Shane Ross: Vulture funds see mortgage holders as numbers 'who have to be screwed out of their money'

Shane Ross: Vulture funds see mortgage holders as numbers 'who have to be screwed out of their money'

Update - 10.16am: Shane Ross has warned that people are in danger of being "screwed out of their money and ejected from their homes" by vulture funds.

The Minister for Transport, Tourism and Sport has spoken out against the latest sale of 5,000 home loans by Ulster Bank to the Cerberus fund.

It follows the offloading of more than 10,000 mortgages by Permanent TSB.

Minister Ross said banks who sell loans to vulture funds are shirking their responsibilities.

He said: "Vulture funds behave in a very different way once they get hold of these loans in a way that is utterly and totally unacceptable which regards people in their homes as numbers, basically, who have to be screwed out of their money and ejected from their homes, if necessary."

6.53am: Peter McVerry Trust warns mortgage sales to vulture funds will increase homeless numbers

The Peter McVerry Trust is warning that hundreds of people are likely to become homeless because of mortgage sales to vulture funds.

In the latest sale, Ulster Bank has offloaded more than 5,000 non-performing mortgages to the Cerberus fund.

That is on top of the more than 10,000 being sold off by Permanent TSB.

The charity says the Finance Minister needs to tell the banks to delay the sales until more homes are built.

It is also suggesting the State could buy some of the houses being sold off, so people can stay in their homes.

Shane Ross: Vulture funds see mortgage holders as numbers 'who have to be screwed out of their money'

CEO of the Peter McVerry Trust, Pat Doyle, says Paschal Donohoe needs to intervene

Mr Doyle said: "In the meantime, the Minister for Finance could meet with the banks and just look for a stay on that.

"They do need to be dealt with, a lot of these are beyond rescuing, but it's the timing now. If this happens now and some of them go to the wall as a result, which they will, where are we effectively sending them?

"We're sending them out into homelessness."

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