NAMA - WTF?? (1 Viewer)

[Diddles]

'No to NAMA' Street Protest

The voice of the people of Ireland will be heard at the 'No to NAMA' Street Protest on Saturday 12th September 2009. The protest will start at the Garden of Remembrance (at the top of O'Connell St) at 2pm and will march on the Dail.

Invite all your friends to this event, and keep spreading the word!

Media Coverage:
- Protest Announced on Newstalk http://www.youtube.com/watch?v=Wiv3X1eLIiU
- Facebook Group is covered on TV3 News http://www.youtube.com/watch?v=yxA7wVxS17o

The street protest is being organised by Dave Browne who set up www.irishpeopleunion.com . The creators and administrators of this Facebook Group attended the planning meeting for the protest and decided to combine our mutual efforts and encourage our members to attend this protest on 12th September.

It is important to say: this is a non-partisan, non-party event, it is ordinary people protesting against extraordinary legislation. Members of political parties may attend obviously, but this event is not "owned" by anyone, except by the people who turn up!

 

[Shorty]

look into my eyes... wwooooooo.... loooook into my eyesss.... wooooooo ..... you a feeeling sleeepy.. verrry sleeepy

 

[pete]

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[ann post]

fair play to ms burton, twas agood speech.

 

[pete]

YouTube - Deputy Joan Burton speaking on the NAMA Bill

Part 2

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[MilanPan!c]

Either buy the loans at their initial-ish value (read: what the banks thought they were worth when they loaned the money), or buy the loans at nearer to market value and then have to bail out the banks even more (because they will be insolvent if someone doesn't give them money).

Or take over the banks, repossess property of criminal developers, sell the whole mess and set up a state-run bank in their place.

Oh and jail the crooks got us into this... which also included most of UCD's business school.

You can't pay actual value to the banks and expect them not to collapse without giving them other monies.

 

[ann post]

the more i think about this, the less i think it can actually work. in fact. I'm starting to think its pretty stupid.

 

[Cormcolash]

I was never a fan of NAMBLA

 

[Pedronimus]

As I understand it, the State is going to go to the banks and say "Who, of those that owe more than a couple of million, hasn't made a repayment in the last year or so and the collateral that they put up isn't worth a shit?"

The government is buying up all loans over 5 million. Good and bad.

They intend to make keep making money on the good loans that are being repaid.

There are also some loans on potentially 'viable' property (foreign and irish) where payments are not being met. The bank will take ownership of this property and sell it (hopefully) at a profit in a couple of years time when world credit is flowing again.

Then there are the loans not being paid on crappy property, the government will have to take ownership of this property and try to sell it or do something with it. who knows.

What percentage these 3 elements go to make up the total amount they are acquiring is what the NAMA is trying to establish.

The government is also getting 8% in fees from the banks on the amount of deposits it is guaranteeing.

Thats my understanding, I'm neither for it or against it. As I don't fully understand it and think the media debate surrounding it is absolutely pitiful. Feel free to correct my understanding.

 

[CitySickness]

As I don't fully understand it and think the media debate surrounding it is absolutely pitiful.

You're quite right about that bit anyway.

My main problem with it is that it's based on a pretty out-there set of assumptions about the recovery of (a) the housing market and (b) the general economy. And that in order for it to be successful, we need to reflate the housing bubble that got us here in the first place.

Oh yeah, and that the risk is disproportionately placed on the taxpayer, with most of any (unlikely) potential upside going to the banks' bond/shareholders.

If it doesn't work - and it probably won't - we're dead. If it does work, we're still fucked anyway.

YAY!

 

[Lepra]

some lad says they're dopes
http://www.irishexaminer.com/ireland/stiglitz-its-criminal-for-nama-to-overpay-for-loans-102777.html

NOBEL Prize-winning economist Joseph Stiglitz said it would be criminal for NAMA to pay above the odds for impaired loans.

 

[ann post]

does anyone else find this whole nama thing a little nightmarish?? beyond all the whitewashing and money talk about this, its essentially a huge land grab by the elite, its a convenient way to legitimize the brown envelope culture of the 80's. a way to define the golden circles currently in existence while normal folk sort out the recession.

 

[magicbastarder]

NAMA will also be given CPO powers, if the CPO will increase the value of the property they hold.

 

[ann post]

whats CPO?

 

[magicbastarder]

compulsory purchase order.
the sort of thing usually used to buy you out of your house when they want to build a motorway over it.

thing is now, how will they value property if they do need to CPO? someone could be in negative equity, but not suffer unduly because they're making their repayments. is NAMA going to force that person to realise that negative equity?

 

[ann post]

has this started up on boards yet?? do they all think its great??

 

[Cryptid]

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If the greens pull the plug, will they be able to go through with NAMA? I imagine there'd be a flurry of last minute signatures and rushing things through on the qt.

 

[Cryptid]

It really ruins the effect when they take off that embedding thing.

 

[ratmonkey]

compulsory purchase order.
the sort of thing usually used to buy you out of your house when they want to build a motorway over it.

thing is now, how will they value property if they do need to CPO? someone could be in negative equity, but not suffer unduly because they're making their repayments. is NAMA going to force that person to realise that negative equity?

This is hardly going to apply to individuals; NAMA isn't going to be picking up individual mortgages.

 

[magicbastarder]

that's not how it works. say NAMA take ownership of an apartment block beside you, as per standard NAMA practice.
they then realise that if they can put an entrance, say, onto the main road, it would increase the value of the property. but they'd have to go through your property to to that - if you're not willing to sell, they can (under current draft legislation) have your house CPOed, if they can prove it'll increase the value of their investment.