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

'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.

More on this topic

Over 18,000 on social housing list for more than seven yearsOver 18,000 on social housing list for more than seven years

Sinn Féin compiles dossier of people’s experiences of homeless crisisSinn Féin compiles dossier of people’s experiences of homeless crisis

'Unconstitutional' rent freeze proposals will drive out landlords and investors - Govt'Unconstitutional' rent freeze proposals will drive out landlords and investors - Govt

Population to drive demand for 34,000 new homesPopulation to drive demand for 34,000 new homes


More in this Section

National Lottery apologises for scratchcard errorNational Lottery apologises for scratchcard error

Drugs found in washbag behind shed in CorkDrugs found in washbag behind shed in Cork

LGBTQ+ relationships should be on sex education curriculum, review saysLGBTQ+ relationships should be on sex education curriculum, review says

Woman caught with €800 worth of cannabis said it was meant to go into prisonWoman caught with €800 worth of cannabis said it was meant to go into prison


Lifestyle

Fr Brian D’Arcy was born nearEnniskillen, Co Fermanagh in 1945.A Question of Taste with Fr Brian D'Arcy

About a year ago Aitch, real name Harrison Armstrong, dropped out of school to start working with his grandfather as a labourer in Manchester.Rapper Aitch on quitting his job to pursue music full-time

A new book delves into the details of Harry Clarke’s stained glass windows in such places as Dingle and Cork, writes Marjorie Brennan.The book that delves into the details of Harry Clarke's stained glass windows

They’re the best air purifiers around so we should grow more houseplants all year round, says Peter Dowdall.Not just for December: The reason why she should grow more houseplants all year round

More From The Irish Examiner