Upcoming Events

National | Anti-Capitalism

no events match your query!

User Preferences

  • Language - en | ga
  • text size >>
  • make this your indymedia front page make this your indymedia front page

Blog Feeds

The Saker
A bird's eye view of the vineyard

offsite link Russian Orthodox airborne churches and clergy Sat Aug 27, 2016 14:11 | The Saker

offsite link US Elections and Summer Escalation in Ukraine Sat Aug 27, 2016 00:25 | The Saker
https://southfront.org/us-elections-a...

offsite link Syrian War Report ? August 26, 2016: Kurds Accuse Turkish-led Forces in Chemical Attack Sat Aug 27, 2016 00:23 | The Saker
https://southfront.org/syrian-war-rep...

offsite link Moveable Feast Cafe 2016/08/26 ? Open Thread Fri Aug 26, 2016 13:30 | Herb Swanson
2016/08/26 12:30:02Welcome to the ‘Moveable Feast Cafe’. The ‘Moveable Feast’ is an open thread where readers can post wide ranging observations, articles, rants, off topic and have animate discussions of

offsite link Appeal of Russian organizations in Canada Fri Aug 26, 2016 12:49 | The Saker
Activists of the Russian community of Toronto, Montreal, and other North American cities will protest against the blanket ban on the Russian National Team of Paralympic athletes from participation in

The Saker >>

Human Rights in Ireland
www.humanrights.ie

offsite link The rights of the unborn: a troubling decision from the High Court? Wed Aug 10, 2016 12:42 | Máiréad Enright

offsite link Progress Report on the Northern/Irish Feminist Judgments Project. Mon Jul 11, 2016 13:40 | admin

offsite link The UN and the Eighth Amendment Thu Jun 23, 2016 09:46 | admin

offsite link Call for Papers: State Accountability for Vulnerability Mon Jun 20, 2016 12:29 | admin

offsite link UK at the CESCR: A Focus on Benefit Sanctions Thu Jun 16, 2016 08:17 | admin

Human Rights in Ireland >>

Cedar Lounge
For lefties too stubborn to quit

offsite link Sunday Independent Stupid Statement of the Week 10:22 Sun Aug 28, 2016 | Garibaldy

offsite link Jupiter 10:07 Sun Aug 28, 2016 | WorldbyStorm

offsite link Dublin Festival of History 2016 09:47 Sun Aug 28, 2016 | WorldbyStorm

offsite link Centauri Dreams? 17:52 Sat Aug 27, 2016 | WorldbyStorm

offsite link Travelling to Alpha Centauri 16:52 Sat Aug 27, 2016 | WorldbyStorm

Cedar Lounge >>

Dublin Opinion
Life should be full of strangeness, like a rich painting

offsite link Notes for a Book on Money and the Irish State - The Marshall Aid Program 15:10 Sat Apr 02, 2016

offsite link The Financial Crisis:What Have We Learnt? 19:58 Sat Aug 29, 2015

offsite link Money in 35,000 Words or Less 21:34 Sat Aug 22, 2015

offsite link THE WRATH OF KANE: BANKING CRISES AND POLITICAL POWER 09:32 Fri Jan 30, 2015

offsite link ALWAYS THE ARTISTS: WEEK THREE OF THE BANK INQUIRY 23:11 Thu Jan 22, 2015

Dublin Opinion >>

13,000 mortgage holders cynically sold down the river by our Government

category national | anti-capitalism | other press author Sunday February 16, 2014 23:43author by fred Report this post to the editors

Stephen Donnelly, in an aticle in the independent has highlighted the government's complete lack of interest in the 13,000 mortgage holders from Irish Nationwide. In an excellent article he bares the reality of how current government's neo liberal ideology takes precedence over the suffering of families in mortgage arrears and how foreign vulture capitalists are allowed to get a large discount on these houses but the families actually living in them and supporting the local economy are prevented from getting the option of such a discount

stephendonnellyapp.jpg

Here is a quote from the article:

The Government is about to throw 13,000 Irish families to the vultures.

In just a few weeks, their mortgages, taken out with Irish Nationwide Building Society, are to be sold to the highest international bidders. But the Government, in an act of raw stupidity and vandalism, is expressly forbidding the families from bidding for their own loans.

The mortgages will be sold off in batches of several thousand, and bought by foreign fund managers, eager for a home for their clients' money. The performing mortgages will be bundled together and sold at a discount of about 10 per cent. The less attractive ones, like those in arrears or serious negative equity, could be sold at discounts of 50 per cent or more.

For the purposes of this article, let's assume that John manages a fund on Wall Street, and is one of the lucky buyers. Here's what's coming for the families. Let's say you've a mortgage with €300k left to pay on it, and that you're fully up to date on your payments. John has just bought your mortgage for €270k – but you still owe him the full €300k. You'll still pay, and John will bring €30k in profit back to New York. You could have refinanced the mortgage


Full article here:
http://www.independent.ie/opinion/analysis/stephen-donn....html

author by fredpublication date Sun Feb 16, 2014 23:45Report this post to the editors

another previous indo article covering this:

http://www.independent.ie/opinion/analysis/mortgage-sel....html

How did they get away with doing this?

author by anonpublication date Mon Feb 17, 2014 20:44Report this post to the editors

So it's bailout of billions for the bankers and developers and meanwhile for the unfortunate people screwed over by the former, they are thrown to the financial wolves. It is clear who the government serves.

 
© 2001-2016 Independent Media Centre Ireland. Unless otherwise stated by the author, all content is free for non-commercial reuse, reprint, and rebroadcast, on the net and elsewhere. Opinions are those of the contributors and are not necessarily endorsed by Independent Media Centre Ireland. Disclaimer | Privacy