AIB sale of family home loans is a dangerous precedent - Pearse Doherty TD
The inclusion of family home loans in a new loan sale of €1bn by AIB is a dangerous precedent according to Sinn Féin Finance spokesperson Pearse Doherty TD.
Teachta Doherty has said no mortgage is safe from vulture funds unless his legislation, the ‘No Consent, No Sale’ Bill is passed urgently.
Deputy Doherty said:
“This sale sets a dangerous precedent as AIB has for the first time sold family home loans. This follows Permanent TSB’s Project Glas which was the first sale of performing restructured loans.
"The message is clear - no mortgage is safe from the vultures.
"As the law currently stands there is nothing to stop AIB or any other bank selling off any loan. A performing, family home loan is no different to an impaired buy-to-let loan in the eyes of the law. All can be sold at the whim of the banks.
"This same logic currently used by the banks to justify selling non-performing loans could be used to justify the sale of their tracker loans for example.
"The only protection against this is through my 'No Consent, No Sale' Bill which undergoes legislative scrutiny this week as its next step.
“This is an important piece of legislation that should be supported by all TDs and Senators.
“It is the only hope for a sense of security in the homes for so many people.”