Upcoming Events

National | Anti-Capitalism

no events match your query!

New Events

National

no events posted in last week

User Preferences

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

Blog Feeds

forward

Irish Left Review
Joined up thinking for the Irish Left

offsite link Demonstrate in Solidarity with Venezuela. Sunday 19th April 2015 Thu Apr 16, 2015 17:31 | Irish Left Review

offsite link Education Versus Neo-Liberalism Fri Apr 10, 2015 11:01 | Bryan Wall

offsite link New Proclamation to the People of Ireland Thu Apr 09, 2015 13:09 | Kevin Higgins

offsite link LookLeft 21 Out Now In Easons and Across the Country Wed Apr 08, 2015 13:50 | Irish Left Review

offsite link Returning to the Business of Bonuses Wed Apr 08, 2015 13:43 | Michael Taft

Irish Left Review >>

Spirit of Contradiction

offsite link America’s Palestinians: Lessons from The American Indian Experience for Israel... Sun Mar 29, 2015 20:00 | Jerome Nikolai Warren

offsite link Spain is not Greece, or is it? Electoral prospects for the left in 2015. Thu Feb 05, 2015 19:00 | modulus

offsite link SYRIZA and Memnosyne Sat Jan 24, 2015 09:09 | CornetJoyce

offsite link Why the Workers’ Party Wed Jan 21, 2015 20:08 | Gavin Mendel-Gleason

offsite link “It’s boring but necessary”: An Interview with Jos Alembic (aka “Q”) o... Mon Jan 05, 2015 18:44 | Jerome Nikolai Warren

Spirit of Contradiction >>

Public Inquiry
Just another WordPress site

offsite link Sinn Fein: Now ‘deeply sinister’

offsite link Sinn Fein’s choice Anthony

offsite link Shock at HSE survey Anthony

offsite link A bonus if the same sex referendum is passed. Anthony

offsite link Militant Catholic Breda O’Brien put through the wringer Anthony

Public Inquiry >>

NAMA Wine Lake

offsite link Farewell from NWL Sun May 19, 2013 14:00 | namawinelake

offsite link Happy 70th Birthday, Michael Sun May 19, 2013 14:00 | namawinelake

offsite link Of the Week? Sat May 18, 2013 00:02 | namawinelake

offsite link Noonan denies IBRC legal fees loan approval to Paddy McKillen was in breach of E... Fri May 17, 2013 14:23 | namawinelake

offsite link Gayle Killilea Dunne asks to be added as notice party in Sean Dunne?s bankruptcy Fri May 17, 2013 12:30 | namawinelake

NAMA Wine Lake >>

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.

 
© 2001-2015 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