DON’T LET THE VULTURE FUND PICK US CLEAN
State urged to take stand over sale of mortgages
THE Government needs to “step up” and provide answers for thousands of homeowners whose mortgages are being sold to a vulture fund, it’s been claimed.
Fianna Fail finance spokesperson Michael Mcgrath called on Permanent TSB to issue an urgent public statement on the proposed sale and warned it was causing widespread panic.
The planned PTSB sale of 7,400 home loans to Start Mortgages, which is controlled by US vulture fund Lone Star, has sparked a public outcry.
Deputy Mcgrath said: “Thousands of mortgage holders received a letter from Permanent TSB informing them their mortgage is being sold.
“With the letter arriving on the Friday of the August Bank Holiday weekend, it is hard to avoid the conclusion that the bank deliberately chose the timing to avoid as much scrutiny as possible.
“In my view, the timing is cynical and is adding to the stress and worry of affected borrowers during the holiday season.”
The portfolio of loans for sale includes mortgages which are not in arrears and some which are meeting the terms of a restructure agreement.
Deputy Mcgrath said: “Major questions arise in relation to this proposed loan sale and the cold and calculating way it has been handled.
“In the lead up to this sale, Permanent TSB and the Minister For Finance gave the impression that the only customers affected were those who were in deep arrears and who were not engaging with the bank.
“Based on the contact I had with borrowers all over the country since Friday, this is not the case.
“The Minister for Finance has a duty to ensure the bank answers a series of key questions about this loan sale. “The bank and the Minister need to step up and provide some answers.” The Irish Mortgage Holders Organisation has called on the Government to provide an alternative solution for homeowners in long-term arrears. IMHO chief David Hall warned: “PTSB has sold 7,400 family homes to vultures who will throw them out. It is also unclear how many are co-operating or in a restructure. “Alternatives must be found as flogging citizens to vulture funds in the middle of a housing crisis is not acceptable.” The €1.3billion deal by Permanent TSB follows a decision by Ulster Bank to auction 6,500 mortgages with combined debts of €1.6billion. Bank of Ireland also revealed it is for the first time considering selling some or all of its €2.5billion worth of bad mortgages. news@irishmirror.ie