Protesters fear 'vultures' will swoop on homes
Published 27/02/2014 | 02:30
IBRC mortgage holders have protested outside the Dail, voicing fears their loans will be taken over be a "vulture fund".
The group of some 80 or 90 homeowners displayed placards with slogans like: "Don't feed us to the vultures."
IBRC, formerly Anglo Irish Bank and Irish Nationwide, is being liquidated. At the moment, the IBRC mortgages are subject to Central Bank consumer protection. But the homeowners fear they will lose these safeguards if the mortgage book is sold to an unregulated fund from outside the State.
Half of the 13,246 mortgages are in arrears. Organised by a group called IBRC Mortgage Holders, the demonstration highlighted the deep concern felt among many homeowners.
"Where will these mortgages end up down the line?" asked father-of-four Jason Casey. He took out a loan from Irish Nationwide before it became part of IBRC.
A major concern is that mortgage holders' interest rates will be hiked by whatever firm buys the loans.