Bad day for vulture funds

Sinn Fein’s Ciara McCormack, general election candidate for Tipperary and local election candidate for the Thurles LEA along with Nenagh LEA party rep Damien O’ Donoghue have both welcomed the passing of the ‘No consent, no sale’ bill in the Dáil last week. This bill will force banks seek the permission of the borrower before selling residential mortgages. It comes after thousands of mortgages were sold to vulture funds without the knowledge of the mortgage holders.

Bad day for vulture funds

Pearse Doherty TD, Ciara McCormack Sinn Féin candidate for Thurles & Damien O’ Donoghue

Ciara stated that ‘ this bill is very important and was urgently needed as thousands of homeowners have received letters telling them that their mortgages have already been sold. The course of action that seeks the homeowner’s permission before selling their mortgage is already in the central bank code of practise, but it is not worth the paper it is written on as we can see from these sales to vulture funds. This bill will ensure that these mortgages will not be sold without consent and it will give control back to the mortgage holder and stop families having to deal with vulture funds who couldn’t care less about them’.

Damien concluded ‘Irish people bailed out banks at a great cost to themselves and their children and this is the treatment they receive. The banks have a lot to answer for here and I very much welcome this bill as it will stop them from pulling the rug out from underneath people. As for the vulture capitalists that are buying these loans, they have only one thing in their mind and that is profit, they could not care less about who ends up on the street.’

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