Many Irish mortgage holders are at risk from having their mortgages sold onto unregulated ‘vulture funds’ that could hike variable rates mercilessly. For those in negative equity, the results could be catastrophic.
Irish mortgage holders could lose vital protections
As banks are wound up or leave Ireland, their loan books are being sold off to the highest bidder, and it’s now becoming clear that some of these bidders aren’t subject to regulation by the Central Bank or Irish legislation regarding the code of conduct on mortgage arrears.
Michael McGrath, Fianna Fail’s finance spokesperson, says he’s planning to introduce a...
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