Regulation of vulture funds alone will not help homeowners - Pearse Doherty TD
Sinn Féin Finance Spokesperson Pearse Doherty TD has said that regulation of the vultures will not, by itself, provide any greater protection to homeowners whose mortgages are sold to a vulture.
Speaking in the Dáil tonight, Deputy Doherty said:
“In 2015, Sinn Féin moved an amendment to regulate the vulture funds. Unfortunately the amendment was not supported by Fine Gael, Labour or Fianna Fáil. I am glad to see those parties now support regulation.
"By itself though, regulation will not offer any extra protections to homeowners. What it will do is allow the Central Bank to challenge the vultures, the actual loan owners directly. That is to be welcomed.
"However this doesn’t address the immediate issue which is that Permanent TSB and other banks are about to sell tens of thousands of loans to vultures. This Bill, while welcome, provides no protection to those families. What we need is for the sales to stop.
"Vultures will still be short term operators here to cash in on the difficulties that so many families, farmers and small businesses devastated by the economic crash are experiencing.
"Fine Gael made a choice that vultures were to be welcomed here to feast on the misfortune of families- the red carpet was rolled out. That cannot be undone now but political action can see the vultures stopped."