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Was Eddie Hobbs pimping property during the boom?

We spoke to the financial advisor involved in Lucinda Creighton’s new party about his advice to consumers during the boom.

Updated 11.10am 

EDDIE HOBBS HAS defended the financial advice he gave during the property boom in the wake of some of his previous work being reposted online after he emerged as part of Lucinda Creighton’s new party.

Hobbs has insisted that the advice he gave on property investment and use of SSIAs in books and programmes always contained warnings about the perils of investment opportunities.

The financial advisor has written several books including Loot!: The Informed Guide to Your SSIA and Other Investmentswhich was published in 2006, and advised people on how best to spend their money from the special savings incentive account scheme set up by former finance minister Charlie McCreevey.

The book advised people about how to take out a mortgage, or even a second mortgage, buy property abroad and play the stock market and has re-emerged in the wake

Several Twitter users have also unearthed this video of Hobbs in the programme ’30 Things to do with your SSIA’, broadcast in the summer of 2006, in which he offered advice on property investment.

But speaking to TheJournal.ie last week, Hobbs defended the advice he gave at the time. He pointed to the fact that Loot! contains a specific chapter warning of the danger of borrowing more than 50 per cent of your assets.

The financial advisor also pointed to the fact that the SSIA programme on RTÉ – the script for which can be read here – contained similar warnings about the perils of various investing in overseas property and discussed in detail the possibility of a crash.

Here’s what Hobbs had to say on the claim that he was “pimping property”:

Source: Video TheJournal.ie/YouTube

Note: This story has been updated to include links to chapter 7 of Loot! and the script for ’30 Things to do with your SSIA’. 

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Hugh O'Connell

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