Alternatives to loan sales must be priority

Paul Joyce In recent weeks there has been much discussion surrounding the ‘No Consent, No Sale’ bill proposed by Sinn Féin’s Pearse Doherty.

In recent weeks there has been much discussion surrounding the ‘No Consent, No Sale’ bill proposed by Sinn Féin’s Pearse Doherty.

This bill requires that the original lender has consent of a borrower before a mortgage may be sold to a third party. This clearly stems from well-grounded fears that vulture funds which purchase loans will move to seek increased payments from borrowers in financial difficulty. If such payments cannot be made, the prospect of repossession and the loss of family homes increases.