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

forward

Cedar Lounge
For lefties too stubborn to quit

offsite link This Week At Irish Election Literature .. .. Local Elections Special 00:01 Fri Apr 25, 2014 | irishelectionliterature

offsite link ?The dogs of war [were] unleashed week after week after week to attack me?? 21:26 Thu Apr 24, 2014 | WorldbyStorm

offsite link Presentation on Irish Left Archive, 1st May 2014 21:11 Thu Apr 24, 2014 | WorldbyStorm

offsite link Special screening of The Colombia Connection 15:00 Thu Apr 24, 2014 | WorldbyStorm

offsite link ?Social Democratic Union? 14:36 Thu Apr 24, 2014 | irishelectionliterature

Cedar Lounge >>

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

offsite link EAMON GILMORE AND FRIENDS - NOW ONLY SIX PERCENT 20:02 Sun Apr 20, 2014

offsite link GOTTA LOVE THIS COUNTRY 18:11 Wed Apr 16, 2014

offsite link ?In light of our Christian Faith and the strong Christian values contained within our Cons... 11:08 Wed Apr 16, 2014

offsite link PLAYING OUT THE STRING WITH THE ANGLO TRIAL 18:16 Sun Apr 13, 2014

offsite link Care and Social Reproduction - Dublin Anarchist Bookfair 12 April 2014 09:58 Sat Apr 12, 2014

Dublin Opinion >>

Irish Left Review
Joined up thinking for the Irish Left

offsite link What Planet Are You On Thu Apr 24, 2014 23:20 | Seán Sheehan

offsite link Flying Pigs and the End of Austerity Thu Apr 24, 2014 22:13 | Michael Taft

offsite link 1,230,000 Thu Apr 24, 2014 10:21 | Michael Taft

offsite link Dublin Council of Trade Unions: Mayday March and Rally Tue Apr 22, 2014 14:01 | Irish Left Review

offsite link New eBook: Unmasking Austerity: Opposition and Alternatives in Europe and North ... Tue Apr 22, 2014 13:50 | Dexter Whitfield

Irish Left Review >>

MediaBite
A shot at bias in the media

offsite link Separating the News from the Noise Thu Apr 04, 2013 21:14

offsite link Blessed with nothing but good intentions Fri Feb 22, 2013 18:04

offsite link The Household Charge - How They Failed to Shape Our Perspectives Wed Apr 25, 2012 10:48

offsite link The web's political rainbow Wed Dec 07, 2011 09:47

offsite link The Forgotten Constituency: The Majority and The Irish Economic Crisis Fri Mar 11, 2011 11:49

MediaBite >>

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.

 
© 2001-2014 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