Flood From A Stone

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At Home with Pamela Flood, Irish Times, December 30, 2017

The couple initially agreed to leave the property by last Tuesday, but have now vowed to stay at their home

Speaking to the ‘Sunday Independent’, Ms Flood said she and her husband have done nothing wrong.

“Missing mortgage payments is not doing something wrong. If you miss them genuinely because you can’t make the mortgage payment, that is not something wrong.

“It’s not immoral, it’s not even illegal, it’s just missing mortgage payments,” she said.

‘Missing payments is not immoral’: ex-Miss Ireland Pamela Flood vows to stay in home (Independent.ie)

At home with Pamela Flood: ‘I am a total hoarder’ (Irish Times, Dec 30, 2017)

57 thoughts on “Flood From A Stone

  1. A Person

    Yeah, live rent free for 6-9 years. Let someone else pay. In the meantime live a life of luxury, have more kids, open up new businesses, Get Bryan Wall on your case.

      1. newsjustin

        Part of the reason interest rates are as high as they are is to cover the cost of non-payment by some people. This is true anywhere in the world, not just Ireland. Other borrowers from a bank are paying for those that default….certainly until such time as the asse5 the loan is secured on is recovered and sold.

      2. B9Com From No

        there’s this great quote that I live by when I’m on the brink of a mummy meltdown, “right now is the past that someone in the future wishes they could get back to”.

      3. A Person

        You are kidding right. Can I live in your house without paying rent or a mortgage? Can I let you pay it for me. Nobody in Ireland gets to live rent free. Do you not get it? Even the poorest have to pay. But no, its a foreign bank, eff them, now its ok.

          1. A Person

            Good man, MOF, a real key board warrior. Don’t focus on the issues just take the pea out of people making comments. Do you at least have an opinion? No, of course not. You need to be intelligent to have an opinion.

  2. Optimus Grime

    9 years! Ah here! I understand if they hit a wobble and tried to make something work with the lender but 9 years of not paying is a bit much.

        1. newsjustin

          Yes I will. Or someone in my position will be. The bank that the US fund bought this loan off of took a haircut selling a crappy loan. That bank has a hole in it’s books it will seek to sell by keeping interest rates for performing loans as high as possible for as long as possible. Even if this bank isn’t the one I have a mortgage with, it’s higher rates will allow my bank to keep their rates higher for longer. And my bank has defaulters like these people doing the same thing.

          1. Owen C

            there’s a more direct link than that. Historic default rates for Irish mortgages (across the sector) inform the capital requirements/risk weighted asset calculations for all existing and new mortgage lending. This directly informs the required pricing the banks have to achieve to generate an internal return on capital/equity. So high default rates = high mortgage rates.

  3. martco

    trying but struggling to find any reason to be sympathetic here…it all reads a bit insane really…is it some smartarse rouse to blacken the names of genuine cases out there?
    or is yer wan on some mellow stuff? (and if so anyone know what it is & who’s supplying cos it seems fairly top notch)

  4. Daisy Chainsaw

    Missing ALL the mortgage payments for 9 years though? Sounds pretty immoral to me.

  5. Jeffrey

    The house was bought for €900000 also in case some are wondering, they owe the bank 1.2M. This is nuts, how does it take 9 years of non payment to get to court?

  6. class wario

    the idea of kids in particular being turfed out of their home saddens and infuriates but the absolute state of these muppets all the same.

    can’t imagine any non-privileged entertainment class types getting a few softball pieces in the indo to defend not paying off their mortgage either.

  7. Rob_G

    But I thought Broadsheet was in favour of no-one ever being evicted from the family home…

      1. Rob_G

        No I don’t (though there is one poster on here who seems to think I do).

        I just think that if you agree to pay a mortgage for 20 or 30 years, and then don’t pay anything for 9 years, the bank should be allowed to take their house back – radical notion, I know…

  8. flipper

    She is incorrect – it is illegal to stay in a house if it’s being repo’d because of non payment.
    She is literally breaching the terms of her mortgage contract and suggesting that to stay in breach of them would not be illegal.

      1. millie st murderlark

        I haven’t. So naturally I had to google it. That was an interesting five minutes well spent

    1. Rob_G

      Sure 9 years is nothing – the people in the Roscommon eviction case hadn’t serviced their mortgage since 2004, back when I was still in school.

      1. Man On Fire

        Ah yea sure there would have been no problem with that eviction except for the loyalist thugs the bank contracted..

        1. Rob_G

          Hey – if you don’t pay your mortgage, strange men might come to take the bank’s house back

          (btw, I haven’t seen anything other than the internet rumour mill to suggest that they were ‘loyalist thugs’, apart from one man with a northern accent identifying himself as British when asked).

        2. A Person

          Where’s your prove for that statement? I know, you don’t have any….key board warrior.

  9. GiggidyGoo

    With their record on non payment, did other financial institutions loan them for their business ventures? Did they do due diligence?And are there repayments being made?
    I’m sure theres a hub space available when they do eventually get evicted.

  10. kellMA

    They have some neck on them but then it seems a lot of people have necks like jockeys proverbials lately…..

    1. newsjustin

      Sure why wouldn’t they, I suppose?

      This’ll probably end up with them house-hunting for something a little more affordable after 10 years of paying zero to accommodate themselves.

      If you can live with the stress of the legals and letters, etc (and some people can) then it’s a genius strategy to be honest.

        1. Termagant

          Hang on a cotton-picking minute
          I’ve been reading this here article here from 2 years ago
          https://www.independent.ie/life/restaurateur-ronan-ryan-i-could-be-doing-eight-catering-jobs-and-your-day-is-spinning-out-of-control-then-i-go-home-and-its-more-madness-35352180.html
          And Ryan makes no bones that there’s no cashflow problem whatsoever
          Not to mention the absolute neck on taking out a mortgage on a 900k gaff in 2009 when all your business folded like a cheap suit in 2008.

          I wasn’t upset before but I am now.

          1. martco

            nah. I’m not buying into this.
            this story is far too fantastical to be genuine (note I’m not saying untrue)

            at best this is like that fable where the ATM pumps out €20k to some fella who went to draw a 50

            there’s no way in fck they’d be still in that house 9 years later after not having raised so much as a handful of payments against the loan. no chance.

            there’s defo more to this than meets the eye.

            it has that smell…..like that “ordinary citizen” KBC marketing wan who penned that Dear EU love letter…or the child (who just happened to be Kenny’s niece) challenging our put upon hero Leo to hurry up with the ‘oul Granahan McCourt broadband plan

            we get to have an oul proper bash now at everyone who’s missed a couple of payment’s??? mortgage cheats cheat us all, hmmm?

            there’s something off about this story

          2. A Person

            @martco, there is nothing off about this story. It’s all in the court reports. They didn’t bother paying a mortgage for 6-9 years, agreed to leave a week ago, then did not do so, and now get all sort of media coverage saying its not immoral to ask them to leave.

        2. millie st murderlark

          @hoopie.

          On a totally unrelated note, the super splits I mentioned before are by a company called Franco’s Ices/Ice cream. Good luck on the hunt for the ultimate super split.

  11. Bruce Wee

    Can I ask a Question? If they had made even 1 or 2 payments during that 9 year time frame would they been given more time to stay in their home? That’s 108 months of no payment on a mortgage…seems insane and far too lengthily a time to let it slip from both sides. As regarding the “immoral”..it is..plain and simple. You owe the money and haven’t paid it back so yes, it is immoral. This air of entitlement is becoming infectious in our society within certain classes. The “Too big to fail” attitude similar to Maria Bailey’s mentality is laughable.

  12. Stephen

    They describe their restaurant cafe Good to Go as “counter culture”; like their approach to paying their debts. Chancers!

  13. eoin

    Need much more info.

    No way is that property worth €900,000, probably €500-600,000, max.

    Why did the NY vulture refrain from acting for several years? It’s not like Apollo to not appoint receivers and repossess.

    Why are the borrowers claiming Apollo will make a 400 pc return. Even if the property was worth 900,000 that would imply Apollo bought the €1.2m loan for 180,000. Is there dodgy paperwork or security.

    What are the grounds for now contesting the repossession? The Indo had an article on Saturday headlined “Why we will not move out” but it didn’t answer that question. If no payment was made for nine years and Apollo are only now acting, they might encounter Statute of Limitations issues.

    Why is the couple of borrowers now seeking advice from vulture lover barrister Ross McGuire of all people?

    1. martco

      “Need much more info”

      you beat me to it @eoin

      this is what I meant above. there’s something really screwy with this story, it definitely smells a bit, a nice little division vehicle, perhaps?

      dunno but it’s strange wasn’t it only last week that David Hall started shouting out to everyone that would listen about ULSB’s imminent sell off of 3,200 distressed mortgages AND that this particular tranche also marks the start of a major repossession battering across the board…50,000-odd in the pipe?

      I mean what reasonable person wouldn’t get angry about the likes of these mini celeb/society jokers from that story? (gawd yeah, I betcha they’re ALL like dem freeloading bstds Joe..ALL not paying der way for years Joe…take the houses offa de durty cheatin gets I says…good enuf for dem ALL Joe!! etc. )

      I’d like to know more

  14. pauls

    I wonder would they consider it immoral if I turned up in their cafe every day for 9 years and never paid for my coffee cause I needed to feed my kids .. no money …no coffee I would say .. no money dont buy the house ….. not paying any debt .. however big or small … for any length of time .. (9 years is immoral !!).. and yes people get put in jail for bad debts .. so must be illegal….
    they did not rent as some NASTY landlord might have gotten them out after about 3 years…..
    An undertaking in a settlement agreement …. is a legal promise ….

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