9 March 2017
Mortgages sell-off to vulture funds – Finance Minister should just say ‘no’
‘The vultures have been feasting on people’s troubles for years while a compliant Government has fed them and turned a blind eye to their tax affairs’
THOUSANDS of families struggling to pay their Permanent TSB mortgage face the prospect of waking up to a letter telling them that they are now at the mercy of a vulture fund if Finance Minister Michael Noonan doesn’t block a sell-off of home loan debts, Sinn Féin TD Pearse Doherty has said.
Permanent TSB – which is 75% owned by the taxpayer – has said it will look at potentially selling off customer mortgages that are “in deep arrears” during 2017.
“Finance Minister Michael Noonan has the power to stop this sell-off to vulture funds that will cause families in distress even more upset.
“The Minister for Finance needs to simply say ‘no’.
“The usual nonsense about relationship frameworks will be spouted I’m sure but the fact is that if the Minister were to tell the bank ‘no’ today, that would be it and this idea would be scrapped. That is exactly what he should do.”
The Sinn Féin Finance spokesperson added:
“The vultures have been feasting on people’s troubles for years while a compliant Government has fed them and turned a blind eye to their tax affairs.
“That has to stop.
“Only last week I tried to get a commitment from the Finance Minister on this issue. Unfortunately – and as usual – I was met with a mealy-mouthed response.”
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