Government must block mortgage sales to vulture funds

Solidarity TD MICK Barry this morning slammed Ulster Bank’s decision to sell more than 5000 distressed Irish home loans to a vulture fund. 

 
He said the government’s refusal to block mortgage sales to vultures would open the door to homelessness levels well above the 10,000 rate.

Deputy Barry called on the State to intervene at Ulster Bank, Permanent TSB and KBC. He called for measures to be taken to secure state ownership of properties with severe arrears and the rolling out a mortgage to rent scheme. 
 
The Cork North Central TD warned that these measures are necessary to prevent “an explosion in homelessness” by renting to those who cannot repay mortgages.
Mick Barry TD said “The Government’s refusal to intervene and block the sales is tantamount to them folding their arms and giving the nod to banks to continue.
 
 “This will inevitably push homeless numbers in the State to a level not seen before.
 
Shane Ross has this morning criticized the banks. But Shane Ross isn't a spectator here, he's a Minister who could insist that the Government intervenes. If he doesn't do precisely that his words will be rightly seen as simply so much hot air."
 
He said: “Vulture funds are only interested in making as much profit as quickly as possible by selling these properties at higher prices. 
 
“The decision by Ulster Bank, PTSB and KBC to sell them is going to result in more children sleeping in Garda stations. 
 
“Now is the time for action. The government must introduce a mortgage to rent intervention scheme to prevent evictions and a spike in homelessness.  
 
“The Government have failed the Irish people month in, month out on the housing issue but if they kowtow to the markets and refuse to act on this issue it may well be their biggest betrayal yet.”

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