default AND it has a lien on your other income too.

          1. Fact Checker

            I have no idea who the provider is. A friend of mine lives there and is shopping for offers.

            PS: mortgage lending and house prices may well be a little frothy in some ‘core’ European economies.

          2. Rob_G

            Ah, I see.

            “mortgage lending and house prices may well be a little frothy in some ‘core’ European economies”

            – could I ask you what you mean by this? (thinking of buying a flat in Belgium, if you hadn’t already guessed)

          3. Fact Checker

            Well I think that lending standards are pretty loose. >100% mortgages in certain circumstances in Belgium and Germany.

            You can lock in today’s ultra-low rates. But my feeling is that purchasers in a few years time will face higher rates, which may depress asking prices.

            So you could just be stuck in a common-or-garden negative equity situation. Perfectly able to service the loan but if circumstances change and you need to sell you might not be able to. Also in Belgium I understand estate agent fees and transaction taxes are very high. So you want to be very sure before you buy.

            This is casual advice on the internet however so treat with caution.

  1. Vote Rep #1

    Its nigh on impossible to get turfed out of your gaff if you are even slightly trying to pay it off.

    For the most part, the people losing their homes are the ones who are pretending the mortgage doesn’t exist.

        1. Rob_G

          I’m saying that most of the posters don’t seem hugely outraged by the prospect of people who don’t pay their mortgages having their houses repossessed, which seemed to be the point of the post.

          What are you on about?

  2. Steve

    Really giving vultures a bad name. Very important to the environment , clearing away carcasses and preventing the spread of disease.

  3. Eamonn Clancy

    If only there had been a warning about how you could have your property repossessed if you didn’t keep up your repayments. Like the rest of us did.

    1. Daisy Chainsaw

      I hold dear the day I found out what it was and signed up to it. If I was on a fixed or variable for the last 10 years, I’d probably be on one of those court lists.

  4. scottser

    i am increasingly concerned with these new ‘avatars’. most of them look a bit rude, in a 4-bit, rorschach, sort of way. it’s bringing out my inner badatmemes.
    so if mine looks like a chicken on crack, what does yours remind you of?

    1. sǝɯǝɯʇɐpɐq

      I welcome the new avatars.
      It makes it more difficult to use multiple usernames or to impersonate someone else.
      It should’ve happened ages ago.

  5. Toni the exotic dancer

    Can we all have a free gaf please? It’s so unfair that the nasty bank is making us pay back our mortgage.

  6. broadbag

    The repossession rate on distressed mortgages in Ireland is abysmal, there are genuine cases of hardship and then there’s the individuals and BTL-ers completely taking the piss and we’re paying for ALL of them, so I welcome this ‘unprecedented barrage’ let’s see how many result in “sure we’ll give them another year living there for free and if they haven’t paid anything by then we’ll all get together and do this again (and we’ll all get paid for the fourth/fifth/sixth time on this one case…)

  7. Fact Checker

    Many of these currently un-repossessed dwellings are unoccupied, preventing decent hard-working families from buying or renting them too.

    See here: economic-incentives.blogspot.com/2015/08/are-there-60-home-repossession-orders.html where of 30 repossession orders granted 10 were for unoccupied dwellings.

    1. Johnny

      Do indicent families get go first,so they repo’ing the same gaffs from Coffeys minisucle unscientific survey,based on statements from the lenders in court-phew just as well they never misstate facts or get things wrong!

        1. johnny

          i wandered over to Mac Coffeys site,he’s still manspalining the Apple Tax,possibly suffering PTSD.Shocking given the tsunami off work he did on that indian trade(we wont pay tax but here’s a few shinny beads for Cork Uni) he’s not demanding the Irish Govt/Apple release its appeal or the ruling!

          blog post from from August 2015 !

          “More details of the 30 orders granted are below the fold. It can be seen that around one-quarter of the orders are for BTL properties while around one-third are for properties that are vacant. These two categories account for nearly 60 per cent of all orders granted in Cork.”

          oh look if the borrower is absent the court registers the property as vacant-ground breaking frothy frontier work indeed…….

          http://economic-incentives.blogspot.com/2015/08/are-there-60-home-repossession-orders.html

  8. Lord Commander Frill Snow

    Sum’ting a bit off here
    Commencement of Repossession Proceedings against Family Homes, or as banks like to say PPRs, commence in front of the County Registrar.
    And 1st time appearances are an automatic adjournment.
    In fact in certain duristictions they could get a dozen adjournments over a period of years.
    If its a joint ownership Co Council mortgage it goes before the District Court.

    Even if the debt is sold off, the Plaintiff can get substituted in the same set of proceedings

    These might be non PPRs and the applicants are looking to either appoint Receivers, or the gaffs in question are trophy homes in the millions, or they are petitioning to have the owners adjudicated Bankrupt.
    Or all three

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