Indo: Central Bank "throws families to the wolves" - Brendan Burgess

[Brendan Burgess]

Central Bank ‘throws families to the wolves’

AROUND 100,000 mortgages sold to vulture funds are now being hit by some of the highest mortgage rate hikes in the country.

www.independent.ie

I had thought I had said "thrown to the vultures"?

100,000 people face huge rate hikes after loans sold to vulture fund

AROUND 100,000 mortgages sold to vulture funds are now being hit by some of the highest mortgage rate hikes in the country.

Borrowers must pay interest as high as 7pc while being denied the option to lock in to lower fixed rates.

Consumer advocate Brendan Burgess accused the Central Bank of “throwing these people to the wolves” and said people whose loans were sold were now “mortgage prisoners”.
....

Mr Burgess said people whose loans were sold are “mortgage prisoners”.

He claimed the Central Bank forced the main lenders to sell any loans where full payments were not being made, including split mortgages.

“I was appalled at the time when the Central Bank forced Permanent TSB to sell perfectly good split mortgages to Pepper.

“The Central Bank just completely ignored the interest of the borrowers involved.

“Those customers are now paying 6.5pc and higher, when they could have fixed with PTSB at 3pc,” Mr Burgess said.

 

[MrEarl]

Bobby Kerr discussing on Newstalk, "Down to Business"... Start Mortgages got a special mention.

I wonder if a variation of that show, with the emphasis on consumers, and in particular financial services, would work? It would most likely see the presenters calling out the Regulator, and / or Government, on occasion, which they might not have the appetite for.

 

[CorkHome2022]

The following article was interesting as it shows so many are just simply embarrassed by the fact that they were sold to the funds .

‘We were never in arrears but now we have no rights to fix rate or switch – we’re at the mercy of the vulture fund who bought our mortgage’

Like many of those whose mortgages have been sold to a fund, Lorraine and her husband Tom feel trapped and at the mercy of vultures.

www.independent.ie

But even Charlie Weston himself had loans sold to the funds when his bank left the country at the start of the Banking Crisis .

There is probably a bigger problem out there in the post Covid World as many an account was put on accommodations during the pandemic .
So far I only see 2 people leading the charge on this

 

[CorkHome2022]

Regards the above , if your getting hit by these rate increases and your like us having switched to a Loan To Value with PTSB then get a complaint into the FSPO .
There was people lost their homes due to the tracker crisis and they were effectively forced into arrears by a breach of contract .
The more people complain the better , Brendan and Charlie can only do so much .
If your being put under pressure by the funds and this is going against the deal you had with PTSB or your original provider get working on your complaint now ... DONT LEAVE IT UNTIL ITS TOO LATE ... Or expect others to win a case for you.