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Old July 31st, 2011, 06:53 PM   #1
odlum833
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Thumbs down Developers could get debt forgiveness

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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/r...#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.
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Old July 31st, 2011, 08:57 PM   #2
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You're surprised why? NAMA was NEVER going to be able to recover all that was owed, anyone that believed such a thing is not living in reality.
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