'Friendly vulture fund' strategy plans to save homes at risk of repossession

A plan to save homes at risk of repossession will be brought to the Government's Finance Committee tomorrow.

The national housing co-operative strategy has been described as a 'friendly vulture fund'.

Its aim is to buy up distressed mortgages from banks so people won't be forced to leave their homes.

Master of the High Court, Edmund Honohan, is behind the move.

"It's a call option which would entitle the new co-op to first dibs, if you like, first refusal, when a bank or a vulture fund seeks to sell the mortgage they must notify the co-op and the co-op is allowed then to make an offer - the banks can then refuse so there's no compulsion involved," he said.

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