Banks accused of ‘washing hands’ of problem mortgages

Banks have been accused of washing their hands of mortgage problems and of treating borrowers and families like commodities.

Transport Minister Shane Ross made the remarks as he hit out over Ulster Bank’s sale of over 5,000 home loans to the American vulture fund Cerberus for €1.4 billion. This follows the sale of 7,400 private home loans by Permanent TSB to Start Mortgages, an affiliate of US firm Lone Star.