For me number 1 fans! - irish mortgage crisis.

[beats me]

I don't see that happening much in the UK, people are far too worried what the neighbours think to lose face by walking away from their homes.

Maybe in the beginning there was a sense of shame or failure but at this point it's become more of a sticking it to The Man group celebration. And these people aren't literally just walking away. I know people who followed the advice of many and just stopped paying their mortgage and squatted until the bank with the help of law enforcement made them get out. This took at least 6 months from the time they stopped paying so in that time they were living mortgage/rent free while creating a nice little nest egg from the money saved.

[Slightlydelic]

I don't see that happening much in the UK, people are far too worried what the neighbours think to lose face by walking away from their homes.

partly because we dont have the same system in the uk the banks can repo the house sell it for whatever they can get and then come looking to you for the difference.

[ikeaboy]

I have a lot of sympathy for people who bought houses here, or anywhere, in the last 5 years. I don't accept that they all were looking to make a killing on re-selling as I know too many people in negative equity who were really just doing what everybody in Ireland who has a decent job does, buy a house to raise a family. In Ireland you own a house or your not a real grown up, that message is passed down from parent.
They trusted the banks, seems silly now but these are the people who handle all your money for your whole life, why wouldn't they be trustworthy? Houses were only getting more expensive, at that point, it was get on the ladder or it'll cost you more next year. Sure I remember thinking this was all bullshit when I heard radio adds for mortgages that would take more than one lifetime to repay, or others trying to convince older parents to re-mortgage their house to give the children enough to get their own mortgage.
Luckily I already had a place to live, I could think about it from the outside with being in the situation where I felt pressure to get on the ladder from whoever. I am really happy for my friends who felt they were missing the boat when all this house buying is going on but now only have to worry about 3 or 4 figure debt.
How would I feel about bailing these people out? I think the terms of their of mortgages changed, I'm not sure how as I don't know finance but I'd like to stop them being crushed but at the same time treat them as adults. They were lied to by people the should of been able to trust. Their vanity and pride was played upon but these are universal human faults, I'm not so short sighted to think, in another life, I wouldn't of made the same mistake.

[LoopStationZebra]

Don't take this as a pro Obama agenda, I think he sold his soul to the military industrial complex and big industry before he took office even...

THIS x5000

[LoopStationZebra]

I don't see that happening much in the UK, people are far too worried what the neighbours think to lose face by walking away from their homes.

partly because we dont have the same system in the uk the banks can repo the house sell it for whatever they can get and then come looking to you for the difference.

This is only the case in certain States. It's called a Deficiency Judgement. Many lenders have of course an enormous backlog, but will automatically file a DJ with the courts. In most States they then have something like 5 years to pursue.

And when things settle down and get somewhat stable, pursue they will.

[rote fahne]

Nothing rhymed.

http://www.youtube.com/watch?v=DmtEcB9VX5U

I like them, the Irish.