Hi Reg. The family owns the surrounding land. They were basically threatening other bidders that water and access would become an issue if the house was sold outside the family. As as result, other bidders pulled-out….plain bullying and completely underhand. For some reason the author thinks this behavior is admirable.

it is shocking that bullying like this is tolerated. surely when the planning permission was granted the access and water supply must have been ok’d with future inhabitants in mind?

depressing stuff

You would have though so Alan. How can planning permission be granted if both access and water are at the whim of the person who owns the surrounding lands. Even families fall out. Something stinks!

How did they get mortgage approval if there were issues with basic services sounds like another case of lying on the application by the brother ?

My heart bleeds for them

I hope it does start a precedent ! Amazing the number of people so much against this lady and her brother….. Are the thumbs up/down being falsely manipulated ? STRANGE

What’s strange here? She threatened honest competition to get their “family home” for a song – not much of a family home it was to her developer brother, if he absconded to Oz leaving taxes and merchants unpaid. Lovely family altogether, salt of the earth.

This lady has loyalty to her family. and should be admired.

Blame FF for socialising the debt, they are the ones you need to be mad at rather than crying here like a whiney bitch when someone uses the leverage at their disposal. As for that “person” that was raising the bids, trying to profit of others misery they will get what they deserve.

Brian so we should all stop buying houses now because someone who couldn’t afford it is losing money thats really going to sort the property market out you muppet

Rubbish rubbish rubbish all spin and lies anyone who has worked is paying what do you want to do deport a few more families. Mean as a Mayo TD

No you are not paying the loan was sold and the bank insured wake up wake wake up it’s all spin

Thanks Anel , Folks go on about your business , Anel has solved the Euro banking crisis , the loans have all been sold on an the bank insured , please stop paying mortages immedialley , we’re off the hook

Who pays the banks insurance right off Anel? we do, I pay my mortgage and taxes but not so greedy little speculators like this brother and sister can live in 5 bedroom houses cop on!

Tensing you obviously don’t know how the sub prime market worked.He was not a risk to any bank.

Here’s how the mess we are in happened.

Years ago when you wanted a mortgage, you had to jump through loops to get a loan.Pay slips, references,10-15% of the price of the house etc etc..The bank was taking a big risk in giving you a large sum of money.They needed to know you were a viable customer that over 30 years would pay back their loan with interest!

In the past 20 years banks through lobbying for de-regulation and sheer arrogance, sought greater profits with less risk.They would clump together say 1000 mortgages at €300,000 each and create a thing called a CDO (Collateralized debt obligation).They would then sell off this CDO (debt) to an investment company thus taking away any risk of the mortgage holders defaulting on their debt.They got paid up front for the mortgages with no loss and sold them on to a third party (Investment Companies).

The banks realised they no longer had a risk.They could give out a mortgage and never lose.So they gave mortgages to anyone and everyone even if they couldn’t meet a viable criteria for a loan (sub prime).The banks would clump say 200 sub prime mortgages in with 800 prime mortgages so the investment company buying this CDO thought overall it was a good investment and portfolio.And the ratings agencies (Moody’s/S&P) gave triple A ratings to these CDO’s and signed off on the highly suspect CDO’s.

The investment companies who bought these CDO’s obviously then had investors who had traded in these CDO’s.Even they had a fall back measure.They insured their CDO’s with insurance companies in case their investments went bad, and oh how they did.The greatest example was AIG (Man Utd Sponsors!) who as the sh*t hit the fan came a cropper!!!As the recession deepened, People couldn’t pay mortgages and AIG didnt have the money to pay the investors!Kaput!

This is just one tiny element of what was going on the financial institutions but the banks sold millions of mortgages (not like my examples!) The CDO’S (debt) ventured into credit card debt,mortgages and personal loans!

So when that guy was given his sub prime mortgage you can thank the bank for giving it to him and thank you to the regulator for being utterly incompetent and oblivious!Don’t blame the guy who got the mortgage!

Wherethe banks went wrong was that, as they knew they could sell on these CDO’s to investment companies they could clumpThe investment compnaies had investors

Last 2 sentences a mistake…..oops! :P

@Avarus , in fact I’m very familiar with the system you have taken a page to outline . We all know the geniuses of the collapse , if you wanted you could have gone back to the neo liberal policies of Reagan and thatcher based on Friedman economics that deregulated the financial markets ……. Anyway all that long winded nonsense and you wipe personal responsibility under the carpet , here’s the fact ,he went to GE money cause no high bank would touch him so don’t give me a banks in Ireland 20 years ago bullshit . Yes we all know the banks messed up the country but this guy is part of the problem

Such vicious bitterness on here is very hard to take at times , but the same people denouncing this family are the very ones who support and admire the corrupt bankers and corrupt politicians who got our country into the state its in . Warped or what ? Well done Ms. Mulvey.

Hah Susie , vicious my ass , get your head out of the sand this guy took a second mortgage at a high interest rate to develop land and went tits up , so ever try to moralise with me , this from the woman who thinks TD and senators who try to legislate to stop people smoking in cars and playgrounds with kids are wasting their time , why don’t you go join the occupy same street crowd defending the poor old couple who got evicted with their 20 house portfolio

Tensing Norgay
Whoa ! Do you know me ? No? I know you don’t so why the personal attack ? You have a lot of pent up aggression there against me for some reason …. I must be saying something correct and I am just fantastic the way I can keep hitting the nail on the head . You have a nice evening . You just made mine :)

Susie ,I don’t know you , nor do I dislike or like you , I’m sure you’re a nice person and one of conviction , However, i do dislike most of your ideas and the one thing I would never accuse you of is being correct . Btw name one thing I said about you that was personal outside of your stated support for not banning smoking in cars with kids?

Tensing Norgay
Back pedalling much ?
I don’t care what you think of me :) I believe Ms Mulvey has acted in the best interest of her own family and I defy you to say that you would not do other wise IF ( I said IF) you found yourself in similar circumstances. All your other comments relate to other threads. Good night .

I believe in an old fashioned custom. If you saw something you liked, you asked yourself if you could afford it. If you could, you considered buying it and made the committment. If you couldnt, you didnt buy. Period. It seems that over the last decade, this quaint old fashioned custom has been replaced by consumer greed and vanity. The banks were bad, but equally bad were the people who did not consider the affordability of the property they bought.

And the taxpayers picking up the bill for yet another person overborrowing.
Denying access to the property betweenthe lines….

What is wrong with you it’s the banks and government these people work and pay taxes? Have you no moral compass or common sense? You bird brain must be overspending loon enda is beating the rest of us with.

Ed red bird that’s hardly the women’s fault but you should be pointing the finger at the banks who gave money to anyone and 100% mortgages which was the worst thing for people as this was the peak of house prices as people panicked thinking they would never be able to afford to buy if they didn’t do it then.

Anel Ccream . its hard to make sense of what you are trying to saying but i glean that you are another childish populist “rage agaisnt the machine man, ) Of course you give little consideration or care that the actions of this man have negitive impact on all of us , at the end of the day we pay for his mess. There are genuines case out there no doubt but remember unlike the majority he built a big house on daddys land and obviously didnt have the means to pay or else he wouldnt have had to go sub prime , then we have Sis with the big sence of entitlement over a house that was built with a banks money .Cop on

There has to be an amount of personal responsibility. The brother got a mortgage to build the house. He then couldn’t afford to pay and the sister ow has the house for a steal.

Maybe everyone should do the same and see how far into the shit this country can sink into

The sitter may have done it “in good form” but it was it intimidation plain and simple.

It doesn’t really matter if the sis got it or not, the country is probably paying for the loss.

Well done Orla Mulvey!, thats just what I would have done. It’s the principal of the matter.

All you bird brains tick the red box.

Whats great about the storey?You borrow more than you can repay and expect sympathy.The lending institutions are to blame and not the stupidity of the borrower.A five bedroom house that looks like a staus symbol of ones wealth is just the cover of the book.The cupboards are bare.Poor access and a water shortage are the tools this family is using,and be it the brother or the sister that ‘owns’ the house,ultimately the taxpayer repays the balance of the debt.

I wonder what the brother spend the money on?
Heard on the radio that it was a remortgage with a subprime lender.
Maybe a new Jeep and a big holiday.

Found it on the indo version of the story, it was remortgaged to buy a building site elsewhere.
I wonder what happened to that?

So it turn out they were mini speculators , worse again!

Another great example of People Power . So glad for her and her family :)

He’s liable for the mortgage and a lot of taxes, he also shafted his merchants – he was basically a small time developer who ran away to Oz when things started faling apart. Good luck with getting the taxes or the invoices owed back from him, not to mention the mortgage. No wonder the sister had the gall to behave like this, must run in the family.
Every other hard luck story in the papers has some stink like this in its core; remember the Killiney couple?

Yes – whats the chances of the brother ever being nabbed for the taxes, mortgage balance etc. ? Nil. Its always the hard working majority of us struggling with our mortgages who get shafted.

Great, heart warming story. Good for her.

Sure, she was happy to buy the house “for the family”, and yet she would not pay the debt “for the family”. A little threat thrown in gratis. If it was a family of developers playing the system and scaring off honest competition, there would be uproar but everyone applauds the little man doing the same.

Either everyone on here are begrudging bastards or someone is deliberately altering the “like” and “don’t like” comments as the negative lean is way more than usual!

I bought a modest house that I could afford. I could have bought the Dallas style monstrosity that we see here, but I am not vulgar. Why is the Irish taxpayer bailing out people like this?

Great sister? He walks away from a mortgage he could never afford, offers 20 grand for it, then organises to have the sister put up 76k and the house will find its way back to him anyway. Its not a great sister he has but a great country.

Thats crap. Many many people overspent and gave in to their vanity to buy the biggest and grandest of houses. That couldnt have gone on unchecked.

@Sarah,

Have to agree with you. The people above do have a right to complain but have no right to judge anyone. I bought my home 7 years ago. Worked, paying morg. lost job in 2008 trying to run a new little educational business now, still no wage out of it and I don’t know how long more I can continue to pay mine. So the people judging above done judge me if I start defaulting on my morg. I’m trying my best to stay off the dole but my savings won’t last forever. So when and if I hand back my keys don’t judge me and don’t blame me for my home losing EUR185,000 in its worth in the past two years!

That depends on whether you get your brother to buy it back for 25% value or not…

Good luck for the future Sheila but my objection to this situation is the sense of entitlement this lady and her son had.

He entered a financial agreement, defaulted on the terms of that agreement, made a derisory offer, was rejected and his sister went to auction to buy the house back. The banking institutions don’t owe him or me or you a house…

No full story you say ,yet you took sides immediatley, also presumptious to think people you are not sturggling because they disagree with this “robin hood” premise of this story .Im sure its quite the opposite, it when you are struggling that the like of this story piss you off . what we do know is this :firstly he built on family land , how many of us have that adavantage , 2 ) he borrowed sub prime which means he was a bad risk to begin with , 3) He built a 5 bedroom detached house with sun room excessive when he was challanged repaying from the outset , 4) he made a disrisory offer of 20 K to pay for the house , 5) where did he get the 20 k ? obviosuly not off another bank or lender because he was toxic from credit rating POV.as expected he couldnt pay and sister passive intimidate genuine bidders staring them down and “expaining” about access right . sarh if you struggling i genuinley wish you the best of luck and hope you come through it soon , i dont wish that pressure on anyone ,but this guys represents a dieffernt cohort who dont necessarily deserve the high five that at first glance we think he deserves

Not to forget she had 76k in cash to buy a house, hardly struggling to make ends meet ( you can’t get a mortgage to buy at these auctions )

a story like this makes me more depressed this country will never change for the better.

Yea great post only thing was her brother owes 2.3 million n cut to oz

“The property is being sold for what the banks want or are content with” – is not true, when she “shamed” others from bidding on an open market, the market price was not reached, she literally stared down other bidders and used the ownership of adjoining lands to her advantage. I appreciate your points and certainly do not subscribe to the idea that anyone who overpaid for a house deserves to be in negative equity but she manipulated an auction and your argument lies with the fact maybe that the house should never haven been repossessed or auctioned at all, but if it is a public auction should the house not be allowed get the best price on the open market without this disproportionate interference, whatever it would have went to in price she still could have bought it, she should have bid like anyone else and it is likely she still would have got a good deal.

@Economicopoly – There didn’t seem to be anyone “shamed” from bidding when you consider the room erupted into applause. The people with enough muala to bid at these auctions will have an endless supply of properties to choose from and the ones that really want something have no shame when it comes to money. The thing I learned is that people faced with background facts will alter their motivation to buy a bargain. I applaud this. The unfortunates who will have the properties taken from them could have most likely have paid back more than the banks will get at the auctions, but, they go through with the process and sell the properties back at a reserve that is sufficient for them, anything else is a bonus. I have friends that bought in 2007, €500,000 + for a two up, two down. They weren’t greedy, they serve the community they live in, they participate in society, they work hard and were told to buy before it gets too expensive by every godamn person in position of authority using the media to get their message out. Yet, they now find themselves €250,000+ in negative equity after slogging hard to pay back the banks. The same banks that they are also paying extra payments via the government taxes for investors who made very bad decisions. My bet failed, I’ll have my money back, thanks. Try that at Paddy Powers. I say we challenge the last governments “guarantee” based on the downright false information and scaremongering from the powers that be in Europe and the corrupt leaders we had at the time. I believe it was unlawful. We can sign up for austerity now and be broke for the next 30 years which pretty much puts people over 30 years on the thrash heap or we can stop buying and selling each other like commodities and stand up for change, real change. Change that takes the power away as much as possible from banks and finance monsters. Remember what a bank was created for originally and what is has been allowed to become. They are only people and their powers can be taken back as easily as they were given away. The case here is only an example of what can happen when we forget about “free markets” which is a complete bullshit term to use. True free markets would have seen any business that went bust to do exactly that. Anyone using “free market” as a term to challenge an argument regarding post financial crisis cases is deluded considering all the “bailouts”. The free market is DEAD and to prove it, anyone with a job is paying money from their own pockets for FAILED companies. “Free market” ha!

p.s. I do appreciate your comment.

Sham Connors
Well said . !

Trust me. The lender never loses out.

Good man sham!! The banks and the government have turned ordinary people against each other!Working man against unemployed man, private sector against public, the evicted against those struggling….. “Its his fault!”…”It’s her fault!”..everyone’s fault but the people who were meant to be in control of the money…ie.the banks, the regulator and the government!

Very true . The old divide and conquer routine… As you said further up above Sham ”We are living in a society … community spirit and a little bit of empathy and humanity can go a long way !

They got one over on the rest of us suckers Joey. Your tax pays for this house.

Not quite, its hillarious this notion that Tax payers are paying anything towards repossessions, they may be proping up banks but certainly not helping struggling mortgage holders. I love to know how much the Bank actually lost on this deal, apparently originally sold for 250k, resposessed and then sold for 75k, I am just thrilled the family were able to get it back at its real worth. O and those stories about tax payers paying for this, just a note on my friendly state bank, PTSB! I am one of the lucky ones currently being screwed at 5.19 %