Quotes from David Hall Sunday Business Post August 19th, 2018

Quotes from David Hall Sunday Business Post August 19th, 2018

Data from Ulster Bank’s sale of mortgages to Cerberus shows the majority of those in long-term arrears are not non-engagers or uncooperative. They simply can’t pay

‘’There has been some commentary around banks and vulture funds repossessing family homes, but exceptionally relevant information has been left out of the commentary.

Vultures will swoop aggressively with family homes in the same way they did with commercial property.

Vultures were welcomed here with open arms when, in 2013

Since then, funds have focused on the commercial property market, and billions of euro worth of properties and sites have been bought and sold.

When vultures bought here, they did so without offices, staff, lawyers but many, miraculously, had charitable status.

Vultures are self-confessed predators that take advantage of a financial crisis.

They don’t care about any housing or homeless crisis.

There are very few areas in the world where a vulture fund has bought commercial and residential property where the prices have increased to the levels seen in Ireland.

Those who understand the complexities and the activities of funds will understand they have not really started seeking to repossess homes.

Te vultures’ focus on commercial property over the past few years {means} they are only now turning to address the family homes they have purchased or are in the process of purchasing.

The Central Bank does not require regulated entities including vultures to state the number of types of restructures they do.

So, a fund can list, say a split mortgage on their website as a solution, but don’t mention they have only done two, and those as part of a court-mandated personal insolvency arrangement.

There is no transparency {and} in any event the Code of Conduct for Mortgage Arrears does not require any solution to be provided by banks, vulture funds or their agents.

The issue is affordability.

No vulture can help these people.

The state has failed to plan for the tsunami of home repossessions that’s ahead.

Banks are simply outsourcing home repossessions.

Ulster Bank’s data is beginning to show the cracks in the bank and vulture-lovers’ spin. The majority of those in long term arrears are not non-engagers or uncooperative. They simply can’t pay.

There has been a clear avoidance of the truth relating to the numbers of people engaged with banks who can see they can’t pay.’’