Posts tagged ‘NAMA Fraud’
Where have all the performing loans gone?
August 7, 2010 by namawinelake
The last two weeks have seen suggestions that perhaps as much as €8bn of largely performing loans that were NAMA-bound will no longer come within the agency’s control, which would be very bad news for NAMA’s finances.
First we found out that NAMA had agreed not to transfer Paddy McKillen’s loans pending the outcome of Paddy’s judicial review proceedings which are scheduled for October 2010, though with appeals, could take considerably longer. This week we learned Paddy’s Metrospa Limited has sold a property on Old Bond Street in London for GBP £18.2bn and also that another of Paddy’s companies Maybourne has been “inundated” with expressions of interest to provide finance that might redeem the €600m-odd Anglo and Bank of Ireland loans apparently outstanding to the group. Come October, Paddy mightn’t have any NAMA eligible loans. Paddy has assured us all his loans are performing. Paddy has an estimated €800m outstanding to Anglo alone and exposures with at least one other NAMA bank.
full articel http://www.namawinelake.wordpress.com
We are slowly been subjected to a gradual change of what NAMA was supposed to be
With the siphoning off the entire choice bits (performing loans) and leaving the toxic stuff in NAMA for the taxpayers, don’t be surprised to hear calls from the Insiders for a new bank and guess who will have a major share holding of this New bank why our old corrupt pals in Allied Irish Bank, Irish Life and permanent and Bank of Ireland
This will conclude the socializing of all the toxic assets and the privatisation of the profitable assets
This is stealing on a massive scale and no one will do a thing about it
Or will they?
stop this wholesale fraud now.
Extract from article in namawinelake ( click on text)
On the Minister of Finance.
What business does he have telling us that prices are now realistic? What prices is he referring to? On what basis are prices realistic? To whom are they realistic? If prices are realistic does that, as the Independent aver, equate to prices being at the bottom? Maybe but let’s remember that the Minister must also on occasion don the leader’s hat and tell us to cheer up, it will get better and we will rebound and I know that we must believe that.
I wonder whether if the Minister donned the realist’s hat he would believe his own words at this point in time. If the Minister had just spent €54bn of the State’s money on gold, I wouldn’t expect him to say anything other than “buy gold today and get as much of the stuff as you can”. Time will tell.
Spot on, this guy (The Irish Government) has at a stroke become the largest property owner (through his creation of the largest fraud in Irish history NAMA) in Europe if not the world.
I deal in the financial markets on a Daly bases and have done so for the last 15 years, buying stock and selling stock, hedging through options .It is common practice to see an action in the various markets called “pump and dump” this is done with 98% of the time of worthless stock
Large chunks are bought for pennies and the talked up, by analysts who get themselves on to such media channels Fox news, yahoo Finance and cbsmarketwatch and a whole host of other news outlets ,pumping the message that this is the time to buy this sh**
This of course is precisely what Lenihan is now trying to do, talk up the stock (Property) (mostly worthless stock)
The last time a Minster from this Government told people to buy property, (Berti Ahern) He said that if you were not getting into property now you were a fool, we all know what happened then!
I have over the years bought and sold property and always kept to a few rules when ,buying as there is only one rule when selling and that is sell at a profit.
find out what rent you would get for the property
Let’s say you will be getting 800 euro per month, and that rents are stable and not going down. This would then give an annual rent of 9,600:00 Euros
Multiply this figure by 10, this gives you 96,000.000:00Euros .This is the maximum you should pay for this building period!
Why 10? , because this is the highest interest rates are likely to go. And with this system you will always get someone to rent and thus pay the mortgage.
- Do not listen to the estate agent with regards to a price for the property; His or her interest is completely different to yours.
Ballpark value of average property is dependent on availability of credit from the banks
And location .values can be arrived so
The average working wage is currently 28,000:00 Euro and I believe falling because of the government’s income tax measures to pay off the huge bailout of the banks and their cronies in the Building industry.
The stated policy of the Banks is to give only two and a half times salary and that is with conditions attached
So 28,000:00 X 2.5 = 70,000:00 Walla, average price one should pay for a property in Ireland
This formula works all over Europe (Germany, France etc)
So based on these figures we are nowhere near the bottom ,with 500,00 on the dole and approx 56,000 leaving the country, approx 23,000 young students leaving as well who do you think is going to buy all 300,000 empty properties around the country??