RENUA Ireland has warned the government it must; ‘’show courage and take on the gathering shadow of the Vulture Funds across Ireland.
The party Leader Cllr. John Leahy states
We all as politicians have seen the consequences of Mortgage Arrears breakdown.
Now, at a time where Ireland is supposed to be recovering thousands of families are to be thrown to unregulated Vulture Funds by a state supported PTSB bank.
It is unconscionable that in any civilized society that this can be allowed occur.
The government and the Central Bank should not be allowed to stand idly by.
There is neither logic nor morality behind any of these acts.
Banks who are as culpable of bad lending as borrowers were of engaging in unwise borrowing are now selling people’s homes for maybe 10 cents or 20 cents in the euro depending on the quality of the loans, to a group of people who will look for 100%.
Yet the people who own these homes cannot bid for these homes.
Why are banks selling off loans for houses when there is a housing crisis centred on supply?
At a minimum they appear to be defaulting on their responsibilities to
The state which bailed them out
Their own shareholders
Their responsibilities to their customers
Their responsibility to society … which they have even if it comes as news to them.
This is not just a financial disgrace. It is a moral abyss.
Once again ordinary people are, for convenience, being abandoned by the age-old Troika of the government, the Central Bank and the banks.
The government has once again outsourced its responsibilities … this time to Vulture Funds.
It is time they got off the fence and shouted stop’’.