Tag Archives: David Hall

From top: David Hall; AIB; Vanessa Foran

Yesterday, AIB/EBS, the Irish Mortgage Holders Organisation and iCare Housing agreed a deal which will see the bank buy out hundreds of homes from distressed mortgage holders.

Those homes will be then rented back to them.

David Hall, chief executive of the IMHO and iCare, described it as “sensible, practical solution” to the housing crisis.

Accountant and insolvency expert Vanessa Foran (her off the telly!), writes:

It will by now be a well-read story and well covered announcement about David Hall and his iCare Housing Agency launch with AIB/ EBS.

The inevitable spin will surely have spilled into all your timelines; therefore I feel obliged to comment as I have contributed on this type of solution, Mortgage-to-Rent (MTR) in the recent Housing Special hosted by Broadsheet on the Telly.

I’m not going to argue against the Mortgage-To-Rent (MTR) scheme set by the Central Bank themselves within the Mortgage Arrears Resolution Process (MARP) as I have brokered a number of them myself on behalf of distressed home owners.

But this work is all pro bono as there is no place or role for the Personal Insolvency Practitioner (PIP) in this process.

The Creditor Bank will pay a Solicitor and a Financial Advisor (usually the original Mortgage Broker) but they will not pay a PIP. Which is an insult to the legislation introduced to deal with Mortgage Arrears and Personal Debts; The Personal Insolvency Act 2012.

The offence is caused to me in two parts. I cannot progress a Personal Insolvency Arrangement (PIA) unless the Debtor(s) have complied with MARP. A body of regulations in the hands of the Central Bank of Ireland and can be changed at their whim and yet a whole section (Chapter 4) is beholden to it.

Secondly, this Legislation created the new profession of Personal Insolvency Practitioner to specifically manage insolvent homeowners in a process that attempts to keep them in their Family Homes. Yet we are not considered suitable parties for the Mortgage-To-Rent solution.

I brokered the few I have because either the Mortgage Bank insisted that was the only solution they were prepared to consider or that I couldn’t find a more local Voluntary Housing Association to purchase the house by way of a Voluntary Assisted Sale (this might also be referred to as an Assisted Voluntary Sale or a Consensual Sale).

Before I continue, I must advise, and David Hall’s Twitter feed over the years will confirm likewise, that he has a very poor opinion of PIPs and of my profession.

The current MTR process requires the Debtor home owner to surrender their property to the Creditor Bank, from where the Bank proceed to sell the property.

The Home owner does not get to agree the sale price of the most important asset they may ever own, or even control the biggest liability they may have; and that is something I cannot defend.

It is from my direct experience to date that I can confirm that it is not good value as the costs of the eventual sale, such as selling costs and conveying costs are charged to the outstanding debt of the home owner.

An additional burden on the Debtor is that they must get themselves onto the Local Authority Housing List, and I know of no MTR progression to date that took less than 15 months. Some Banks will forgive this outstanding debt, and I will tell you AIB/EBS is one of them, but many don’t.

The process I work on behalf of these qualifying clients, and where I have built a reputation and a portfolio of successful outcomes is with Voluntary Assisted Sales.

Here the homeowner is the Vendor, they agree the price with the buying Housing agency and convey the property themselves with a Solicitor representing them; the “Assisted” in these resolutions is the agreement from the Creditor Bank to allow the home owner to sell their own property.

Ideally it is to a local and active housing association that will keep the family in their community and within their support network, and they will have already gotten the family onto the Housing Lists before anything progresses; and so far so good.

What is happening with the Mortgage-To-Rent path to Social Housing is that financing the housing bodies like David Hall’s iCare is in the control of the banks and the private sector, and at National Level. Not in your local Authority or your local communities.

Social Housing should be community based and run; and from where they can negotiate their own finance options and make their own decisions. My experience, which is direct and hands-on confirms this.

Some immediate questions need to be answered amid the announcements and fanfare around this AIB-led Housing Agency.

Will there be a cap on value for house eligibility?

How will iCare manage a dispersed portfolio?

And if the now tenants do get afforded the opportunity to buy back the property, how will that future price be calculated?

If it was that easy to run a Housing Association, we would all be at it since there is 100s of millions out there available for the Voluntary Housing Sector to acquire properties from banks that have had them surrendered by desperate homeowners willing to do anything to stay in their homes.

The last time I checked it costs €600 to set one up.

What worries me most is not that iCare cannot be good landlords and won’t be able to manage tenancies and property assets in every county in the state; it’s the lack of Independence blatantly on display; the conflict of interest is so dominant I could chip a tooth on it.

It is no secret that David Hall’s Irish Mortgage Holders (IMHO) have always had finance from AIB and other banks. And now again with this new venture iCare.

AIB clearly have direct influence over all these activities, all parties can negate this and talk to us about Chinese Walls, data protection legislation, privacy policies etc., but there is no denying that a series of conflict of interest risks exist.

Of which the lack of Independence regarding the contractual sale prices paid and the property selections should probably be addressed before any family be allowed proceed.

Selling the properties, and then financing the purchase by an organisation that already secures significant funding from the lender is not in the best interest of the distressed homeowner, and it is most definitely not in the best interest of any realistic and long-term viable National Social Housing Strategy.

I sincerely wish iCare and IMHO every success, the more success stories we have in this profession the better, because it encourages more people who are in need to reach out.

I am an active member of this new profession but it is in everyone’s interest to ensure we all do our best work to ensure it is respected, valued and AT ALL TIMES independent and transparent.

It needs to thrive so that the Mortgage Arrears crisis can finally come under control; otherwise you have to accept that homeless families, accommodation shortages and social housing stock shortfalls as a permanent tattoo on our National Identity.

Vanessa Foran is a principal at Recovery Partners.  Follow Vanessa on Twitter: @vef_pip


90423606Screen Shot 2016-07-01 at 13.26.49

From top: Console CEO Paul Kelly and the charity’s former patron Mary McAleese in 2011; The panel on TV3’s Tonight with Vincent Browne last night

Last night.

On Tonight with Vincent Browne, hosted by Matt Cooper, the panel discussed the payments made to Console CEO Paul Kelly, his wife Patricia and son Tim – as recently reported by RTE Investigates.

The panel included Fine Gael Senator Michael Conway, Fianna Fáil TD Niall Collins; interim CEO of Console David Hall; and columnist with the Irish Independent Colette Browne.

Matt Cooper: “Did this come out of nowhere, is this only something that’s happened in recent times? Or for how long have people in authority been aware that there’s a problem?”

David Hall: “You know my function, when we came in, was to carry out this review and as I said to everyone concerned at the time, only the truth will be expressed from mine and those involved’s perspective. The review and the analysis of the HSE began in April 2015. The first interim report was given on the 1st of July, 2015. These are the documents I’ve seen and I have. The…”

Cooper:A year ago?

Hall: “A year ago. The ninth…”

Cooper:Money was still being given to Console, Console was still actually taking money from the public, was getting money from the State, for a year after the HSE knew there was a big problem here?”

Hall:Yes. The ninth version of this report was given to the board in March of this year.”

Cooper: “The ninth?

Hall:The ninth version and there is one more version I believe which is being tided up and is the final version not yet released by the HSE. The last version I have, and the one I relied upon in court today, with Justice Gilligan was version number nine. 176 pages. Actually, and this might sound a bit odd to say this but it’s a brilliant report. The people who conducted, this actually makes the situation ten times worse than you would imagine. The quality and the content of that report would be, for its investigative manners and information that it garnished, is brilliant.”

Watch back in full here

Previously: No Consolation


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Dublin West by-election candidate David Hall spoke to Niall Boylan on 4FM earlier about yesterday’s Sunday World story and alleged blackmail attempt.

Niall Boylan: “Can we clarify what the video is about?”

David Hall: “The video is a 30 second video. I haven’t seen the video… when you press play it has a gentleman playing cards with me, interrupting me having banter with a friend of mine, asking me to repeat a specific sentence and that specific sentence…is when I said ‘every house should have one’ it was me referring to me saying every house should have a black. It was in the context of me having banter with a friend.”

Boylan: “Were you actually referring to that cliché that every home should have one?”

Hall: “No, I was replying to a Sri-Lankan friend of mine, Eddie, who said that every man home should have a fat, bald, Irish man. So, in the context the comments that I made were completely inappropriate and maybe… banter among friends… some people will say…we all do it.”

Boylan: “Enda Kenny made some comments years ago and used the ‘N’ words, didn’t he?”

Hall: “Oh absolutely, many people have. The comments were completely inappropriate in the context of banter among friends. This is a guy I’ve known for ten years, I’ve done business with him, we’d be joking, exchanging things, he would have many other jokes. There’s a big difference Niall when you’re sitting with somebody. I have many friends of different nationalities and races and 15% of my staff are foreign nationals. Anyone who knows me knows the context this is in, however, in the event of anyone taking any offence to it…it was completely inappropriate, it was an embarrassing remark to have made, and there was never any racist intent. Apologies to anyone who may take offence from it.”

Boylan: “The whole point is nobody would have taken offence to it had it not been put in the public domain in the first place.”

Hall: “I’m going to put it in context. This is where I was approached by two individuals to seek €10,000 as a payment, which is now being investigated by the guards. There is material there that corroborates that, which, to be fair to Niall in The Sunday World, he refers to that he did see material indicating an attempted bribe looking for €10,000. I directed him towards the information. He saw the facebook and text messages that confirmed that.”

Boylan: “Can I clarify something David… did you go to the guards before the Sunday World contacted you or after?”

Hall: “Yes, beforehand.”

Boylan: “What were they suggesting… they were going to put it in the public domain or sell it to the media?”

Hall: “Sell it to the media. On Friday morning one of the guys, I think, panicked a bit, having the other guy possibly given it to the Sunday World, and rang me to say ‘this has all gone out of my control’ bla bla… so the matter had been reported to the guards before The Sunday World had approached me and a secondary statement had been given since the original statement and the material has been handed over to the guards to investigate and that’s where, correctly, it should be with. And those messages in the article are a number of weeks old, which confirms it’s sort of back dated stuff as opposed to me trying to cover my backside when The Sunday World appeared.”

Boylan: “You do accept that people shouldn’t hold these views, obviously?”

Hall: “The views as expressed, or expressed anywhere else, are completely out of context are completely wrong, let’s be clear, they are completely wrong. .. But in the context of something around seven years ago, during banter among friends… it was in 2007 apparently. The views are completely wrong, and as I said to the journalist of The Sunday World, if you do enough research and meet some people who know me, then my record and my character will stand as it stands. That’s not to excuse… the comments that I made were not appropriate. Someone else might have a different view in relation to the banter and that’s fair enough. And to be fair the report in the Sunday World does say ‘this is a 30 second clip of banter’ it does say it was of banter… I’m very cynical this happened… again…it’s years old. It’s the lead up to the election and they’re looking for ten grand. Now all of a sudden I’m joint favourite in the race in Dublin West and all of a sudden this comes out.”

Boylan: “Do you think it has had any effect on how successful you might be?”

Hall: “I don’t believe so, I think people in Dublin West, all of the reasonable people will see this for what it is and those who know me or those who find out about me will know that this has no merit in any shape or form. I’d say this has galvanised the team. I think this is the largest team out canvassing tonight.”

Boylan: “Are you coming across any people in the general public having a pop at you over it?”

Hall: “No, everyone’s very respectful and understanding about it and understands and believes what it is which is a cynical move. This is old politics, and I was told I’m not a shrinking violet. I have tackled the establishment, I have tackled government, I have tackled banks and… I’ve taken them all on, had a go at them and yes I have made some enemies sometimes and maybe this is just old politics coming back again. There was a time in Ireland where ten grand would get you a lot and this is it again. I hope people move on to new politics.”

Boylan: “Somebody text in saying ‘does that mean he won’t be fighting for mortgage holders anymore?’”

Hall: “I’m just after having a row… I couldn’t do your show this afternoon because I was having a row. I went to meet a client of mine who is terminally ill with cancer, finishing up some paper work with her, doing a deal with the banks. We’ve a great team with The Irish Mortage Holders Association. I’m dipping in and out during the course of the campaign, concentrating on the campaign but there’s one or two delicate cases that are being dealt with and as I say I had a big ding-dong earlier and I’m surprised I’m still standing upright…with one of the banks in relation to funding.”

Earlier: A Limerick A Day

Thanks Mike Hogan

hallaib-logo[Top: David Hall of The Irish Mortgage Holders Association]

Newstalk reporter Frances Fitzgibbon recently disclosed the story of a woman, ‘Mary’ who is terminally ill with cancer and was being pursued for mortgage arrears by AIB.

It had been assumed the bank had resolved the matter.

This morning’s Irish Examiner, however, reports that AIB has told the woman her arrears will remain after her death.

David Hall, founder of debt-restructuring group, the Irish Mortgage Holders Association, contacted The Pat Kenny Show on Newstalk earlier to discuss the story and his organisation’s role in the woman’s case.

Pat Kenny: “David Hall the CEO of the Irish Mortgages Association got in touch and he’s here now to give us an update and maybe give us a comment on that story that appeared in ‘The Examiner’ and the activities of [Senator]Deirdre Clune [Fine Gael’s MEP candidate in Ireland South who had commented on the story] First of all, what happened on foot of that [Newstalk] interview {with the mortgage holder]?”

David Hall: “I got in touch with Frances [Fitzgibbon] and Frances introduced me to the lady who had a number of problems financially, nothwithstanding her medical condition, which is very, very serious and terminal. And on her behalf, and Theresa Ferris was one of the local councillors who was assisting her – she gave me authority to engage on her behalf with the Bank (AIB) and come up with some level of resolution on her behalf.”

Kenny: “Now, if you look at the story in ‘The Examiner’ you would think that she has been failed by you and failed by her bank, and failed by everybody. What is the story?”

Hall: “The story is that, and I spoke to the lady before coming on air, I probably shouldn’t have done, because she’s not very,very well at the moment. But there are arrangements in place. Pat, with AIB for mortgage to rent, with this lady that will involve….”

Kenny: “I can see you’re upset…”

Hall: “…the residual of the debt being written off.”

“You spoke to her this morning and she is deeply upset over the publicity…”

Hall: “and concerned that the publicity would tamper the deal that has been done. That is not the case. So, an undertaking was given to this lady after that interview that our situation would be resolved and that that situation will be resolved.”

“Right so, there is no…”

Hall: “That situation will be resolved – AIB committed to me the very first day, and the AIB contacted your programme that morning and AIB contacted me, or were in contact with me and this arrangement is been in place for the last number of months. We agreed that this would be resolved, and I spoke with AIB this morning, and obviously the objective of the exercise here is to get this resolved. There are some challenges with the mortgage to rent programme, if mortgage to rent doesn’t work, there will be an alternative arrangement in place for this lady.”

Kenny: “And this has been put to her – she should know this and accept this, and get some peace from…”

Hall: “Absolutely, and is very upset this morning with the story. This lady is a vulnerable lady, this lady is dying, this shouldn’t be happening today. Responsible people should be taking response and being responsible for dealing with people….”

Kenny: “Are you deeply critical of Deirdre Clune for going big with this?”

Hall: “I’m going to temper my comments, because I’m probably not in a fit state to be making comments in relation to it – but sufficeth to say, that a national newspaper and a would-be politician running with a story of a dying woman needs serious consideration.”

Kenny: “So, this is going to be resolved one way or another to the satisfaction of…”

Hall: “I spoke to AIB and this is going to be resolved.”

Kenny: “This is going to be resolved, this is not on foot of ‘The Examiner’ story?”

“It’s already resolved and if it needs to be tweaked as regards mortgage to rent, this will be resolved. There’s a number of factors at play here, there’s an issue around insurance – that’s all rubbish. The insurance is irrelevant. I mean you could have a row with someone about it… the undertaking has been given to me by AIB and I’ve given the lady the undertaking, this matter will be resolved – she can get on with what she’s got to do in the last time she has on this earth, rather than dealing with all this rubbish that’s going on in the background – and various people popping up and down. And it is difficult when people are trying to deal with a bank when they’re sick, it’s difficult when people have a third part whom they’ve never met before, such as myself to trust them to go and do a deal on their behalf. This has been done, and as I say this will be concluded to everyone’s satisfaction – and more importantly her’s.”

Kenny: “Alright, let’s put that one to bed, it’s gone, it’s done.”

Hall: “This has been done, and as I said, I spoke to her, I probably shouldn’t have, before coming on air, she’s exceptionally sick at the moment, exceptionally weak at the moment and very emotional and upset at the story this morning. And I reassured her, having spoken to AIB this morning that there was no impact – that the deal has been done. And as I said, I re-iterated that the undertaking that was given by us and AIB, this matter would be resolved – she had greater things and greater challenges that she should be thinking about than this bullshit.”

Kenny: “Alright then, let’s hope that everyone leaves her in peace for the moment, because…”

Hall: “That’s now what should happen – everyone should back off and leave this lady alone.”

Listen back in full here

Mother with terminal cancer told arrears mean mortgage will not be paid off when she dies (Claire O’Sullivan, irish Examiner)

(Sasko Lazarov/Photocall Ireland)

00135821(Patrick Honohan, Governor of the Central Bank)

No change there then.

The moratorium on home repossession is to be slashed from 12 months to two months under a new banking code.
David Hall from the Irish Mortgage Holders Organisation said the changes to the code are “completely appalling”.
Mr Hall said: “It’s bank led and the Central Bank have serious questions to answer in relation to their consumer protection role in all of this.
“The only beneficiaries of this are the banks. The banks have persuaded the Central Bank that borrowers are sinners and that they must have power to deal with them.”


New banking code slashes moratorium on repossessions by 10 months (BreakingNews)

Thanks Leigh

(Laura Hutton/Photocall Ireland)