Where is the Independent Alliance on mortgage sale?

19 February 2018

Labour Finance spokesperson, Joan Burton TD, has called on the Independent Alliance to outline where they stand on the proposals by PTSB and other banks to sell thousands of mortgage loans to vulture funds following the failure of their Ministers to object to the announcement at Cabinet last week. The Independent Alliance has previously promoted their ‘Keeping people in their home’ bill aimed at protecting those subject to a repossession order.

Deputy Burton said:

“At this stage in Ireland’s recovery, the proposal to hand over large numbers of troubled mortgages to unregulated vulture funds seems perverse. It puts the wellbeing of significant numbers of individual families at risk.

“Most of all, it will add further precariousness to the housing market and homelessness situation.

“After days of coverage, thousands of mortgage holders with banks like PTSB will be extremely worried at the lack of political response from the Government, as the proposal appears to have been waved through the Cabinet last week without any objection.

“It is unbelievable that the sale would include those who have engaged with the banks, and agreed to a restructuring or a split loan product.

“I am very surprised at the lack of reaction from the Independent Alliance, who previously focused on this issue when Minister of State Boxer Moran published a bill just before he became a Minister. The ‘Keeping people in their home’ bill was added to the Government’s legislative list last year but hasn’t been progressed yet.

 “As Minister for Finance, Paschal Donohoe is the principle shareholder of PTSB on behalf of the Irish people, so it is incumbent on him to seek to protect citizens whose mortgages may be sold on to vulture funds however I am surprised at the lack of comment from Independent Ministers on the growing controversy.

“As I said last week, the Minister must guarantee that no family will become homeless as a consequence of having their mortgage sold over their head without any consultation, and must now look at providing additional protection to those mortgage holders whose loans are being sold on.” 

 

 

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