MABS mortgage arrears Keane report was bank bailout MkII

Sceala Philosopher Location: Dublin

It is incredible to learn that M.A.B.S. (MABS the Money advice and Budgeting service) was not even consulted for the Keane report.

Yvonne Bogdanovic, of MABS, said the agency needed additional resources and that was its main issue. She also told the committee that MABS had not been consulted by the experts who wrote the Keane report.

This proves that the Keane report was not about helping Irish people in financial difficulty.
Keane report was about how to best solve the Banks problems, the banks bad mortgages books. Bad mortgage books created from the banks own corrupt inept and greedy senior managers. Bad mortgage books created primarily by care less politicians like Bertie Ahern, who actively encouraged inflated property prices.
Bertie Ahern's economic sense
The Keane report was bailing the banks MkII.
The Government and all main parties lied about Lisbon, they wanted to preserve the EU for selfish reasons. Because the corrupted politicians desire the petty status, the salary and huge expenses from sustaining corruption in the EU.
You should have known the politicians do not care about the Irish people. The Keane report was not about Irish people, it was for foreign investors and corrupt banks.

This week we had the hired gun, a U.K citizen - instructing the Irish banks to foreclose on Irish home owners. Mathew Elderfield doing the dirty work.
Mr Elderfield told a conference that he would be asking the banks to look again at their approach to "unsustainable" mortgages, where there was very little prospect of the debt being repaid and the mortgage holder keeping ownership of the home.
He said forbearance by banks in such cases could only add to the problems facing such borrowers, as the amount of money owed built up. Mr Elderfield said there had been denial and hesitation on the banks' part in dealing with this issue.
The regulator said the "awkward truth" was repossessions were likely to increase, while many of those with unsustainable mortgages would lose full or part ownership of their home.
Irish Community Images

Why would Mathew Elderfield a U.K. citizen care about Irish people.
I warned you about this April 2010, and I was correct then and sadly still now. Elderfield has done absolutely nothing for Irish people made poor by the corruption of a few, especially bankers and foreign speculators.

This was inevitable, because Mathew Elderfield was not employed to think about the Irish nation. Mathew Elderfield is overpaid to look after the corrupt zombie Banks.
Mathew Elderfield and Keane report are looking out for the Zombie Banks, trying to make them credible again - Gold plating Ladas.

This is another national disgrace, Irish people put second to corrupt bankers and foreign speculators.
We needed to now know what Enda Kenny was planning to do for the thousands of Irish people with mortgages difficulty and arrears.
Not what he is doing for the banks.

The Committee on Finance, Public Expenditure and Reform has been considering the Keane Report on mortgage arrears. MABS, the Citizens Information Board and New Beginning were before the Committee.

Carol Dunne, from MABS, said a holistic solution to the arrears problem is required. She said most people really wanted to pay what they owed. She said there was concern in MABS about bringing in another layer, with the new agency mentioned in the report. She said a package of solutions was required and that there must be one that dealt with residual debt.

Yvonne Bogdanovic, of MABS, said the agency needed additional resources and that was its main issue. She also told the committee that MABS had not been consulted by the experts who wrote the Keane report.

She said clients dealing with debt feel vulnerable. She said she was not sure if the banks' behaviour could be called bullying, but she said many people felt intimidated by them.

She added that "a hungry belly" was the most important issue that MABS deals with.

Ms Bogdanovic said MABS believed there should be a degree of debt settlement, because there are too many people out there who will never get to the bottom of their debt.

Paddy Lavery, of MABS, said there was no one solution to the debt problems the agency sees, there were so many different factors in the cases that come to them.

Carol Dunne said she did not suggest that the Keane Report is skewed towards getting money back to banks, but that she felt it does not deal with the comprehensive nature of the average debt problem. She said most people have significant personal debt in addition to their mortgage.

FG deputy Michael Creed wanted to know what percentage of people presenting have unsustainable mortgages which will never be paid off.

MABS's Colette Bennett told the Committee that about 45% of the agency's clients were on social welfare income. She said MABS does not define unsustainable debt. In relation to prioritising debts, she said MABS is led by what the individual says is most important.

Paddy Lavery of MABS said the agency can get a good idea whether or not someone will ever be able to clear their debt, but he said this is not an easy thing to ascertain.
In this case, he said, the only pain the bank was taking was that it is not receiving interest on the "shelved" amount. Mr Maguire said this solution works because it is not reflected in the bank's balance sheet and therefore does not involve shareholders.
He also said it would revolutionise the approach to the arrears problem if the courts were allowed discretion in their rulings on debt, which at the moment is impossible.

Register

The Irish Community have posted
7 REPLIES TO THIS TOPIC
for logged in members to view.

Irish Forums Message Discussion :: MABS mortgage arrears Keane report was bank bailout MkII

MABS mortgage arrears Keane report was bank bailout MkII