Vulture funds have swooped in on over a quarter of the country’s most distressed mortgages as concern over their operation continues to grow.
More than 13,000 mortgages in arrears of two years or more are now under control of foreign-owned non-bank entities. Of these loans, more than 70% are owner- occupier mortgages.
Incoming president of the Institute of Professional Auctioneers and Valuers, Alan Redmond, called for an “urgent” review of the role vulture funds should play in Irish society, if any.
“Many of these funds are simply driven by greed to flip the properties as quickly as possible with existing tenants often needlessly forced from their homes,” he said.
Overall, the number of those mired in such long-term arrears remains stubbornly high with thousands of homeowners likely to never escape arrears.
According to figures released by the Central Bank, the number of borrowers 720 days or more behind on their repayments fell by just 559, or 1.5%, in the first three months of the year. By the end of March, 35,792 borrowers were still in such long-term arrears.
© Irish Examiner Ltd. All rights reserved