Ulster Bank today announced the sale of thousands of family homes to Vulture Funds in the latest acceleration of mortgage sell offs by Irish banks.
Commenting on todays sale, David Hall, CEO of The Irish Mortgage Holders Organisation, said “Today marks an unprecedented two weeks of vulture sell offs by both PTSB and ULSTER Bank today. They are selling 2300 family homes out of 5300 properties.
Ulster Bank say that of the 2300 family homes they are selling to vultures the family have been in an average of 3 Mortgage restructuring arrangements. This proves the point which banks, their mouthpieces are ignoring. It’s about people’s ability to pay not their willingness. Anybody who has engaged with their lender and provided documentation to attempt to restructure their homes an average of 3 times cannot be accused of not engaging or strategic defaulting.
The tsunami that I warned about has been delayed and outsourced, but it is coming.”
The Irish Mortgage Holders Organisation has now called on Banks, politicians and central bank to be honest and admit this is about people who can’t pay. The Ulster Bank data shows that by confirming engagement by customers and attempts to pay.