Fianna Fáil calls for regulation of vulture funds after Ulster Bank seeks to sell mortgages

Fianna Fáil calls for regulation of vulture funds after Ulster Bank seeks to sell mortgages

There has been criticism of Ulster Bank after it became the latest lender to confirm it is selling thousands of mortgages to vulture funds.

Ulster Bank wants to sell off more than 3,500 owner-occupier mortgages and almost 3,000 buy-to-let-mortgages.

Legal advice charity FLAC says it has seen cases where vulture funds employ aggressive measures to recoup their investment.

Fianna Fáil's Finance spokesperson Michael McGrath says the decision highlights the need to protect mortgage holders who have had their loans sold off:

Mr McGrath said: "This news again underlines the need to introduce regulation of these vulture funds, they need to be accountable to the Central Bank.

"They have to be subject to inspection, investigation and enforcement, if necessary."


More in this Section

Barnardos: Over 500 families waiting for our helpBarnardos: Over 500 families waiting for our help

Two men charged in relation to loaded firearm seizureTwo men charged in relation to loaded firearm seizure

CervicalCheck refuses to show staff turnoverCervicalCheck refuses to show staff turnover

Eight migrants found on ship in Waterford deported from IrelandEight migrants found on ship in Waterford deported from Ireland


Lifestyle

Architect and artist Harry Wallace tells Eve Kelliher how his style has evolved.How a lifetime as an architect has inspired Cork artist Harry Wallace

Don’t let present stress ruin your run-up to Christmas. Pat Fitzpatrick has done all the hard work with this tongue-in-cheek gift guide for every budget, so you can tick everyone off your list and get down to enjoying yourself for the festive season.Gift stressbuster: We sort out who gets what and why

It’s not what you have that makes you happy, it’s what you do. And what better time to be proactive than during the season of goodwill, says Margaret Jennings.Joy to the world: Strategies to increase your happiness during the season of goodwill

For a magical mantelpiece makeover the natural way, foliage and garlands add showstopping sparkle to the scene, says Hannah Stephenson.Bring Christmas cheer indoors: Foliage and garlands add showstopping sparkle

More From The Irish Examiner