The Irish Mortgage Holders Organisation
Statement
Ulster Bank sell more Irish families to Vulture funds
Today Ulster Bank announced the upcoming sale of thousands of family home loans to vulture funds. The bank that claims to provide “help for what matters” seem to disregard this completely when it comes to providing help to people who are about to be kicked out on the road.
David Hall CEO of The Irish Mortgage Holders Organisation said, “Today Ulster Bank confirmed that they do not really care about their customers in difficulty as they announced the sale of thousands of family homes and buy to lets to Vulture Funds thus outsourcing evictions”.
Hall went on to say “The Banking system crashed the country and the state decided banks were more important than citizens and propped them up by pumping Billions into some banks thus supporting the entire sector. Now Banks having tortured those in mortgage arrears for years, they are out sourcing their dirty work to Vulture funds and treating citizens in trouble with contempt.”
He continued “Instead of getting vulture funds to do their dirty work Ulster Bank could have engaged in seeking solutions. They could have looked at radical restructuring like debt for equity or providing people an interest for life in their properties. They could have engaged with government and local authorities to see how many properties could be transferred to their ownership. They could have sought loan purchasers who are interested in something other than the asset.
Hall said “Minister for Housing Eoghan Murphy is under pressure trying to grapple with the homelessness crisis that currently exists but the tsunami of repossessions that’s ahead will dwarf the current crisis. “
The Irish Mortgage Holders Organisation has called for the Government to immediately introduce a transaction tax on sales of family home loans to vulture funds via emergency legislation. Seems Government can selectively bring emergency legislation when bank require help but not when thousands face homelessness.
ENDS
David Hall, CEO
The Irish Mortgage Holders Organisation
Note for Editors:
The Irish Mortgage Holders Organisation is Ireland’s leading debt charity providing advice and assistance for those in debt along with advocating for changes to legislation for those in debt. Last year we provided assistance to over 2,500 people and 90% of those who engaged with us remained in their homes.
