"Buckley was given a 100 percent mortgage at the peak of the boom to buy a 365,000 euro home on the far reaches of Dublin's commuter belt, despite the fact he had no steady income."
First, how did Frank think he was going to afford the house without a steady income?
Second, why did the banks lend to him? I'm sympathetic to the story that in the states that government pressure on banks caused them to lend to low-income individuals to whom the banks wouldn't have lent money otherwise, but was this happening in Ireland, too?
2 comments:
"Buckley was given a 100 percent mortgage at the peak of the boom to buy a 365,000 euro home on the far reaches of Dublin's commuter belt, despite the fact he had no steady income."
First, how did Frank think he was going to afford the house without a steady income?
Second, why did the banks lend to him? I'm sympathetic to the story that in the states that government pressure on banks caused them to lend to low-income individuals to whom the banks wouldn't have lent money otherwise, but was this happening in Ireland, too?
1: price appreciation?
2. yes.
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