odlum833
July 31st, 2011, 06:53 PM
Report: NAMA enters debt forgiveness talks with developers
31/07/2011 - 12:18:47
It has been reported that NAMA is entering debt forgiveness talks with a number of property developers.
The Sunday Times has reported that around €37.5bn worth of loans given by banks to these developers will never be recovered.
This means the developers will escape from up to 60% of their liabilities.
In order to qualify, the developers will have to co-operate fully with the agency.
Karl Deeter of Irish Mortgage Brokers has said the taxpayer is being hit with a huge bill.
Read more: http://www.breakingnews.ie/ireland/report-nama-enters-debt-forgiveness-talks-with-developers-514906.html#ixzz1ThcfO6LI
Taxpayer screwed again. That's unbelievable really (if true). There was a programme on RTE last year IIRC in which one of these "poor" developers was telling the Irish people how tough it was to be getting by on "€1.2 million a year" - the viewers, needless to say, were stunned.
31/07/2011 - 12:18:47
It has been reported that NAMA is entering debt forgiveness talks with a number of property developers.
The Sunday Times has reported that around €37.5bn worth of loans given by banks to these developers will never be recovered.
This means the developers will escape from up to 60% of their liabilities.
In order to qualify, the developers will have to co-operate fully with the agency.
Karl Deeter of Irish Mortgage Brokers has said the taxpayer is being hit with a huge bill.
Read more: http://www.breakingnews.ie/ireland/report-nama-enters-debt-forgiveness-talks-with-developers-514906.html#ixzz1ThcfO6LI
Taxpayer screwed again. That's unbelievable really (if true). There was a programme on RTE last year IIRC in which one of these "poor" developers was telling the Irish people how tough it was to be getting by on "€1.2 million a year" - the viewers, needless to say, were stunned.