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Wednesday 21 October 2020
The Central Bank said this evening that there was no impediment to providing the three-month payment breaks.
90% of the loans due to be sold are family homes – about 3,200 accounts.
Taoiseach has said it is now time for to review the tax treatment of vulture funds.
In an interview with TheJournal.ie this week, the Taoiseach said he understood the intent behind Sinn Féin’s No Consent No Sale Bill.
The Central Bank is aware that a regulated entity has written to a number of buy-to-let borrowers in arrears.
Corporate investors known as so-called ‘cuckoo funds’ have spent over €1.1 billion on nearly 3,000 residential properties in Ireland last year
Strict new coronavirus measures are coming into effect – here’s what they mean for you.
The minister said the Sinn Fein Bill to give mortgage holders the power to block the sale of their loans to vulture funds is unconstitutional.
Officials were quizzed about their assertions the Bill is unconstitutional and would result in higher mortgage interest rates.
Sinn Féin’s No Consent, No Sale Bill aims to puts the code on a statutory footing.
The report states that “landlords have become faceless corporations wreaking havoc with tenants”.
Edmund Honohan has said there are many similarities to be drawn with the Apple case being taken.
Fianna Fáil TD John McGuinness told the Taoiseach that people are crying out for help.
The Bill puts into law what already exists at the moment as a voluntary Central Bank code
A proposed new EU Directive aims to develop a secondary market for non-performing loans and poses a serious threat to the rights of borrowers and consumers, writes Matt Carthy.
Edmund Honohan urged the Fianna Fáil leader to support a piece of legislation he wrote that is currently before the Dáil.
Unregulated loan owners hold 17% of all mortgages in arrears over 720 days.
Last week, PTSB bank bosses confirmed that the ‘special purpose vehicle’ which more than 6,000 of its mortgages have been transferred to will be exempt from tax.
Finance Minister Paschal Donohoe said there will be no change to the code of conduct, as it is working effectively.
Tens of thousands of people are still feeling the effects of the mortgage crisis ten years later.
Last month, PTSB sold its controversial Project Glas loan portfolio to an affiliate of the so-called vulture fund Lone Star for around €1.3 billion.
Sinn Féin’s finance spokesperson Pearse Doherty said a full committee session should be dedicated to the loan book sale.
‘Mary’ has been out of work since her cancer diagnosis. She had no idea her mortgage was to be sold to a vulture fund.
Questions have been mounting as to where Finance Minister Paschal Donohoe is in the midst of this summer’s vulture fund sell off.
In an interview with TheJournal.ie, Shane Ross also says the government needs to have more of a say in State-owned banks.
A total of 7,400 are owner-occupier mortgages, while 3,300 are buy-to-let properties.
Around 3,600 of the mortgages are private dwellings that have fallen in arrears.
The IFA has been contacted by around 200 farmers impacted by the issue so far this year.
Councillors have said the direction from the Department of Housing is an attempt to undermine local democracy.
Housing charity Threshold says numerous renters had contacted it over problems with vulture funds and receivers.
The protesters accuse the bank of putting the lives of people in almost 20,000 households in jeopardy.
The utilisation of State land for affordable rental properties and the regulation of vulture funds is to be debated in the Dáil.
The Central Bank is to review their code of conduct for how financial institutions deal with those in mortgage arrears.
The bank recently announced it is to sell off a €3.7 billion portfolio of non-performing loans, including mortgages 14,000 private dwelling homes.
With tens of thousands of mortgage holders potentially facing vulture funds, we spoke to some people who’ve been through it already.
Ulster Bank said today that it would be looking to offload around 7,000 mortgages on top of PTSB’s proposed 18,000.
Sinn Féin’s Pearse Doherty said the bank has been asked to appear before the Oireachtas Finance Committee next week.
PTSB, which is 75% State owned, has been defending its plan to sell off a book of non-performing loans.
The proposed sell-off has become the subject of a political battle in recent days.
PTSB, which is 75% owned by the State, states it is selling off non-performing loans.
Pentire Property Finance is a subsidiary of US investment giant CarVal.
WITH LEVEL 5 restrictions coming into effect at midnight until 1 December, many businesses will be forced to close for the next six weeks.
Of course, many Irish businesses have an online presence and in the run-up to Christmas will rely heavily on support here at home.
As the festive season approaches we want to know: Will you make an extra effort to ‘buy irish’ this Christmas?
Poll Results:
Share your story: voices@thejournal.ie
Lecturer Maeve O’Rourke analyses the government’s nine main arguments in relation to the Bill.
This week, a home cook and recent sea swimming convert talks us through her week.
Some sun, then clouds, spotty showers
Max: 13 °C
Min: 6 °C
Cool with a blend of sun and clouds
Max: 10 °C
Min: 6 °C
Clouds and sun with a couple of showers
Max: 10 °C
Min: 6 °C
