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David Hall statement on sale of 3,200 homes by Ulster Bank to Vulture Funds

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Ulster Bank Vulture Sale – DAVID HALL CEO Irish Mortgage Holders Organisation

Press Release 02.07.19

 

HALL WARNS VULTURES HAVE NEVER HAD IT SO GOOD AFTER ULSTER BANK SALE 

VULTURES NOW SEE IRISH FAMILY HOMES AS THE NEW GIFT THAT KEEPS ON GIVING 

Today sees the further sell out of families who can’t afford their mortgages to Vultures. The great big Vulture sell off continues under the nose of a naive Government.

The number of accounts being sold is 3,200 and the fact that there was an attempt by the customers to restructure, proves that these customers can’t pay but have engaged with the bank. You cannot do 5 restructures without full engagement. These families face homelessness!

This is an additional homeless tsunami that’s coming.

These are people and families, not just numbers.

3,200 accounts with an average of 3.5 persons living in each home, having not been able to maintain restructured payments, means 11,200 people will be homeless.

The future for the 400 buy to let tenants is also uncertain.

Banks continue to lie by trying to blame non-engagement from customers, where the truth is, they know their customers cannot pay and that also most have engaged and shown them their financial situation. To be fair Ulster Bank show these customers tried but can’t pay. These people are the hidden homeless, who will now lose their homes as Vultures will want the house to maximise profit. The only game they are in.

This Government has been complicit in supporting and promoting Vultures buying Irish family homes.

This latest Ulster Bank sale of the century is why top Vultures describe Ireland as the gift that keeps on giving.

The taxpayer, of course, is the one who keeps on paying to house families.

Commenting on the Ulster Bank vulture sale David Hall said, “The Government has been fooled by lies from Banks, Vultures and their supporters.”

“Ulster Bank, who we must remember would not write off debt for customers, will now take a significant write down to facilitate Vultures.”

“Vultures are no friends of Irish mortgage holders. It’s deeply concerning that Ministers, who should know better, believe Vultures are good and are a solution. They are not. The tsunami is nearing, whilst the court’s system and many attempted solutions have delayed this somewhat, ultimately selling family homes to Vultures will accelerate the tsunami as the truth emerges that most in long term arrears cannot pay, even a restructured mortgage” Hall said.

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