Hanging our own out to dry
These companies bought the mortgages from the special liquidators KPMG at a huge discount of several billion euro, again courtesy of a lazy and uncaring Government and ultimately the Irish taxpayer. We are not told precisely, of course, by how much our money was discounted, due to ‘commercial sensitivity’.
The most appalling and callous aspect of this deal was that the owners of these mortgages were not afforded an equal opportunity by their Government to buy their own loans to ease their distressed financial state; it is almost certain that many will lose their homes as a result.
The modus operandi of the new owners will be to relentlessly chase the unfortunate mortgagees for the full amount with little or no compliance with the Code of Conduct on Mortgage Arrears, pocketing huge profits in the process. There will be little or no sympathy from the Government for the dire consequences that will follow.
What is also disturbing is the almost complete failure of the media to report on or highlight the injustice of the matter. Not a peep as usual from the top brass of the trade unions even though many of their own members are affected. God be with the days when the Catholic Church would raise its voice but no more.
Meanwhile, rumour has it that the champagne corks were popping in euphoric self-congratulation at the Department of Finance and at the offices of the special liquidator, KPMG, at what was touted by Michael Noonan as a hugely successful and efficient outcome.
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