‘No Consent, No Sale’ Bill would help protect homeowners from Vulture Funds – Mitchell
Sinn Féin Dublin Bay North TD Denise Mitchell has said a Sinn Féin Bill which aims to ensure that banks cannot sell a homeowner’s mortgages to a vulture fund or third party without the borrower’s consent is a “common sense move”:
Speaking in the Dáil, Deputy Mitchell said the ‘No Consent, No Sale’ Bill was needed urgently:
“Unfortunately in recent years it has become very clear that voluntary codes of practice for financial institutions and banks are not worth the paper they are written on. This Bill is common sense, it just enforces what the Central Bank already outlines as the correct way to deal with loans.”
Deputy Mitchell also said it was unfair that banks which were bailed-out by the taxpayer would turn on those who have engaged with the institutions and are doing their best to repay loans:
“The reality is that most vulture funds have no interest in working with the borrower to restructure or renegotiate their loans.
“They want to get their hands on the home and to resell it for a profit. But do we really want to see this becoming the norm here?” she asked.
“This Bill protects homeowners and seeks to place control back in the hands of customers,” she said.