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gruffydd

Subprime Hell Aka Ireland

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http://www.independent.ie/national-news/su...bt-1166533.html

Sub-prime agents found trawling for those in debt

Vulnerable are direct-mailed after names appear on defaulter lists

Sunday October 14 2007

Some sub-prime lenders are trawling through court judgements and the defaulter lists in Iris Oifigiuil and Stubbs Gazette and direct mailing vulnerable debtors with offers of large high interest loans to get them out of trouble.

And one small businessman who was tempted by offers from sub-prime lenders in the days after his name appeared in the official State gazette for non-payment of a debt said he was encouraged to tell "white lies" about his personal finances so he could bump up the size of his sub-prime loan.

The revelation that sub-prime lenders are targeting people in trouble comes a matter of days after a judge ordered an investigation into the "excessive legal fees" charged to people by sup-prime lenders. A married couple were ordered to pay €12,100 in legal fees to redeem mortgage arrears of €8,255.

It meant that the couple who had missed just a few mortgage payments to subprime lender Start Mortgages ended up with a bill for arrears and lawyers fees of more than €20,000 as they tried to stop their home being repossessed.

Edited by gruffydd

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Sounds grim - looks like the Celtic Tiger is dead and starting to stink the place up. Could it really be legal to try and charge people so much for legal fees?

Yip as soon as you slip, you start getting hammered with the legal fees and charges, it's only a matter of time before it becomes big news in the UK, i've seen it with my own eyes on many second charge mortgages and its happening more and more.

<<edit and yes it sucks but for a lot of sub prime places, its where the real money is >>

Edited by slurms mackenzie

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The Irish bubble should be going "pop". With lenders still throwing good money after bad, it will take a bit longer, but it will be even more dramatic.

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dev_story.jpg

Michael Lynn, a solicitor and property developer, is now trying to stave off the collapse of his international property empire.

Mr Lynn, a high-flyer in the property world in Ireland and abroad, is believed to have borrowed up to €80m to invest in property. But leading financial institutions are looking to secure up to €30m -- in the belief that Mayo-born Mr Lynn re-mortgaged many of the properties in his portfolio with different lenders to expand his business.

Yesterday, a solicitor acting on his behalf said "he has not absconded -- that is completely wrong."

He said that Mr Lynn's "main concern" now is to return to Ireland. "He says he has enough assets to go around and there will not be a problem -- I don't know, but he has assured me that he is coming back to face all this."

€30m property crisis lawyer has not 'absconded'

http://www.independent.ie/national-news/83...ed-1166531.html

However, the bank has now decided to scale back its sub-prime activities and has instructed Stepstone executives to apply stricter criteria for loans. In addition, the bank does not plan to make ‘‘any real effort’’ to attract new business, according to senior IIB sources.

The move by IIB is the latest in a series of changes in the Irish sub-prime market in recent weeks.

South African bank Investec recently bought the 40 per cent stake in another Irish sub-prime provider, Nua Homeloans, that it did not already own, from Finance Ireland.

Finance Ireland boss Billy Kane, a former executive of Permanent TSB, said the decision to exit the market came amid ‘‘current uncertainties in the securitisation market’’. Investec followed up the acquisition by putting Start Mortgages, Ireland’s biggest sub-prime lender, up for sale. >>>>

IIB to quit sub-prime market

http://www.sbpost.ie/post/pages/p/story.as...7427-qqqx=1.asp

IrishNinja1.jpg

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Guest vicmac64

Oh Yeah - the Irish always were a nation of gamblers - some took that for being 'go getters', me - I just take it as rank stupidity, whether it happens in Ireland or the UK stupidity is always the same (normally fuelled by greed)

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Yesterday, a solicitor acting on his behalf said "he has not absconded -- that is completely wrong."

He said that Mr Lynn's "main concern" now is to return to Ireland. "He says he has enough assets to go around and there will not be a problem -- I don't know, but he has assured me that he is coming back to face all this."

I don't know!!!!!!!! :lol:

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Oh Yeah - the Irish always were a nation of gamblers - some took that for being 'go getters', me - I just take it as rank stupidity, whether it happens in Ireland or the UK stupidity is always the same (normally fuelled by greed)

...just because the Irish newspapers have revealed the sub-prime operations in Ireland, don't think it doesn't happen in your own back yard.... :ph34r::ph34r::ph34r:

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