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The Eagle

Irish People Shut Down Repossession Auction

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Looks like the Irish are putting up a serious fight against the banksters and their accomplices the estate agents...

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That video makes you proud to be of Irish ancestry - and proud of the Irish constitution which grants a number of key rights. Its the main reason why they are the only EU member state which at least gets to vote in a referendum on EU treaties/constitutions unlike the other 26.

And the gall of it - some British auctioneers trying to flog supposedly repossessed properties in the same hotel where the Irish constitution was signed?!

As this article makes clear however the govt are going to change the law to make repossessions easier - as currently its very difficult to repossess a number of classes of owners under the law if their mortgage was taken out before 2009.

http://www.independent.ie/business/personal-finance/property-mortgages/pressure-on-government-to-plug-gap-in-repossession-legislation-29126550.html

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That video makes you proud to be of Irish ancestry - and proud of the Irish constitution which grants a number of key rights. Its the main reason why they are the only EU member state which at least gets to vote in a referendum on EU treaties/constitutions unlike the other 26.

And the gall of it - some British auctioneers trying to flog supposedly repossessed properties in the same hotel where the Irish constitution was signed?!

As this article makes clear however the govt are going to change the law to make repossessions easier - as currently its very difficult to repossess a number of classes of owners under the law if their mortgage was taken out before 2009.

http://www.independent.ie/business/personal-finance/property-mortgages/pressure-on-government-to-plug-gap-in-repossession-legislation-29126550.html

Brilliant . the protesters called the shots ! Mention Parnell, the constitution and whip up the old anti British/class hate and you are on to a winner in Ireland. The bankers/auctioneers are the new face of the establishment and will take the vitriol. BTW The greed is very evident at an auction - been to a few at London hotels and it's an education.

Wish the English/British young could get as angry and as organised as these , not so young, men . The youth are being royally shafted but their parents generation can change this if the will is there.

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That video makes you proud to be of Irish ancestry - and proud of the Irish constitution which grants a number of key rights. Its the main reason why they are the only EU member state which at least gets to vote in a referendum on EU treaties/constitutions unlike the other 26.

And the gall of it - some British auctioneers trying to flog supposedly repossessed properties in the same hotel where the Irish constitution was signed?!

As this article makes clear however the govt are going to change the law to make repossessions easier - as currently its very difficult to repossess a number of classes of owners under the law if their mortgage was taken out before 2009.

http://www.independent.ie/business/personal-finance/property-mortgages/pressure-on-government-to-plug-gap-in-repossession-legislation-29126550.html

The Allsops auction was like any other Allsops property auction, run monthly in the UK - usually full of junk.

In western society there are losers in capitalism, some have to return the property which was secured on the loan that was made. The Irish have not cottoned on to this yet and made repossessions illegal back in late 2009.

There has been a big stand against repossessions, which in a normal functioning society are a necessary evil as not everyone who signs a mortgage contract is able to repay.

The result is massive mortgage arrears as people decide that there is no point paying the mortgage because the banks cannot repossess.

The Troika has forced the government to amend the law by the end of the month, which I will be glad of as there is literally no housing stock coming to market. This would lead to 'reported' price rises on the back of low volument of property entering the market.

The truth is that there are still thousands of empty properties and half finished properties just sitting there empty!

http://www.centralbank.ie/polstats/stats/mortgagearrears/Documents/2013q1_ie_mortgage_arrears_statistics.pdf

Irish_mortgage_arrears_Q1_2013.jpg

At end-March 2013:

There were 95,554 (12.3 per cent) private residential mortgage accounts for principal dwelling houses (PDH) in arrears of over 90 days at end-March 2013,

During the first quarter of 2013, legal proceedings were issued to enforce the debt/security on a PDH mortgage in 255 cases.

There were 29,369, or 19.7 per cent, of buy to let mortgages that were in arrears of more than 90 days.

A total of 77 properties were taken into possession by lenders during the quarter, of which 30 were repossessed on foot of a Court Order, while the remaining 47 were voluntarily surrendered or abandoned.

Edited by Gone to Ireland.

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Looks like the Irish are putting up a serious fight against the banksters and their accomplices the estate agents...

******** - the population gave in when the politicians assumed the toxic debts of the entire Irish banking system on state books with next to no protest by the population. Their government has also made a number of equally stupid moves since then - like paying out at 100% on billions of Euro of unsecured bonds issued by Anglo Irish Bank - again with nary a murmur of protest from the population at large.

This is just about people acting when they are directly impacted - i.e. getting their own home (which they were previously happy to borrow an absolutely stupid amount of money to buy) repossessed when they can't make the payments (because they never thought twice about how they were going to service their debt in the long term other than by unending HPI).

It's only "when they come for me" that the average Irish serf gets upset about anything and by then it's way too late.

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******** - the population gave in when the politicians assumed the toxic debts of the entire Irish banking system on state books with next to no protest by the population. Their government has also made a number of equally stupid moves since then - like paying out at 100% on billions of Euro of unsecured bonds issued by Anglo Irish Bank - again with nary a murmur of protest from the population at large.

This is just about people acting when they are directly impacted - i.e. getting their own home (which they were previously happy to borrow an absolutely stupid amount of money to buy) repossessed when they can't make the payments (because they never thought twice about how they were going to service their debt in the long term other than by unending HPI).

It's only "when they come for me" that the average Irish serf gets upset about anything and by then it's way too late.

+1

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I think the behaviour of the protesters was disgusting, and the police should have been called and them all arrested.

That wasn't a protest, it was a lynch mob whipped up by one person who had by his own admission, transferred his property into a trust to try to scam a way out of paying for it.

It's not an auctioneers job to decide if a property should be sold, it's their job to run the auction and get the best possible price for the property.

If it turns out the bank had no legal right to sell the property then that's a matter to be decided in court later.

Future auctions should be held behind closed doors with entrants paying a £2000 good-behaviour bond up front which they lose if they cause trouble.

Meanwhile everyone involved should be rounded up by the police for public order offences.

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I think the behaviour of the protesters was disgusting, and the police should have been called and them all arrested.

That wasn't a protest, it was a lynch mob whipped up by one person who had by his own admission, transferred his property into a trust to try to scam a way out of paying for it.

It's not an auctioneers job to decide if a property should be sold, it's their job to run the auction and get the best possible price for the property.

If it turns out the bank had no legal right to sell the property then that's a matter to be decided in court later.

Future auctions should be held behind closed doors with entrants paying a £2000 good-behaviour bond up front which they lose if they cause trouble.

Meanwhile everyone involved should be rounded up by the police for public order offences.

Indeed - the irish were happy enough to benefit from the 'Celtic tiger' when their pollies were openly bent, when they were taking jobs away from other countries with higher tax rates. Only when they have to actually pay some skin do they get annoyed.

PLUS - a lot of the anger was against 'THE BRITISH'. Racist, much?

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In western society there are losers in capitalism, some have to return the property which was secured on the loan that was made. The Irish have not cottoned on to this yet and made repossessions illegal back in late 2009.

There has been a big stand against repossessions, which in a normal functioning society are a necessary evil as not everyone who signs a mortgage contract is able to repay.

The result is massive mortgage arrears as people decide that there is no point paying the mortgage because the banks cannot repossess.

Exactly. If a bank lends a shitload of money to someone and the bank gets no collateral in return, why would it lend in the first place? No mortgage lending at all would certainly bring house prices down though!

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Exactly. If a bank lends a shitload of money to someone and the bank gets no collateral in return

Banks don't lend money, they give credit (i.e. create book money out of thin air) and that's where the fundamental problem lies.

As long as banks are allowed to create money, I don't see any moral obligation of repaying credit given by a bank.

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The stupid thing about this is that by chasing away auction buyers, the houses will eventually be sold for less money.

or do the Irish have some crazy law where you don't have to repay any mortgage debt beyond a repossession?

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Banks don't lend money, they give credit (i.e. create book money out of thin air) and that's where the fundamental problem lies.

As long as banks are allowed to create money, I don't see any moral obligation of repaying credit given by a bank.

Following that logic,could the bank rightfully withhold your deposits from you?

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Following that logic,could the bank rightfully withhold your deposits from you?

No they can't, deposits are real money that customers have lent to the banks, unlike the credit that banks give to customers!

Apart from that I was speaking about moral obligation, I'm well aware that with current laws there is a legal obligation to repay bank credits (and with interest on top).

That said, I'm not advocating that people should stop paying back bank credit, I'm advocating a monetary and banking reform that would abolish fractional reserve banking and switch to full reserve banking to put banks on an equal footing with everybody else.

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Banks don't lend money, they give credit (i.e. create book money out of thin air) and that's where the fundamental problem lies.

As long as banks are allowed to create money, I don't see any moral obligation of repaying credit given by a bank.

Non-repayment of a loan is a risk that the bank assumes when extending credit and should be priced into the loan accordingly.

However, assuming you had the wherewithal to repay I'm sure that any court would take the attitude that the bank credit was worth the equivalent amount of actual money (as you can just as readily exchange it for goods and services as you can with cash) and order you to repay.

Of course if you don't have the means to repay then that is what bankruptcy is for. The terms imposed are considerably more strict in the RoI than in the UK, which is why there's something of a market in bankruptcy tourism going on with many Irish people relocating to the UK in order to become bankrupt there on more favourable terms.

By all accounts there is set to be a considerable ramping up in repossessions in the de-clawed 'Celtic Tiger' after a long period of forbearance. I would guess that finally the serfs will start to squeal as they or their family/friends start to get hit directly and we might finally see a public backlash. Way, way, too late for Ireland though. The population will be facing decades of poverty because they stood by and let the greedy, stupid crooks that they elected transfer the debts of their chums in the banks onto state books.

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I quite liked the idea of moving to Ireland and getting a decent house at a fair price...looking at that though, English people will probably be something of a target for aggression, so maybe not such a good idea.

My search for a decent home at a fair price goes on...

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Indeed - the irish were happy enough to benefit from the 'Celtic tiger' when their pollies were openly bent, when they were taking jobs away from other countries with higher tax rates. Only when they have to actually pay some skin do they get annoyed.

PLUS - a lot of the anger was against 'THE BRITISH'. Racist, much?

Not just the English, Timeline 02:23.

Enough people present wanting to bid at new market prices. Market trying to work.

Apparently you need the 'goodwill' of people with huge mortgages, magic credit they were happy to lap up, breaking their side of the contract to repay it.

Edited by Venger

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Amazing how the Paddies forget the years whee they all spent the bank's money. So many of them loved to tell us how rich they had got, how they were so much smarter and better than the British...... What's the Gaelic for Schadenfreude ?

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No they can't, deposits are real money that customers have lent to the banks, unlike the credit that banks give to customers!

So,the deposits you have with the bank that appear on your bank statements are real,but the mortgage repayment that goes to the bank and then appears on,say,an employees bank statement when they've been paid, are unreal?

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So,the deposits you have with the bank that appear on your bank statements are real,but the mortgage repayment that goes to the bank and then appears on,say,an employees bank statement when they've been paid, are unreal?

That's a bad trolling attempt, you just quoted one sentence of my reply ignoring the rest where I further clarified my thoughts, but here you go again, I have highlighted the most important bit in bold so you can't miss it:

Apart from that I was speaking about moral obligation, I'm well aware that with current laws there is a legal obligation to repay bank credits (and with interest on top).

That said, I'm not advocating that people should stop paying back bank credit, I'm advocating a monetary and banking reform that would abolish fractional reserve banking and switch to full reserve banking to put banks on an equal footing with everybody else.

Our monetary supply is 98% bank credit (or something around that percentage) and that is the root problem that needs to be solved.

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Amazing how the Paddies forget the years whee they all spent the bank's money. So many of them loved to tell us how rich they had got, how they were so much smarter and better than the British...... What's the Gaelic for Schadenfreude ?

Wouldn't get too carried away, our correction is still in the post!

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  • 241 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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