Dublin South West TD, Se\u00e1n Crowe, has called on the government to stop incentivising vulture funds and said that the vultures need to have their wings clipped and their activities reined in.<\/p>\n
The Sinn F\u00e9in TD described the current attitude of these funds towards ordinary people as \u201ccallous and uncaring\u201d and he stated that some vulture funds are demanding full payment of loans from borrowers within seven days of notice, failing to provide any alternative arrangements.<\/p>\n
Deputy Se\u00e1n Crowe said<\/p>\n
\u201cThe government has designed a tax system that incentivises vulture funds to buy loans which banks are more than happy to offload, despite the dire consequences for those borrowing.<\/p>\n
\u201cUlster Bank in particular has had a particular fondness for selling off these loans to vulture funds. Last year it sold a portfolio of loans known as \u2018Project Scariff\u2019 worth \u20ac1.6 billion to a vulture fund called Promontoria Scariff.<\/p>\n
\u201cThat portfolio consisted of approximately 3,600 owner-occupier loans and mortgages secured to 2,900 buy-to-let properties.<\/p>\n
\u201cA company called \u2018Cabot Financial Ireland\u2019 is now administering these loans and dealing with borrowers.<\/p>\n
\u201cMy Sinn F\u00e9in colleague Pearse Doherty TD told me that he has received correspondence in recent days from two borrowers who are behind by small amounts – around \u20ac3,000 in each case. The vulture fund is now demanding full payment, not in respect of the arrears, but full payment of their loans within seven days.<\/p>\n
\u201cThis is wrong on so many levels. They are being callous and uncaring in not making any attempt to facilitate an arrangement with the borrowers. The prospect for the tenants in these properties will be a notice to quit and eviction by the courts.<\/p>\n
\u201cThey will then need somewhere to live. It is utter chaos and it runs rough shod over any level of common decency.<\/p>\n
\u201cAll of this is a direct consequence of government policy and the government rolling out of the red carpet for vulture funds<\/p>\n
\u201cThey can effectively do this and get away with it because they know that this government made up of Fine Gael and Independents, and propped up by Fianna F\u00e1il, will do nothing to stop them.<\/p>\n
\u201cIt is precisely because of the actions of companies like Cabot that people rightly fear vulture funds and fear for their homes.<\/p>\n
\u201cThe government needs to stop incentivising vulture funds. It is long past the time for the vultures to have their wings clipped and their activities reined in.<\/p>\n
\u201cVulture funds moving to the final option without any genuine engagement with borrowers is wrong and needs to be stopped.\u201d<\/p><\/blockquote>\n
ENDS<\/p>\n","protected":false},"excerpt":{"rendered":"
Dublin South West TD, Se\u00e1n Crowe, has called on the government to stop incentivising vulture funds and said that the vultures need to have their wings clipped and their activities reined in. The Sinn F\u00e9in TD described the current attitude of these funds towards ordinary people as \u201ccallous and uncaring\u201d and he stated that some […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[42,400],"tags":[],"class_list":["post-3814","post","type-post","status-publish","format-standard","hentry","category-housing","category-vulture-funds"],"_links":{"self":[{"href":"http:\/\/seancrowe.ie\/home\/wp-json\/wp\/v2\/posts\/3814","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/seancrowe.ie\/home\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/seancrowe.ie\/home\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/seancrowe.ie\/home\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/seancrowe.ie\/home\/wp-json\/wp\/v2\/comments?post=3814"}],"version-history":[{"count":1,"href":"http:\/\/seancrowe.ie\/home\/wp-json\/wp\/v2\/posts\/3814\/revisions"}],"predecessor-version":[{"id":3815,"href":"http:\/\/seancrowe.ie\/home\/wp-json\/wp\/v2\/posts\/3814\/revisions\/3815"}],"wp:attachment":[{"href":"http:\/\/seancrowe.ie\/home\/wp-json\/wp\/v2\/media?parent=3814"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/seancrowe.ie\/home\/wp-json\/wp\/v2\/categories?post=3814"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/seancrowe.ie\/home\/wp-json\/wp\/v2\/tags?post=3814"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}