NAMA

Hear no Evil see no Evil must have been the government policy and it hasn?t changed much yet.
Something has to be done to get us out of this mess and perhaps NAMA is the answer.
I am not educated enough to fully understand the implications of NAMA but I am wise enough to know that I am paying the bill for the actions of the three wise monkeys (the government). The Government were given every warning, including those from the EU and the ERSI who we pay to give advice and then ignore it. (Ask the three wise monkeys why)
Let us stand together and bail out the country, there is no one else to do it. We can do it in the usual way like lambs to the slaughter led by the three wise monkeys (The Government) or we can demand that it is done on our terms.
Terms to be added to NAMA
? All mortgage holders should have their property devalued and the banks should share the loss in equity. I.e. if a property is now worth less than the loan, the bank should devalue the loan to eliminate negative equity.
Why
? This now puts the bank and the debtor in a realistic position and will remove the temptation for debtors to hand back their keys or default.
? It also gives the banks realistic equity that can be realised in the case of default.
? It is the mortgage holder who is paying for NAMA and is now in a better financial position to do so.
? The property owner will now be in a realistic position to trade up helping the housing market to recover.
? House sales equals more revenue for the state.
? House sales equals more revenue for the banks.
? The lowering of income tax can them be implemented
? Lower mortgage payments and income tax means more spending in the high street.
? More spending will boost the economy.