Sunday 23 July 2017

Loan sale puts borrowers, not tenants, in firing line

Nama is trying to sell one of its biggest loan books to date. Projects Emerald and Ruby will also be among the weakest loan books it has put up for sale.
Nama is trying to sell one of its biggest loan books to date. Projects Emerald and Ruby will also be among the weakest loan books it has put up for sale.
Peter Flanagan

Peter Flanagan

Poor old Nama. For months it has been preparing to sell two portfolios of loans known as Project Emerald and Project Ruby. And when the sale starts, it happens to be the same week that it is being claimed that a number of tenants are being evicted from their homes within months of a so-called "vulture fund" buying loans secured against their houses.

It is important to note that Nama has had no involvement in the Tyrellstown controversy whatsoever.

The problem for the agency is timing. Just as scary headlines about vultures and nasty US investment funds were being splashed across weekend newspapers, Nama is trying to sell one of its biggest loan books to date. Projects Emerald and Ruby will also be among the weakest loan books it has put up for sale.

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