Government criticised for buying mortgages from vulture fund at full market value

A group representing homeless people has criticised plans for the state to pay market value for homes previously owned by Nama.

It comes after it emerged the Housing Agency is looking to buy 200 homes, 26 of which had been sold in the past, at a discount, to a vulture fund.

Opposition parties have raised concerns about whether the state is getting value for money.

The head of communications with Inner City Helping Homeless, Brian McLoughlin, says it does not make any sense;

"We are seeing cases where banks are selling off mortgages that are actually performing to vulture funds," he said.

"We saw in the Sunday business Post how there was a huge volume of Nama-owned properties that were sold to an American vulture fund called Cerberus.

"They were sold at a heavily discounted rate by our government, by Nama, to this vulture fund and now the government are buying them back at full market price.

That doesn't make any sense whatsoever as far as we are concerned.

Digital Desk