Wednesday 26 November 2014

Government under pressure to protect Irish Nationwide mortgage holders

Fianna Fail publishes proposed legislation aimed at protecting mortgage holders

Charlie Weston Personal Finance Editor

Published 13/02/2014 | 11:54

The former Irish Nationwide headquarters in Dublin
The former Irish Nationwide headquarters in Dublin

MORE pressure is being put on the Government to protect mortgage holders who took out their loans with the old Irish Nationwide Building Society.

Fianna Fail has published proposed legislation aimed at protecting the mortgage holders if their loans are sold to unregulated third parties.

The 2014 Protection of Residential Mortgage Account Holders Bill is being published ahead of the imminent sale of IBRC mortgage assets. The mortgages were moved into IBRC along with Anglo loans. But IRBC is being liquidated by KPMG.

The Irish Nationwide mortgage book is due to be sold, which would mean that the homeowners would not be covered by Central Bank protections. 

When the IBRC was liquidated a year ago, the building society’s residential loan book, along with office furniture and paintings, were put up for sale on behalf of the State by the special liquidators.

There are some 13,250 mortgages that were originally taken out with Irish Nationwide, but were later moved into IBRC.

Around half of these mortgages are in arrears.

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