Good news for borrowers who had mortgages sold on to 'vulture funds'

There may be some good news for borrowers who have had their distressed mortgages sold on to so-called 'vulture funds'.

A new voluntary housing body could be in place by next summer to compete with non-banking organisations.

David Hall of the Irish Mortgage Holders Association

David Hall of the Irish Mortgage Holders Association is the man behind the idea and he's already had a favourable reaction from the financial community: "We’ve had a very robust and frank conversation and one or two of the banks were very blunt with me and were very honest with me and said there’s no point in having a go at us selling stuff to ‘vulture funds’.

"More or less one of them said you need to get up off your backside and create an alternative.

"They have a business to run, they have loans to sell, we’re now at a very vulnerable state, we have a legal repossession process that’s horrifically slow, very expensive and that expense goes on to clients as well."