Vulture Funds Bill 'must be progressed' as Permanent TSB sell nearly 2,000 homes – Pearse Doherty TD
Sinn Féin Finance spokesperson Pearse Doherty TD has said Permanent TSB’s sale of nearly €300 million worth of loans, including 1,422 private homes, to Start Mortgages and their US affiliate Lone Star, is unacceptable.
The Donegal TD said PTSB, of which the Government is a majority shareholder, has been encouraged to take the easy option rather than find long-term solutions with families.
Teachta Doherty has called for the immediate progression of his No Consent, No Sale Bill which would ensure banks could not sell mortgage loans without the consent of the borrower.
Pearse Doherty TD said:
“Yet again, Permanent TSB is opting for the easy option by selling out Irish families to the vulture funds. There are thousands of families who have faced or are facing the sale of their loans to vulture funds and the government is doing nothing to stop it.
“This sale by PTSB follows the sell-off of over 10,000 family homes by the bank to the same fund last year.
“No loan is safe under the current rules. My ‘No Consent, No Sale’ Bill must be progressed immediately to protect consumers and families in the face of further sell-offs.
"This legislation would ensure that banks cannot sell on loans without the consent of the borrower. Unless this bill becomes law, families will continue to fall prey to the vultures.
“Attempts by the Government and Fianna Fáil to obstruct the passage of my Bill only enable the banks and bolster vulture funds at the expense of families.”