Comments on: My bank is ripping me off with my mortgage rate http://www.valueireland.com/2009/04/my-bank-is-ripping-me-off-with-my-mortgage-rate/ Better Purchasing Decisions Through Better Information Fri, 12 Mar 2010 01:12:27 +0000 http://wordpress.org/?v=2.9.2 hourly 1 By: valueireland http://www.valueireland.com/2009/04/my-bank-is-ripping-me-off-with-my-mortgage-rate/comment-page-1/#comment-1840 valueireland Thu, 07 May 2009 20:09:46 +0000 http://www.valueireland.com/?p=2759#comment-1840 @Colm - Your reference to the "major financial commitment" is pretty much the nub of the issue. Everyones desire to own a home (proportionally greater in Ireland than anywhere else) meant that getting on the property ladder became the immediate priority rather than considering what's potentially down the road. You'd wonder where the "stress testing" that banks were supposed to be carrying out went? But we know the answer to that, I guess :-) I actually heard a journalist on the radio today saying "who knew rates would go so low". @paddy9 - Unfortunately, my statement isn't a mantra and it isn't out of date. If we had a proper Office of the Director of Corporate Enforcement who enforced company law, that particular law should be the first one to be dusted off and used to analyse the behaviour of the banks in during the Celtic Tiger. @Colm – Your reference to the “major financial commitment” is pretty much the nub of the issue. Everyones desire to own a home (proportionally greater in Ireland than anywhere else) meant that getting on the property ladder became the immediate priority rather than considering what’s potentially down the road.

You’d wonder where the “stress testing” that banks were supposed to be carrying out went? But we know the answer to that, I guess :-)

I actually heard a journalist on the radio today saying “who knew rates would go so low”.

@paddy9 – Unfortunately, my statement isn’t a mantra and it isn’t out of date.

If we had a proper Office of the Director of Corporate Enforcement who enforced company law, that particular law should be the first one to be dusted off and used to analyse the behaviour of the banks in during the Celtic Tiger.

]]> By: paddy9 http://www.valueireland.com/2009/04/my-bank-is-ripping-me-off-with-my-mortgage-rate/comment-page-1/#comment-1772 paddy9 Fri, 01 May 2009 12:28:26 +0000 http://www.valueireland.com/?p=2759#comment-1772 Hi VI, Is this statement not way out of date? "The primary responsibility of a bank is to its shareholders to make money" The banks have already killed their shareholders. The banks are now effectively financed by the taxpayer. The are been financied by your letter writer. He has aright to expect that new rules will apply. You need to updated the old mantra to reflect the new order. Hi VI,
Is this statement not way out of date?
“The primary responsibility of a bank is to its shareholders to make money”
The banks have already killed their shareholders.
The banks are now effectively financed by the taxpayer. The are been financied by your letter writer.
He has aright to expect that new rules will apply.

You need to updated the old mantra to reflect the new order.

]]> By: Colm http://www.valueireland.com/2009/04/my-bank-is-ripping-me-off-with-my-mortgage-rate/comment-page-1/#comment-1766 Colm Fri, 01 May 2009 05:43:50 +0000 http://www.valueireland.com/?p=2759#comment-1766 I was serving my nation and didn't realise what I was signing. You were happy enough to accept 6.05% thinking interest rates were going to spike and you would be laughing. Imagine you're response if interest rates had spiked to 12 or 13 % and the bank came to you and said Oh we're sorry we were too busy doing something else and this just isn't fair please leave us out of the legally binding contract we both signed in good faith and allow us take more money from you. I suspect your response would be something similar to the response of the bank at the moment. The lesson is if you are going to enter into major financial committments then make the time to research the full economic implications and get advice. I know soldiers in Chad have access to the internet. Many of them watch RTE on slingbox over the internet to kill the boredom between camp duties and patrols. Perhaps you should have switched off Fair City and done some research. I was serving my nation and didn’t realise what I was signing.

You were happy enough to accept 6.05% thinking interest rates were going to spike and you would be laughing. Imagine you’re response if interest rates had spiked to 12 or 13 % and the bank came to you and said Oh we’re sorry we were too busy doing something else and this just isn’t fair please leave us out of the legally binding contract we both signed in good faith and allow us take more money from you. I suspect your response would be something similar to the response of the bank at the moment.

The lesson is if you are going to enter into major financial committments then make the time to research the full economic implications and get advice. I know soldiers in Chad have access to the internet. Many of them watch RTE on slingbox over the internet to kill the boredom between camp duties and patrols. Perhaps you should have switched off Fair City and done some research.

]]>