Brendan Burgess
Founder
- Messages
- 53,431
Finance Minister Jack Chambers is urged to introduce rules to manage vulture funds
Finance Minister Jack Chambers has been called on to introduce rules to stop vulture funds acting in what has been described as an unfair manner with mortgage holders who are trapped with them.
www.independent.ie
I am glad to see someone taking on the issue, but he doesn't really understand it.
He claimed funds won’t offer proper write-downs and instead are only offering token write-offs of debt for those unable to meet their repayments.
Vulture funds do not offer fixed rates. Instead, many who are trapped with them are on variables with rates as high as 10pc.
Mr Troy asked his party colleague “if he will review the threat of vulture funds given their resistance to dealing with the original borrowers in a fair manner”.
Mr Troy’s Dáil question called on the minister to introduce an independent intermediary, who will be aware of what the vulture fund paid for the loan, in order to adjudicate what is a fair and reasonable write-down offer.