This afternoon.

Permanent tsb, Grafton Street, Dublin 2

Solidarity TDs, including Paul Murphy and Mick Barry and party activists take opposition to the planned vulture fund sale 14,000 Permanenbt tsb loans to the Grafton Street branch..

Earlier: “It’s Essential For The Long Term health Of Irish Banking”

35 thoughts on “Easy Pickings

    1. Fairhill

      Where is the common sense that will prevent 10 – 12000 people potentially joining the homeless queue, costing the tax payer more money, and emotionally scarring more of the citizens of this country. So they can join the queue for the houses that are not being built, by this incompetent money grabbing goverment

      1. Taunton

        Get them out and put someone that will pay in.

        You’ll find a lot of the can’t pay / won’t pay, suddenly can pay.

        1. postmanpat

          You’re right . Two words: BRASS NECK! for every delay in this vulture sale you know there’s thousands of unscrupulous owners who have (and have always had) the money are hiding thousands by the month. It has to stop. Think about it . You have a mortgage and because you don’t want work a sprit crushing job , just to go home to a negative equity shoebox apartment (flat) that you thought was going to be a ladder to a real home (house) one day, but know that will now never happen if you play by the rules. Your mortgage is 1000 a month, You move home to mam and dads. You stop paying the mortgage, You rent the apartment out for €1500 to some desperados who you know don’t want to get authorities involved and pay cash. You build up the cash for as long as you can. 3 years later, you have €54000 saved , and if your still working and mom and pop aren’t hitting you to hard for rent you could also save another two grand a month , so that’s another 72K . so in total, €126000 over 3 years. €252000 over 6 years. (thanks Paul Murphy) €378000 over nine years. (cha-ching how long can you get away with this!) Vulture fund company cuts a deal. you get to off-load the property for half of what the mortgage was worth and walk away debt free, no one questions how you had this money all along, The only losers are the family who are renting the property. And if they kick up sh!t with the law (if they are in a position too, depending on their immigration status in the first place) You’ll get a slap on the wrist fine for a few grand. Even if it was ten grand you’re still laughing. The “poor” tenants get an extra 10K to add to the pile because they sub sub sub letted and the law cant make head nor tale of the situation.

    2. GiggidyGoo

      you need to get something straight. People bought in a FFGLAB MEDIA – Created frenzy. 110% mortgages. They could afford the houses when they bought them. But, your little FFGLAB cohorts ruined the country, people lost their jobs, people’s pay was cut by double digits, and the little Noonan-led buckos sold out to the friendly 60 meeting Vulture boyos.
      Now kindly get educated.

      1. Taunton

        You need you get something straight, the people of Ireland want nothing to do with dirty little communists like you.

  1. eric cartman

    more homes needed to ease the rental crisis, solution is to repossess all the homes that people aren’t paying for, but no, paul murphy and his ilk want people to get magic free houses.

    1. Snippity

      Will evicting thousands of families and making them homeless help to provide “homes to ease the rental crisis”? How world this work exactly?

      The idea that people the banks evict are “not paying” has become a trope; however, if you miss one payment, years later you’re still listed as “non-paying” or “in arrears”.

      How did Ireland become such a merciless place?

      1. Rob_G

        There mortgages in question haven’t been paid in an average of 3 and a half years, according to ptsb, some in as many as 7 years.

        Your house isn’t sold out from under you if you miss one payment…

        1. Fairhill

          And PTSB have repeatedly shown themselves to be an honest, upstanding Company to do business with, it they give figures must be true, they are known for their honesty

        2. GiggidyGoo

          ‘according to PTSB’
          According to PTSB, people were moved from their tracker mortgages legally. and subsequently overcharged, and some lost their homes. Would you believe anything out of these crooks mouths?

          1. Rob_G

            Well, we won’t need to take PTSB’s word for it; if it goes to court, it will be very easy to demonstrate whether or not the borrower was engaging with the lender or not.

            Those borrowers who have not been paying anything for a period of years should be evicted, and the property sold to someone else who is prepared to pay.

          2. postmanpat

            I don’t think anyone was technically moved from their trackers illegally. People were coerced into switching to a fixed rate by the likes of Padraig Kissane and other mortgage agents for a determined period. And the banks illegally kept them on this rate after it was supposed to switch back. The mortgage owners should never have switched in the first place. Padraig Kissanes staff were ringing me up every month in 2008 trying to get me to switch to a fixed mortgage and trying to scare me into thinking that the interest rates were only going to go higher. These mortgage agents were working for the banks because the banks knew the rates were approaching a high wave and the more people they could lock into these high rates before the rates dropped the better. Kissane and Co get the commission from the banks for every sap they snare. Then the icing of the cake. Ten years later the same agents that’s caused this stress to people, ring around their past clients trying to get them in the door again “for a friendly talk” and gain knowledge of peoples current financial situation (so they can exploit them again) making self serving claims that they helped people who were *kicked off their tracker” get them back again, even though they half caused the problem in the first place ? Talk about a case of weeing on someone’s face and telling them it raining. People really have to learn for themselves to use agents only if they have to and not to get exploited by them later. I laughed at the poor young fella from Kissane who was cold calling me last year trying to get me in the door again to talk about my savings and what they could “do for me”.

    2. Fairhill

      Yes please explain this economic miracle, where you repossess someone’s house make them homeless, adding them to the demand for houses and give their house to someone else who is already homeless. Sounds like a fantastic model that you could export worldwide, …….. oh wait, it’s a crap idea

    3. ahjayzis

      That’s all fine in theory but it could take months or even YEARS for the people we repossess to all die on the streets.

      In the meantime we’d have more homeless and no gas chambers.

      THINK! about what you’re saying, and plan better.

    1. Peter Dempsey

      Many on the Left refuse to be drawn on exactly what this means. They hate landlords and people who own investment properties. However there is a possibility that they don’t despise people who just have a PDH

        1. ahjayzis

          Do you believe it would be kinder to gas the poor to death rather than let them die of cold or sickness on the streets without housing or insurance?

          You’re on the right so I guess you agree with fascism, yaw? Let me know if yoiu or not or we’ll just assume you’re a Nazi babes xxxxxx

    1. fairhill

      It must be bliss to go through life thinking situations why people don’t pay their mortgage is so simple, yeah mortgage defaulters get your finger out let the kids starve, get that mortgage payment done like Rich Expat explains. It’s simple…… Or is it ignorance ?

      1. Rob_G

        “let the kids starve” – well that’s a bit silly isn’t it? No-one starves to death in Ireland.

        There is a happy medium between allowing the children to starve, and allowing people to keep a house that they haven’t made a payment on in 3 years.

        1. qwerty123

          Nope, wrong, it is either one or the other. Dead kids starved to death/near death, or pay the banks the money you borrowed off them, got legal advice for, and fully agreed to borrow.

  2. Deli

    you don’t own your home until you pay off your mortgage the bank owns it that’s why they hold the deeds. People that haven’t been paying their mortgage and that don’t engage with the bank need to be evicted. Those who are engaging with the bank and are trying to make it work need protection. Freeloaders should never have got a mortgage in the first place

    1. ahjayzis

      Vulture funds have no obligation to distinguish between these two groups – that’s the problem.

      If you missed one payment 5 years ago they can crack down on you. They can raise your variable interest rate as high as they want. And they pay little to no tax, and they do not invest in their assets. The people they evict will require rehousing, more assistance.

      There’s no upside to selling to these funds, no social or monetary benefit to anyone but their shareholders. You can argue that you’d like to see your fellow citizens in financial trouble punished, but don’t pretend it’s for any other reason than you’re a sadist.

      1. postmanpat

        If you missed one payment 5 years ago , you had 5 years (60 months or €2 or €3 a week ) to make it up to the banks and get written assurances that the payment are up to date, incase they use it as an excuse to off load your mortgage to Cerberus or whoever. Give me ONE case where someone who honestly fell behind and paid the banks back since and got their debt sold to the vultures. It doesn’t happen. It’s the shady customers who ignored the banks who are getting caught out, people who stop paying full stop. not paying a cent , not 90% not 50% , ZERO. The scratcher and CS alone would cover half your obligations even after the “poor staring kid”s food and uniforms.

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