Vulture funds swoop on 13,000 distressed mortgages

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.