The independent are now printing unironic articles about how their poorly paid journalists can’t afford to live in Dublin
According to the evening news Irish Nationwide advanced a mortgage on a property in Howth to the tune of €4.125m in early 07 or thereabouts to Lynn.
The monthly repayment was €27k. Sheer, unadulterated madness. The guy was a bog-standard solicitor in a “regular” practise not Jeff Bezoes or whatever his name is. I’d say Lynn had an inside man on a few of these scams and in true Mayo form shit the bed as the pressure mounted. A knave of the highest order.
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We’re all indentured slaves to our mortgages… and the bigger the mortgage the more it decides your life…it’s pretty fcuked up when you think about it…
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US Inflation up again in January, 7.5% annual gain. 30 year mortgage rate now over 4%, was below 3% this time last year. The last time we had inflation like this was 1982, interest rates were at 16% (10 year treasury) and the 30 year mortgage rate was at 18%.
The housing bubble is about to go kaboom!
Not that I’d ever disagree with you there @anon67715551 but that’s not strictly correct. He wasn’t a big standard solicitor with a regular practice. He was making his money in property development. The court heard that he showed to INBS evidence of assets in his name of €45m. Why he even had developed a housing estate in Carrick on Shannon if memory serves me correctly. 
. He also did a fair bit in Bulgaria which is why he hot footed out there first. He may have also been building a few favelas in Brazil.
The loan on Glenlion in Howth was as sound as a pound in its own right and would have worked out ok for INBS if the cunt hadn’t borrowed the same money from 3 banks. He borrowed 4.15 and the property was sold by the receivers for 4.5 in the middle of the crash. So if he hadn’t of been a fraudster the bank would have been grand.
One thing that intrigues me is what this cunts defence is going to be. Looks an open and shut case yet we are digging in for a 14 week trial. I’d say Martin Nolan is going to be so pissed off by the end of it he’ll fuck the book at him.
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How did he mortgage it three times?
Different legal rep each time and solicitors undertaking?
His own firm gave separate undertakings to three different banks. At least one of them was signed by an assistant working in the practice. She was lucky not to be bankrupted for her unwitting role in the matter.
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You piss Judge Martin Nolan off at your peril.
Which one?
I locked in a 4 year rate today. It’s going to get choppy very soon.
We locked in last autumn
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There’s great value out there now. There won’t be soon.
There is a contrary view that the inflation is temporary and mainly energy related and it will settle back by end of year. The continuing strength of the GBP is interesting
Green mortgage lads if ye can.
Fair play to you if you can second guess what he’s going to do …
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We’re on a fixed rate for another 18 months. Hopefully can get a similar rate for maybe 10 years the next time round.
We are in a fortunate position anyway as the mortgage repayment is modest enough.
Getting a 28% uplift on our first house when we sold it made a big difference. Straightaway got back every mortgage repayment over the 4 years.
Lucky in terms of timing. Bought well too 2nd time round.
Anything from community service to penal servitude for life is possible here.
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Apologies for not fully researching the matter in greater depth but he remains an utter knave.
Top summation there from Fagan. I’m unable to find any mitigating evidence in his favour…
Would a character reference from the likes of James Horan (the Mayo manager not the deceased cleric) be of any use……
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He continues to enjoy the presumption of innocence.
What does that consist of pal?
That he does but this isn’t exactly a mystery requiring Columbo style sleuthing.