We were pleased to get a mention in the Sunday Times article by Kathy Foley called ‘buy to fret’. You can find her on Twitter too! We don’t often find such a candid quote as the last part of the mention we got!
“The banks are all saying investors have to be first to give up the ghost,” said Karl Deeter, of Irish Mortgage Brokers. “They will lean heavily on them and get a judgment because they didn’t do what the bigger people do and isolate the loan, buying the property through a limited company.
“Nobody feels any sympathy for them.
Ireland has reverted to the 1800s mentality that landlords are evil. There is no vocal group saying, ‘Go easy on these people who are providing a necessary service in the market’.”
Meanwhile, nobody will say it publicly, but the experts agree that banks won’t write off debt unless borrowers force them to act by not making payments. What would happen if landlords owing half the outstanding €27.6 billion just said, ‘We can’t pay and we won’t pay’?
“It would just push the banks over the edge,” said Deeter. “The banks are all junk-rated now, anyway. If 50,000 people say they are not going to pay next month, it will kick off a shitstorm.”
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