Cunliffe's constituent Liu?

[mashman]

Wow.
Nothing like judging people whilst trying to save the world from itself.
You really are a pompous cunt.

Ah yes, the sweet smell of ironing.

[Oscar]

Ah yes, the sweet smell of ironing.

Did I mention boring?
It was mildly funny the first time.

[Brian d marge]

Mortgagee sales since 2007

http://unconditional.co.nz/blog/category/money-matters/


but other people have already figured it out

http://www.massey.ac.nz/massey/about...ist-12-01-2012


Ya need a roof over your hear , either renting or buying , Its traditional to buy in NZ and either way ya cut the mustard the things are too expensive ,,,,

https://www.youtube.com/watch?v=5c4uMaJKt_g

Stephen

[Winston001]

Originally Posted by Brian d marge I would have loved to buy a pair of " over priced" NZ shoes ,

McKinleys of Dunedin.

Strong tough shoes. No BS. I have a pair - wish they made M/C boots.

This business thrives despite Chinese imports.

http://www.mckinlays.co.nz/

[Brian d marge]

McKinleys of Dunedin.

Strong tough shoes. No BS. I have a pair - wish they made M/C boots.

This business thrives despite Chinese imports.

http://www.mckinlays.co.nz/

I will investigate

I bought some boots from kiwi disposals

But always in the market

[Brian d marge]

McKinleys of Dunedin.

Strong tough shoes. No BS. I have a pair - wish they made M/C boots.

This business thrives despite Chinese imports.

http://www.mckinlays.co.nz/

Just looked will buy the jc boots

99 cheap as


Look quality to
Ta

[oldrider]

Being as how they only start the process when the punter is 3 or more months behind in their payments and then the whole thing takes many more months where interest is not being paid and legal bills are racking up, and that the loan documents only allows them to recover what is owed and actual costs, no. Add in the opportunity cost of not have that money earning interest soemwhere else and the whole thing costs plenty.

But they created the loan out of nothing against the borrowers assets then foreclosed and those assets become theirs by default ... what have they lost? Nothing!

Then they sell the assets at a morgagee sale and whallah ... they can start the whole business over again with a brand new borrower on the same assets!

Smell Ponsi anyone?

[Winston001]

Do banks make money out of mortgagee sales?

Not the banks I've acted for. I've never seen a mortgagee sale yield more that what the mortgagor owed.

Furthermore as a matter of law, any surplus is paid the the mortgagor but that seldom happens because usually there is at least 9 - 12 months default interest owing. Banks hate mortgagee sales. They always lose.

[Winston001]

How does the number of mortgagee sales today compare to 60 years ago?

I don't have the statistics but I'm old enough to comment. 60 years ago was the 1950s-1960s and NZ was a prosperous nation. A home cost $6-9,000. I know this because my deceased grandmothers home in a prime location sold for $11,000 in 1970. Was just a wee lad at the time but I loved grandmas house and wish dad had kept it.

Mortgagee sales were unheard of and indeed throughout my 30 year career in the law such sales were rare as hens teeth. I had to bone up on the Property Law Act during the dark days of 1987. I remember accountants, lawyers, and bank managers who gave up rather than face bankruptcy. Shops closing. Farmers commiting suicide.

The current recession is mild compared with those days.

[Brian d marge]

I don't have the statistics but I'm old enough to comment. 60 years ago was the 1950s-1960s and NZ was a prosperous nation. A home cost $6-9,000. I know this because my deceased grandmothers home in a prime location sold for $11,000 in 1970.

Mortgagee sales were unheard of and indeed throughout my 30 year career in the law such sales were rare as hens teeth. I had to bone up on the Property Law Act during the dark days of 1987. I remember accountants, lawyers, and bank managers who gave up rather than face bankruptcy. Shops closing. Farmers commiting suicide.

The current recession is mild compared with those days.

So anecdotedly mortgagee sales increased after deregulation

but on the good news front

lhttp://www.goodcountry.org/overall

Sterphen

[Winston001]

M


Ya need a roof over your head , either renting or buying , Its traditional to buy in NZ and either way ya cut the mustard the things are too expensive ,,,,

Buying a home is not exclusively a Kiwi desire. People of all nations want this - Australia, Germany, Britain, Japan...

For complex reasons this is not a realistic choice in some countries such as Europe and Britain so families rent their homes in stable circumstances where even the third generation continues to live in a rented home.

It works. Do not disrespect those who cannot buy.

[mada]

and back in those days Winston do you recall there being many property investors who were getting cheap/easy credit to buy up large on properties and sell them off for capital gains?


I think that's the point you overlook Ocean. It is easier for people to get loans and get a mortgage nowadays YES and this LED to a small but significant amount of people (I have many in my own family who did it) buying up as many properties as they could - driving up land and house prices left right and centre. This combined with less of helping hand from govt. have pushed owning a HOME beyond the reach for many.

How many "property investors" were there back in the 50s to 80s? How much does the government allow people to cash in for benefits to buy houses now? Those benefits no longer exist.

In fact you harp and bitch about high earners subsiding low earners. But HUNDREDS of MILLIONS each year are paid out by the TAXPAYER in ACCOMODATION BENEFITS/ALLOWANCES to low earners/beneficiaries to subsidise the pockets of PRIVATE PROPERTY INVESTORS who have helped push up the fucking house prices and rents. These INVESTORS pay no income TAX on that rent nor the CAPITAL GAINS.

But hey, lets blame all the supposed "bludgers" out there.

[mada]

What happened in 1984 after de-regulation?

Stories like this:

"Liz Harris 08-07-2014

The property investment story of Liz Harris will inspire many. She began investing in property in 1984 with the purchase of a house converted into four flats. She now has a portfolio of properties in Christchurch housing nearly seven hundred people, and other property investments such as car parks. With the size of her portfolio, Liz is Christchurch’s biggest private landlord. "

http://www.nzpif.org.nz/

Good on her for being smart with money etc. etc.

Just imagine how much money she is raking in without paying tax, much of it subsidies from taxpayers.

[mada]

$267.46 Million spent per YEAR on Accommodation Assistance...

(under expenses - Ministry of Social Development)
http://www.wheresmytaxes.co.nz/

Imagine how many NEW houses that could build in ONE YEAR alone - but oh shit, all our property investors (especially the ones in Parliament) would lose out - so too would banks if house prices fell and so to did the amount required for a mortgage. - lets sit on our arses and do nothing then - leave it to the market that we subsidise!

[mada]

According to the reputable Right Wing blogger Kiwiblog I haven't provided the full story:

"$1.15 billion in accommodation assistance"

http://www.kiwiblog.co.nz/2014/06/he...d_poverty.html

In fact the "ACCOMODATION SUPPLEMENT" in 2011 cost 1.2 Billion and is predicted to increase to 2 Billion by 2016.

http://www.treasury.govt.nz/download...11-pt7of10.pdf
http://transportblog.co.nz/2013/01/0...on-supplement/

Ofcourse, I'm sure you will be able to find a way to justify it to suit your argument Ocean..