Monday, September 26, 2011
We were delighted to be this weeks ‘Insider’ at the Sunday Business Post, we looked at the mortgage market statistics and the idea of recovery without austerity.
The truth is a hard thing to suppress. Last week, we had another stark revelation about the mortgage market after RTE reported that there are now e20 billion in home loans with some level of arrears. That represents about one in six loan accounts.
Also filed in ACCA, Accountancy, Accountant, Banking, Economics, Wealth
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Tagged economics, finance, marshall auerback, mmt, modern monetary theory, recovery without austerity
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Monday, September 19, 2011
Our sister company Irish Mortgage Brokers was mentioned in the Guardian online about ‘negative equity insurance’. Our comment on the piece is below:
“The vendor has to fund this out of their own cashflow,” says Karl Deeter of Irish Mortgage Brokers. So it will only suit those that have a very small mortgage – mainly older people and those that bought long before the peak – because those are the only ones who will make a profit on their property sale. Deeter is sceptical the insurance is the way to kick-start the moribund Irish market. “It’s part of the general medical box but it’s not the cure,” he says. Deeter is of the view that the government needs to bring in a personal insolvency laws urgently, like Chapter 13 in the US AKA, “wage earners bankruptcy”.
Also filed in Accountancy, Banking, Insurance, Property
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Tagged accountants, advisors.ie, financial advice, ifg, karl deeter, lisa o'carroll, mortgages, negatiive equity insurance, negative equity, property
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Monday, September 12, 2011
It is likely the case that deposit rates will start to go into a downward move as the ECB drops its odds of raising rates and as banks seek to find margin (which they can do via lower deposits). This contrasts with the massive funding issues the banks are having (and the country for that matter!), but it is still important to see that a guaranteed 4% plus return is possible and on that basis locking away some cash is a good idea. The excerpt is below:
‘‘There is an argument to go out one year at 4 per cent,” said Karl Deeter of advisors.ie. ‘‘Locking it away is the downside. Rates are coming down, but banks might be so deposit-hungry that they keep savings rates up.”
Also filed in Accountancy, Banking, Deposit accounts, Financial Advice, Investment
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Tagged bank deposits, deposit broker, deposit rates, deposit statistics, irish bank deposit rates, irish deposits, which deposit rate
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Thursday, September 8, 2011
Our regular piece on The Morning Show with Sybil & Martin was about debt forgiveness this week, great conversation in an easy to interpret manner.
Thursday, August 25, 2011
We were delighted to help out again on The Morning Show on TV3 with Martin King & Aisling O’Loughlin who was sitting in for Sybil Mulcahy. We spoke about credit cards and then ran a live twitter personal finance clinic
Also filed in Accountancy, Credit Cards, Debt, Financial Advice, Taxation
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Tagged aisling o'loughlin, credit, dublin financial adviser, financial advice, karl deeter, martin king, money help, personal finance, the morning show, tv3, twitter clinic
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We had a piece in today’s Examiner on the topic of Debt Forgiveness, see below: ‘Debt forgiveness’ is an undefined expression, we have no commonly held interpretation of what it is. For that reason the debate rages as to whether it can occur or not; but without definition the argument cannot advance.
On one side you have household name economists and on another you have Fine Gaels Briay Hayes (Minister of State at the Department of Finance) saying it is an impossibility along with most of the banks.
Also filed in ACCA, Accountancy, Debt, Economics, Financial Advice, Mortgages, Taxation
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Tagged accounting, arrears, debt forgiveness countries, debt forgiveness statitstics, irish debt, list debt forgiveness, mortgage problems
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Once a month we head over to TV3’s ‘The Morning Show’ to talk with Sybil and Martin about the property and finance markets in an easy to understand manner, this month the topic was NAMA mortgages and household charges.
Also filed in Accountancy, Economics, Investment, Mortgages, Property tax, Taxation
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Tagged angela keegan, karl deeter, martin king, nama, nama mortgages, sybil mulcahy, the morning show, tv3
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Operations manager with Irish Mortgage Brokers, Karl Deeter said banks will claim they are lending but on the ground it’s an “entirely different story”. “They don’t want to know except where you are a public sector worker or the type of person who banks would always lend to anyway,” he said. “With figures showing that 80% of mortgage applications are being rejected, it puts the banks in the enviable position of being able to cherry-pick only the best applications, declining even cases that fit criteria but are marginal. “This is contrary to giving the taxpayer back a return on our national investment because they need to lend to make profit, but equally, our pillar banks are charging artificially low rates versus the rest of the market, so not only are they cherry-picking but there is an implicit subsidy being paid to those who borrow via taxpayers who fund the banks. It’s a crazy set-up,” he added.
Also filed in Accountancy, Accountant, Banking, Debt, Mortgages
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Tagged bank lending, banking figures 2011, brokers, credit growth, first time buyers, irish banks, loan origination, mortgage statistics, property
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Our thoughts on Debt Forgiveness have been a source of debate and while we accept that there are cons to the idea there are also sound reasons.
The Independent looked at this topic today and mentioned Karl Deeter in the piece
Mortgages with a total value of €1.3bn were now in arrears of three months or more. This represents 16pc of its €7.8bn buy-to-let mortgage book — up from 10pc in December. Low rents and difficulties finding tenants mean many buy-to-let investors lost money on their properties, director of Irish Mortgage Brokers Karl Deeter said.
Also filed in Accountancy, Banking, Economics, Investment, Mortgages, property tax, Property tax, Savings, Section 23
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Tagged bank owned property, bank repo, distressed seller, forced sale, liquidation sales, repossession, vendors in liquidation
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