Friday 15 November 2019

Casey getting head start with staff for flood of repossessions

NEW START Mortgages Ireland chief executive Alan Casey is taking a proactive approach towards his new role at the country's biggest subprime lender.

Since joining Start at the end of June, Mr Casey has made a concentrated effort to gauge the views of virtually all of his new employees, right down to the lowliest assistant. He does this through regulator breakfast brainstorming sessions with staff.

There's no doubt that a hands-on approach to his staff is the right one, given that their workload is about to get much bigger. The enacting of the Land and Conveyancing Act will finally close a repossessions loophole that was opened in a court case involving, you guessed it, Start Mortgages.

The law has been welcomed by lawyers, banks and the troika – less so, unsurprisingly, by borrowers. It will give mortgage lenders absolute legal certainty in an area that has until now been cloudy. An unprecedented number of repossession actions looks likely – meaning lots of work for Start staff, who oversee a book of mortgages of which an estimated 70pc are in trouble.

Irish Independent

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