One of my responses to an article on David McWilliams Blog:davidmcwilliams.ie/2013/08/08/negative-equity-generation-needs-hope Joe R, I take your point on securitisation but the fact is, Securitization facilitated the building of residential units in Ireland at a rate of 70-90,000 per year from 2003 – 2007, they loaned the money, sold the loans, loaned the money, sold the loans…again and again, in doing so they took responsible lending out of the equation and got drunk on their own success, killed the goose and the Irish economy in the process and these are the people/companies who put themselves out there as the consummate financial professional, as pillar banks, they had a duty of care to Irish society and the economy to act responsibly, it is what it is, a ponzi scheme which was subscribed to by all the consummate professionals, public, financial, legal etc… and now they want the last rung on the ladder to pay the price, that would be ok if they had honestly described the scheme as a ponzi from the outset and all who partook were aware of what they were getting into, that is not the case, they gambled with peoples lives, family security and futures and they have lost, now they want somebody else to pay for it, anybody who is willing to pay for their home at what ever level is affordable should be allowed to do so and protected from the Banks regardless of how long it takes, that is just punishment for the banks and they still get paid, in fact, interest should be deleted and principle only should be paid back maybe then the Banks might think twice in the future and act accordingly if they want to be held out as the professionals they would have us believe they are, cause and effect, crime and punishment.
Posted on: Mon, 12 Aug 2013 12:35:37 +0000
Trending Topics
Recently Viewed Topics
© 2015