Good news for borrowers who had mortgages sold on to 'vulture funds'

Good news for borrowers who had mortgages sold on to 'vulture funds'

There may be some good news for borrowers who have had their distressed mortgages sold on to so-called 'vulture funds'.

A new voluntary housing body could be in place by next summer to compete with non-banking organisations.

David Hall of the Irish Mortgage Holders Association
David Hall of the Irish Mortgage Holders Association

David Hall of the Irish Mortgage Holders Association is the man behind the idea and he's already had a favourable reaction from the financial community: "We’ve had a very robust and frank conversation and one or two of the banks were very blunt with me and were very honest with me and said there’s no point in having a go at us selling stuff to ‘vulture funds’.

"More or less one of them said you need to get up off your backside and create an alternative.

"They have a business to run, they have loans to sell, we’re now at a very vulnerable state, we have a legal repossession process that’s horrifically slow, very expensive and that expense goes on to clients as well."


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