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Sale of Irish mortgages to US vulture funds “scandalous” – Kenny

1 August, 2018 - by Martin Kenny TD

Sinn Féin TD Martin Kenny has called the treatment of families and homeowners by the government and banks of the country “scandalous and outrageous”, referring to mortgages being sold off to US vulture funds.

Speaking from his constituency office in Carrick-on-Shannon, Deputy Kenny said:

“Families and homeowners have been treated with contempt by this government which owns a 75% share of a bank (PTSB) but allows that bank to sell their homes out from under them to the US vulture fund Lone Star.

“Of the 10,400 mortgages sold, 7,400 are owner occupier homes, family homes.  This is 7,400 families that don’t know what the future holds, since their home has been sold by a state-owned bank.

“This should not have been allowed to happen and the Minister for Finance must answer the question why did the taxpayer bailout this bank and take a 75% share of the bank, yet the Minister for Finance does not have the power to prevent this sale?

“These loans were sold at a discount to Lone Star which wants a quick profit with a rising property market. We can expect this portfolio to be divided up and sold on to other vulture funds and speculators.

“The government must provide assurance to these families and homeowners that they will not be forced out of their homes.  They need to have protection and security through legislation to ensure that none of these families are forced into emergency accommodation.” 

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