Ulster Bank to sell distressed mortgages and loan book to Vultures: Doherty
Sinn Féin Finance Spokesperson Pearse Doherty TD has said it is his understanding that Ulster Bank will announce today that it will sell a loan book of 900 loans including 120 distressed family home mortgages to a vulture fund.
Deputy Doherty has written to Minister Noonan and to Ulster Bank to ask them to stop the sale.
Deputy Doherty said:
“If true, I am disgusted by this move from Ulster Bank especially the inclusion of family home mortgages in distress. I am calling on the bank to stop this sale.
“At the very least the element of this sale which includes distressed mortgages should be stopped. I believe all political opinion can be united behind that call on Ulster Bank.
“The new law brought in so belatedly last year is not providing adequate protection to homeowners. Until it is revised all responsible Irish banks should not be selling any loans but especially ones in distress to vultures. Sinn Fein argued at the time for more teeth to be put into the law but after lobbying from vulture funds and others this was diluted.”