Irish Nationwide mortgage holders face being ‘thrown to the wolves’

Mortgage holders tied to loans with Irish Nationwide face being “thrown to the wolves” or unregulated firms and left without financial protection, it has been warned.

Fianna Fáil announced details of a bill yesterday to extend rights to borrowers if the loan books of banks are sold, which TDs said would take a number of small legislative changes.

However, one Government TD said any universal promise to protect borrowers whose loans are sold on may be legally unsound and leave the State open to compensation claims.