An odd circumstance led to this interview with Ben Gilroy on Tipp FM. The news somehow reached Tipp FM (as well as a few other people we heard from), that the Sheriff who recently evicted Eugene Dooley from his constitutionally protected home, had been arrested! As of Tuesday 23rd of January 2018 , we are unaware as to where this news originated, but as far as we are aware, there is no truth to it. Not that we would not like it to be true, and that every Sheriff in the country would be arrested, but Mairead Ahern is still walking free.
That aside, this interview serves as a nice little catch up interview.
The interview with Tipp FM
Covered during this interview are many of the issues that People For Economic Justice argues against. Ben informs Tipp FM of the illegal action knows as securitization committed by all banks. Securitization is the practice of selling a mortgage on the stock exchange, and usually happened immediately after the mortgage had been agreed. This practice led to the bank bailout, but is often used to the borrowers advantage by Ben Gilroy when he asks receivers and solicitors to see the loan agreements in question. They of course can rarely produce such an agreement, given that they sold them.
Bolstering securitization was the phenomenon of drive-by valuations. As the banks wanted healthy mortgages to sell on the stock exchange, they would often spend little to no time placing a value on a house. Normally they would simply glance at it, come up with the highest six to seven-figure they could, and name it. This led to one interesting circumstance that Ben informed Tipp FM about. A man came to a bank with an agreement to buy a house for €750k. The bank informed him that he originally asked for €850k, and that he must take that, or the agreement was void!
Finally, there is the brain transplants that certain members of Fine Gael seem to have undergone, the day after they came into power. We have all heard, and remember, the famous outcry by Leo Varadkar that “the banks aren’t getting another cent“. We linked to that one as it is so universally known. The video below however is a less well know one. It is the current Finance Minister, while he was Fine Gaels spokesman for finance when they were in opposition, decrying Fianna Fail for paying back bondholders. One aspect we enjoy is the giggling of Brian Hayes and Leo Varadkar during his speech. Do they know that Noonan is simply saying this for effect, and in fact fully intends to uphold the payments? You decide.
Listen to more of Tipp FM’s interviews here.