Capitalism shown at its very worst - Vulture funds cash in

THE decision by the more aggressive vulture funds to evict rent-compliant tenants, and the post-election, re-energised efforts of some banks to pursue mortgage debts through the courts, will exacerbate a critical housing crisis. 

That such a socially reprehensible process is justified in the pursuit of profit, of maximising returns made on an investment — made possible only by our banking collapse and vulnerability — raises the most fundamental questions about our priorities. Last December the Peter McVerry Trust estimated that there were nearly 5,500 homeless people in Ireland.

Some of the 60 families already served with notices to quit their Tyrrelstown, Dublin, homes will join that list, a list that indicts us all and our lip-service about a decent society. Up to 200 families may lose their homes because of a deal between a heavily-indebted developer and Goldman Sachs. Tenants have been given, depending on how long they have rented the property, between a month and 112 days to quit their homes. Affordable accommodation is simply not available in the area. Familes would have to pay almost €500 a week for a basic three-bedroomed house, a rent that cannot be sustained on even two moderate incomes.