Brendan Burgess
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An excellent article by Eoin Burke-Kennedy in the Irish Times
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www.irishtimes.com
... it’s silly for ministers for finance and regulators to repeatedly insist that borrowers will be treated equally or won’t suffer financially from having their loans transferred to these third-party funds. This is patently rubbish and the new interest rate environment proves it.
...
The same question [whether they would prefer their own mortgages to be held by a vulture fund or a mainstream bank.] was later posed to then minister for finance Paschal Donohoe, who insisted the current code of conduct, in relation to how mortgage holders are treated, travelled with the loan and therefore protected “everyone equally”.
“I would be happy for my mortgage to be held by anybody that supplies mortgages in the country at the moment,” he said, adding that the “evidence shows that protections are in place and that citizens are treated equally”.
Vulture funds don’t treat borrowers the same as banks, so why did our leaders say they do?
Regulators and ministers claimed that all borrowers would be treated equally, but the recent hike in interest rates suggests otherwise
... it’s silly for ministers for finance and regulators to repeatedly insist that borrowers will be treated equally or won’t suffer financially from having their loans transferred to these third-party funds. This is patently rubbish and the new interest rate environment proves it.
...
The same question [whether they would prefer their own mortgages to be held by a vulture fund or a mainstream bank.] was later posed to then minister for finance Paschal Donohoe, who insisted the current code of conduct, in relation to how mortgage holders are treated, travelled with the loan and therefore protected “everyone equally”.
“I would be happy for my mortgage to be held by anybody that supplies mortgages in the country at the moment,” he said, adding that the “evidence shows that protections are in place and that citizens are treated equally”.