Thousands will lose their homes.. some will lose their lives
Fears as vulture funds set to buy troubled loans
A STATE bank’s sell-off of 20,000 troubled loans will result in thousands losing their homes and people taking their own lives, it was warned yesterday.
Permanent TSB recently announced it is putting underperforming mortgages up for sale as part of Project Glas.
If the move goes ahead they will be snapped up by vulture funds which will try to get possession of the properties and could lead to mass evictions.
Irish Mortgage Holders’ Organisation chief David Hall said the massive transfer will lead to more homelessness and could even drive some people to suicide.
He added: “Let there be no mistake, families will lose their homes by the thousands and some will lose their lives as a result of this and the ongoing facilitation of vultures by government, banks and the central bank.” Fine Gael has refused to regulate these investments which means they are not subject to the same rules as the banks.
Mr Hall said the Government has again let the public down by failing to protect them.
He added: “The Government has again preferred vultures and banks over citizens. We seem to have learnt little following the catastrophe that happened as a result of banks.
“It’s time for opposition politicians, parties and groupings to stand up for ordinary families. PTSB should be made to offer any write-offs to families.vulture funds and banks should be required to provide solutions for those in arrears as currently the system is a voluntary one.
“Those who have had to try to negotiate with vulture funds will appreciate the dangers involved. “They are great if you want to sell your home and have debt written off but have nowhere to live. “However, if you want to restructure your mortgage you have a big problem.” Fianna Fail has proposed measures which will require vulture funds to adhere to the same regulations as banks.
The party’s finance spokesman Michael Mcgrath said they need to be made accountable for the hardship they cause with Willie O’dea and John Mcguinness slamming them for causing “loss of life”.