Fianna Fáil and Irish Mortgage Holders Organisation slam ‘abject’ TSB loan sell-off

By Pádraig Hoare

Permanent TSB has been slammed for “an abject failure to deal with loans” and “taking the easy way out” after selling its Project Glas portfolio of 10,700 homes.

Michael McGrath: TSB has “taken the easy way out”.

David Hall of the Irish Mortgage Holders Organisation said it is a “dark day” as the bank said it has sold 7,400 homes and 3,300 buy-to-lets to Start Mortgages, which is backed by US fund Lone Star, for €1.3bn.

Project Glas raised fury from political figures and mortgage campaigners when mooted earlier this year.

Despite Permanent TSB boss Jeremy Masding insisting homeowners would have their existing rights protected after the sale, it drew condemnation from Mr Hall.

Five years ago, I was with a woman, whose husband had died in tragic circumstances and with young children, desperate to keep her home,” he said. “She was deemed non co-operative by Permanent TSB. It is an abject failure to deal with loans over the years. Vulture funds don’t do solutions for people, so you can be sure there will soon enough be double the amount of families in emergency accommodation because of sales like this.

Fianna Fáil spokesman for finance, Michael McGrath, said Start Mortgages must come before the Oireachtas Finance Committee to outline how they will deal with customers in arrears.

He said TSB has “taken the easy way out”.

“A key question is whether Start Mortgages will now offer a wide suite of restructuring solutions to borrowers in arrears,” said Mr McGrath.

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