Dublin South West TD, Seán Crowe, has described Permanent TSB’s sale of nearly €300 million worth of loans, including 1,422 private homes, to Start Mortgages and their US affiliate Lone Star, as unacceptable and wrong.
The Sinn Féin TD said the PTSB, of which the Government is a majority shareholder, has taken the easy option rather than find long-term solutions with families. He called for the prioritisation of Sinn Fein’s ‘No Consent, No Sale Bill’ which would ensure banks could not sell mortgage loans without the consent of the borrower.
Deputy Seán Crowe said:
“Unfortunately, Permanent TSB are yet again opting for the easy option by selling out Irish families to the vulture funds. There are thousands of families who have faced or are facing the sale of their loans to vulture funds and the government is doing nothing to stop it.
“This sale by PTSB follows the sell-off of over 10,000 family homes by the bank to the same fund last year.
“No loan is safe under the current rules. Sinn Fein’s ‘No Consent, No Sale’ Bill must be prioritised immediately to protect consumers and families in the face of further sell-offs.
“This legislation would ensure that banks cannot sell on loans without the consent of the borrower. Unless this bill or similar legislation becomes law, families will continue to fall prey to the vultures.
“There are alternatives to this great Irish sell off. Banks like PTSB can work with borrowers rather pursue a sell off of Irish assets and their sell-out of Irish families and tenants.
“Attempts by Fine Gael and Fianna Fáil to obstruct the passage of the No Consent Bill only empowers the banks and emboldens the bad behaviour of vulture funds at the expense of families.
“This latest sell off is wrong and unacceptable. It is another new low for PTSB and appalling news for customers, tenants, and distressed home borrowers.”