The claim that their landlord who was subletting off someone else – whose loan was purchased by a vulture fund – did not give proper notice before telling them that they have to leave. Helen and Amy say that they are willing to comply as long as they are treated with ‘fairness and dignity’.
Independent TD Mick Wallace in the Dáil last week on vulture funds and real estate investment trusts (REITs)
Vulture Funds have caused untold damage in Ireland, but they couldn’t have done so without the 100% support of the Fine Gael/Labour & FG/Ind Alliance Governments, not to mention their beautiful relationship with our friends in NAMA…
Permanent TSB’s (PTSB) planned sale of €900 million of “split mortgages” will expose borrowers to the whims of overseas investment funds, as contracts underpinning such arrangements entitle the lender to terminate the accord at will, the Oireachtas finance committee heard on Thursday.
As of the end of December, PTSB has restructured some 6,157 troubled owner-occupier loans as split mortgages, where repayments of interest and principal on part of the loan are put off to a future date, subject to a review every three years.
During Leaders’ Questions, taken by Minister for Health Simon Harris.
Sinn Fein TD Pearse Doherty raised the Permanent TSB sale of €3.7 billion worth of residential mortgage loans.
Mr Doherty said the bank has been invited to attend the Oireachtas finance committee next Tuesday.
Mr Harris said the bank should go before the committee and said it would be good to see some “humility” from the bank.
Is PTSB deliberately giving the impression that most of the 14,000 owner-occupier mortgages being sold are in arrears for “years”?
The Central Bank says 31,624 mortgages were in arrears for > 2 yrs last Sept. PTSB has 10% share of Irish mortgage market. pic.twitter.com/LamLRhaFfp
Varadkar opens by asking to put facts on the table… he says PTSB hasn’t yet found a buyer, and there’s no suggestion that the eventual buyer might be a vulture fund. “Govt very much stands by” families making an honest effort to repay, he says #Dail
SF’s Mary Lou McDonald, making her first #Dáil appearance since becoming SF’s president-elect (let alone its president) also raises the PTSB sale. “These vulture funds are prepared to pick the bones of mortgage holders, as and when it suits them”
McDonald claims Michael Noonan met with vulture funds 60 times in two years, demonstrating the “deaf ear” shown by this govt to mortgage holders. If the govt opposes this sale, she says, it is obliged to intervene – lift the phone and say Govt won’t permit the sale #Dail
Residents of 17 apartments in Dún Laoghaire in Dublin have been told by their landlords – two global investment funds – that they have to vacate the property within weeks.
The tenants of Saint Helen’s Court received letters from a receiver acting on the owners’ behalf, telling them to move out on various dates to allow for major refurbishments.
…It says residents will have the chance to re-rent the apartment once work is completed under certain conditions.
However, residents are sceptical. They say last year attempts were made to substantially increase the rent, just two days before the enactment of legislation only allowing rent rises of 4% a year in designated rent pressure zones.
People Before Profit/Anti-Austerity Alliance TD Richard Boyd Barrett picks apart the government’s vulture fund housing policy to the visible chagrin of Housing Minister Simon Coveney during today’s leaders’ questions.