Patrick Honohan urging banks to repossess property

Sceala Philosopher

Honohan urges banks to repossess property

For now, Patrick Honohan (unlike Matthew Elderfield ) is only urging the banks to repossess investment property.
Honohan must know that will be stepping way over the edge the day he ever suggests --- the family homes of Irish people should be repossessed.
Matthew Elderfield UK citizen, has recently been urging the banks to repossess Irish family homes. Matthew Elderfield UK citizen carefully crafted his appeal for evictions with a supposed care for the home owners increasing debt. What a lame excuse, he knows full well the banks he is urging are bankrupt stock and are owned by us the Irish people, we pay his over inflated wages.
Irish Community Images

Mr Elderfield also told the 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.

Mr Elderfield said there had been denial and hesitation on the banks' part in dealing with this issue. Irish Community Images

rte.ie/news/2011/1014/mortgage-business.html
We were all warned here, that he would not care about the damage that will be done to Irish families evicted from their homes.

These rich cats could not care less about the Irish people. Do not trust them as far as I could spit.

Central Bank Governor Patrick Honohan has urged banks to move more quickly to repossess investment properties whose owners are struggling to repay debt.
Patrick Honohan urging banks to engage with borrowers ahead of legislation
Related Stories

Irish mortgage rates lower than euro average

He also said banks should try to come to arrangements with struggling home-owners that do not require the use of the proposed new legislation on personal debt.

The Central Bank Governor told the Limerick Law Society the Central Bank had been encouraging banks to engage with borrowers, and had increased its monitoring of these efforts.

Professor Honohan said that, until this happened, there was a risk that far too many debtors would bypass "what should be in most cases a more efficient way of working out their problems" and proceed directly to the new insolvency procedures being proposed.

He confirmed that the Central Bank was reviewing the guidelines on this issue - the Code of Conduct for Mortgage Arrears - to see if any elements need to be "refined" to avoid hampering banks' engagement with borrowers.

Professor Honohan said the number of home repossessions in Ireland was very low, adding that there was every reason to delay such a move as long as possible. But he said banks should be less inhibited about repossessing properties bought for investment.

"It is surely now past time for the banks to be dealing more proactively with the situation of over-indebted buy-to-let borrowers no longer able to service the debts they assumed in order to take investment positions - now loss-making - in property," he said.

The Governor said that, while this may involve the banks having to manage a portfolio of repossessed buy-to-let properties, this should facilitate the improved functioning of the property market.
Patrick Honohan role in the bail out crisis

Register

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

Irish Forums Message Discussion :: Patrick Honohan urging banks to repossess property

Patrick Honohan urging banks to repossess property