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House Price Crash Forum


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About tankspeed

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  1. Remember the good old days when the not so small print at the bottom of all mortgage advertising stated that 'your home is at risk if you do not keep up repayments'. That is now a fairly laughable phrase as thousands of mortgage holders have houses that they could not afford to begin with and surprisingly enough still cant afford. I don't think negative equity is the prime reason for all these tales of woe coming into the public domain. I think those in negative equity are hanging on by their fingertips due to debt forbearance by the lenders and near to zero interest rates but with a possible rate rise within the next 12-18 months the fingertips are going to have to let go. Equity or no equity is an aside to the fact that a large number of mortgage holders are going to be stuffed and its not equity forgiveness that they want but really debt forgiveness on the amount they borrowed to begin with. I hope this doesn't happen but unfortunately everything possible HAS been done within the past 5 years to keep people in their homes whether they could afford them or not and this looks set to continue by whatever means necessary.
  2. NATO and west invade liberate Iraq, hurrah. NATO and west invade liberate Afghanistan, hurrah. NATO and west invade liberate Libya , hurrah. Russia occupies small corner of Ukraine to safeguard its red sea fleet, BOO. The bare faced hypocrisy is astounding .
  3. who cares , everyone moves with the times , even the trousers rolling handshakers lol
  4. Mr Justice Horner added: "This is especially disappointing because the first named appellant is a legally qualified barrister and he must have realised that such a proposal, unsupported by independent and objective evidence, was bound to be rejected." you can just imagine the conversations at dinner parties " So dahling, how did that case go that you knew you could never win but decided to appeal against anyway " " Oh dahling , we didn't win even though I knew we didn't have a leg to stand on being a barrister but you know I was sure a dodgy handshake and rolled up trouser leg would let me circumvent the law , after all its only for the plebs really, to keep them in line" " I know , what is the world coming to when we cant blatantly break the law and get away with it , the country has gone to the dogs. Soooo, tell me how that renting thing is working out for you " ha, ha ha, I love a story with a happy ending. Can I have some more lol.
  5. I have found that anyone who is , or was , prepared to stand up and say , "hey , hold on a minute , this isn't right" or usually verbally attacked and vilified by the very people who are perpetrating the scam and who have most to lose from the truth. A classic example that I remember well is the morning after RTE showed a program called future shock www.youtube.com/watch?v=ZOE43_YnlOQ ,and the next morning Bertie ahern was on the radio outraged over the sensationalism of the media in predicting such an unthinkable occurence. I was always of the opinion that a monkey could be prime minister / first minister / president / taoiseach when times are good but it takes a statesman to know what is truly going on under his watch and to take firm and decisive active if it is so needed for the good of the people. Politicians today first question seems to be , " what can I get out of this " . Below is another gem from Bertie but you could substitute Bertie for Peter , Sammy, Arlene, George, Gordon, Tony, Gerry, David. In the summer of 2007 the Economic and Social Research Institute(ESRI) issued its Quarterly Economic Commentary predicting that Irish public finances would fall into deficit in 2007, and house prices would fall by 3%.[43] A research paper by UCD Professor Morgan Kelly, published by the ESRI alongside the Quarterly Economic Commentary, suggested that the "same people who told us we would have a soft landing are saying we will crawl out ... we have bottomed out. We have not. We are very far from the bottom of the property market." Up to 60 per cent could be wiped off the real value of houses over the following eight years to 2015 if the Republic's housing market followed the same pattern as those in other countries[44] .[45] These reports were met with hostility by the political establishment; on 4 July 2007 Taoiseach Bertie Ahern stated at a conference in Donegal that he did not understand why people sitting on the sidelines, "cribbing and moaning" about the economy, did not commit suicide.[46][47] Many bank economists, media commentators, estate agents, property developers and business leaders went on the record to state their belief that the Irish property market was healthy,[48] and that any decrease in house prices was indicative was a soft landing only.
  6. I,m sorry but i find it very difficult to have any sympathy for people who are stuck with huge debts due to their own stupidity. Of course you can blame banks , FSA, mortgage advisers , EAS ( which I do frequently) for the housing bubble but at the end of the day PERSONAL responsibility is the bottom line. I , like every other poster /contributor on this site went through exactly the same experience as those that took on huge debt. We went to look at houses, realized quickly that the places we could afford were shitholes in dodgy areas and the only way to get any where decent was to sell your soul to the bank .... and stepped back. We then dug a little deeper, found sites such as HPC , realized that it was all going to end in tears and sat and waited . During the waiting time we had to endure the relentless media propaganda that made us feel like social pariahs and the pitying looks and comments from half wits who felt they had discovered how to change lead into gold by buying a house they SHOULD not be able to afford. "Still renting, thats dead money " was the most popular phrase of the day and our politicians positively basked in the feel good factor that an unsustainable credit bubble was driving the economy and told us we'd never had it so good. I knew and I,m sure all other HPCers knew that it would never last. Reap the whirlwind.
  7. No , willy, they are 'experts' who are called upon by all levels of the media to give us unbiased objective information regarding the health and sustainability of the housing market and do so at every given opportunity. I , for one, believe every pearl of wisdom that utters from their sensitive caring omnibenevolent mouths .
  8. To paraphrase, ' Never in the field of human stupidity has so much been owed by so many to so few ' . So glad i was one of the sensible ones that watched 'the boat' I had missed sailing off into the horizon. Didn't listen to the EA crap back then , don't listen to it now.
  9. looking at all the headlines in the media about the latest osborne/king auction held in the Europa and apparently there was ' frenzied 'buying from FTB , BTL and canny investors ( how many were canny back at the start of 2007 i wonder ) for all the lots on offer. Most sold for above reserve price apparently. I had the oddest thought, what if..... THIS year was the bull trap part of the life cycle of bubbles. Stock markets have nowhere to go but pop, bond markets have nowhere to go but pop, interest rates have nowhere to go but up, QE has no where to go but stop, just saying like lol
  10. seriously folks , am i missing something here http://www.propertypal.com/34-south-studios-tates-avenue-belfast/223307, http://www.propertypal.com/37-south-studios-tates-avenue-belfast/223333, http://www.propertypal.com/12-south-studios-tates-avenue-belfast/223337....... and then ... ta daaa... http://www.propertypal.com/unit-apt-16-south-studios-85-tates-avenue-belfast/158720 I mean , come on, how blinkered can a person be,and so enters the four horsemen of the housepocalypse.. Debt, , Deflation, Denial and Desperation.
  11. I agree with you VI .I fear the only difference appears to be that the banks had a powerful ace up there sleeve due to the fact that the men at the top of the banking institutions are inter-related on a personal and professional level to the very men they went asking for money , the government. The poor saps and get rich quick merchants that listened to the VI bull on the way up now stand alone. If it was up to me I would have let them ALL go to the wall in 2007 instead of the zombie economy we are experiencing now and will do for some time.
  12. The banking industry didn't care where the money was coming from, as long as it came. I think that just about says it all.
  13. Ausdave, that's like saying i,m overestimating the intelligence of the shifty guy who plays the three card shuffle down a side street. Scammers and fraudsters know exactly what they are doing and how things are playing out whether a back street conman or CEOs of the biggest banks in the world. At least the conman takes your money and runs , the bankers loaded people who were gullible enough with debt and then had the kahoonas to come back after it all went belly up to fleece you some more with massive bank bailouts.
  14. A valid point 2buy ... but I don,t recall any comments by Mr Ramsey pre 2007 that warned of the private and public banking scam / housing bubble that was unfolding for 10 years. Its not just Ramsey i am getting at , it is the collective consciousness of ALL the financial institutions and their employees that KNEW a unsustainable credit bubble had been inflated , was bound to burst BUT declined to warn anyone and continued to get rich of the back of what has been and will continue to be for a lot of years to come , peoples misery .
  15. Richard could have used the Ulster bank internal phone system as he was appointed in april 2007 http://group.ulsterbank.com/media/press-releases/northern-ireland/2007/4-10.ashx and as everyone within the HPC family knows the SHTF in norn iron in september 2007. 5 months of deliberation, false hope and smoke and mirrors. I wonder how many suckers took out a mortgage they couldn't afford in the 5 month period. Ah well it seems that the ' slow down ' wasn't really going to last that long anyway http://www.rte.ie/news/business/2008/0501/102766-economy/
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