Stephen Donnelly: An outrageous act of vandalism and sheer stupidity
Why won't Coalition let families bid on mortgages instead of selling them off abroad at half price?
The Government is about to throw 13,000 Irish families to the vultures.
In just a few weeks, their mortgages, taken out with Irish Nationwide Building Society, are to be sold to the highest international bidders. But the Government, in an act of raw stupidity and vandalism, is expressly forbidding the families from bidding for their own loans.
The mortgages will be sold off in batches of several thousand, and bought by foreign fund managers, eager for a home for their clients' money. The performing mortgages will be bundled together and sold at a discount of about 10 per cent. The less attractive ones, like those in arrears or serious negative equity, could be sold at discounts of 50 per cent or more.