New mortgage book laws of little use to homeowners, group claims

The Government’s decision to introduce consumer protection legislation for unregulated firms “is merely window dressing” and will have very little impact on customers in mortgage arrears, according to Ross Maguire from financial advice group, New Beginning. 

The Government will introduce legislation to force unregulated firms that have bought mortgage books to comply with the Central Bank’s code on mortgage arrears.

The move is in response to a number of unregulated firms who have so far acquired up to 10,000 mortgages following the sale of loan-books through the liquidation of IBRC and foreign banks exiting the country.