Newstalk: Karl Deeter on the Pat Kenny show discussing pensions

The Pat Kenny Show on Newstalk had us on to talk about the future of pensions and to help people understand some of the looming issues in the retirement space.

It is a complex problem which is affected by everything from home-ownership to central bank interest rates. The main thing to take from it is that everybody who can start a pension, no matter how small, should do so. One of the biggest issues is the fact that people don’t even have one they can contribute to.

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Central Bank whistle-blower line unmanned

We were asked to comment on a finding by Charlie Weston in the Independent about the fact that the private disclosure (or ‘whistle-blower’) lines in the Central Bank don’t work. After the newspaper highlighted this they took action, but we were not impressed that this was only found out through the work of a journalist.

The comment we offered was very clear (below).

Compliance officer with Irish Mortgage Brokers Karl Deeter said it was not good enough that the whistleblower phone line was not being answered and emails not getting a response. “Imagine if you called 999 to report a crime and no-one answered. What would you think of our police service?”

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The Irish ‘Trump walls’ we don’t discuss

Commentators in Ireland love looking down on Americans, even more so since Donald Trump beat establishment insider Hillary Clinton.

They seem unable to stop labelling and name calling ‘the deplorables’, while forgetting that acceptance and tolerance used to be their moral high ground. As an American in Ireland, this makes me think about the po-faced hypocrisy of it all.

“He said build a wall,” I hear people cry, as if that alone is the acid test of an entire nation’s future. It’s true, he said some mean things; he didn’t use the language we like and accept. So here are a few home truths about our own great Irish walls – the ones that are far more acceptable than Trump’s because they aren’t referred to directly.

Many of them are invisible, which makes them seem okay, but in reality the outcome is the same. They just don’t sound so Six-Hirb’ish (that’s sexist, ignorant, xenophobic, homophobic, Islamophobic, racist and bigoted).

We don’t have Mexicans in Ireland, but we do have other minorities such as Travellers, who we build walls to stop. …

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2016 Mortgage lending rules submission by Irish Mortgage Brokers

We sent our research and thoughts on the lending rules to the Central Bank as part of their industry consultation process regarding the existing mortgage lending rules.

While we are critical of them in particular for first time buyers, we haven’t had an issue on other aspects of it (such as controls for investors). The submission argues with supporting evidence for 90% loans for first time buyers to be available generally but to keep other controls generally in place, or to do nothing at all and give the adjustments more time to bed in.

Submission is here: 2016 Central Bank macroprudential rules submission Irish Mortgage Brokers

The findings of a survey carried out by Behavior and Attitudes of clients of Irish Mortgage Brokers, DNG and Hooke & MacDonald which was mentioned in the press is also available here: 2016 MacroPrudential review – survey findings

 

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Opportunists preying on fear are the real vultures

This was a joint opinion piece by Karl Deeter of Irish Mortgage Brokers and Ross Maguire of New Beginning. Ross is a Senior Counsel and a highly skilled professional in the area of property rights. The point being raised was that property rights and contractual obligations are very well set out in Irish law.

There are those that would have you believe that a person or company can buy your loan and suddenly turf you out, that simply isn’t the case and is factually incorrect. We refer to people sending out that kind of nonsense as being mandarins in the ‘Ministry of Fear’ and make the point that the facts matter.

The full article can be read here.

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How to knock €138,000 off your mortgage?!

This was an interesting piece by Louise McBride in the Sunday Independent. The assumptions were based on a fairly hefty mortgage figure, but the general idea remains strong, that if you get a lower mortgage rate you can save money.

Our contribution was to say that in an ere of low interest rates and with rates falling that “The banks all know that interest rates are coming down – and that one way to kill the switcher market is to get more people onto fixed rate mortgages,” said Karl Deeter of Irish Mortgage Brokers. “Banks are playing a defensive game. They’re not competing on variable rates – they’re competing on fixed rates instead.”

To us this is simplistic but also true, if banks fear attrition of their performing loan book the best thing you can do is take high variable margin from those willing to pay it, or who aren’t bothered by it (as is common with older loans) or to defend your position by locking in potential switchers seeking value by offering them value in return for commitment …

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Time to stop third party meddlers from progress prevention

A common theme in the frustrations of life generally is where you have a third party who can disrupt the intentions of another and in turn remain fairly unaffected themselves. This article appeared in the Sunday Business Post on the 29th of May and was on that topic.

(original below)

A system which allows unfair delays to those trying to deliver housing must be scrapped.

Best known for penning The Prince, a Renaissance-era handbook for unscrupulous politicians, Florentine historian Niccolo Machiavelli advised: “Never attempt to win by force what can be won by deception.”

To that end, if there’s one way to annoy a third-party meddler it’s to identify them. It gets their back up.

The ‘deception’ in this respect is the common acceptance of third-party rights. Unconnected third parties should not (and don’t) have the right to intrude on your private life or private moveable property as long as you aren’t breaking the law. But when it comes to immovable or fixed property, we don’t act the same way. We allow anyone to voice their dissent and disrupt a …

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