The Social Democrats have criticised today\u2019s announced sale by Ulster Bank of mortgages to US vulture fund Cerberus as yet another example of ordinary people paying a heavy price for the government\u2019s policy failures.<\/p>\n
\u201cMy own experience of dealing with a vulture fund was very difficult. Ulster Bank customers affected by this sale will be frightened and extremely anxious to know what their rights, protections and obligations are \u2013 and there\u2019s not even a basic helpline for them to turn to for information.“<\/strong><\/p><\/blockquote>\n
The Social Democrats have criticised today\u2019s announced sale by Ulster Bank of mortgages to US vulture fund Cerberus as yet another example of ordinary people paying a heavy price for the government\u2019s policy failures.<\/p>\n
Carly Bailey, the party\u2019s D\u00e1il candidate for Dublin South-West who lost her own family home after her loan was sold to a vulture fund, said:<\/p>\n
\u201cIt\u2019s neither surprising nor shocking to see Ulster Bank offload mortgages which have fallen into arrears to a vulture fund. This is once more a case of many ordinary people paying the price for the government\u2019s failure to put in place proper supports that would have helped borrowers when they first began to struggle with repayments.<\/p>\n
\u201cAccording to news reports today, 70 per cent of the 2,300 affected home mortgage holders entered into arrears seven years ago. At that time, there were few policy protections in place for people, such as restructuring options like split mortgages or mortgage to rent schemes. Around 2,900 buy-to-let mortgages are also included in this sale. Sitting tenants are at serious risk of eviction if their rented home is put up for sale.<\/p>\n
\u201cWhat we are seeing with today\u2019s announcement by Ulster Bank is just the latest outworking of the snail\u2019s pace of reforms to protect bank customers struggling with home mortgages \u2013 it\u2019s a case of too little, too late.\u201d<\/p>\n
Ms Bailey added:<\/p>\n
\u201cMy own experience of dealing with a vulture fund was very difficult. Ulster Bank customers affected by this sale will be frightened and extremely anxious to know what their rights, protections and obligations are \u2013 and there\u2019s not even a basic helpline for them to turn to for information.<\/p>\n
\u201cIt\u2019s time to reconsider the definition of a non-cooperating borrower. We also need to extend protections for borrowers who find themselves outside of the current protections of the Mortgage Arrears Resolution Process as a result of a bank\u2019s refusal to engage meaningfully or due to delayed policy and legislative protections that could have prevented the build-up of non-performing loans on banks\u2019 books.\u201d<\/p>\n
ENDS<\/p>\n
13th August 2018<\/p>\n","protected":false},"excerpt":{"rendered":"
The Social Democrats have criticised today\u2019s announced sale by Ulster Bank of mortgages to US vulture fund Cerberus as yet another example of ordinary people paying a heavy price for the government\u2019s policy failures. \u201cMy own experience of dealing with a vulture fund was very difficult. Ulster Bank customers affected by this sale will be […]<\/p>\n","protected":false},"author":2,"featured_media":593,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[6,7],"tags":[],"class_list":["post-598","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","category-press-release"],"acf":[],"yoast_head":"\n
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