Repossesion bid by 'vulture fund' gets thrown out
A judge has thrown out a bid by a so-called "vulture fund" to repossess a couple's home after they discovered an error in Bank of Scotland's sale of their €170,000 mortgage to American-owned Tanager Limited.
Judge Jacqueline Linnane's decision to strike out Tanager's re-possession proceedings in the Circuit Civil Court may have a knock-on effect for attempts to take back other homes in mortgage arrears.Tanager Limited, of Grand Canal Quay, Dublin, is an American-owned private equity fund that snapped up more than 2,000 distressed home loans from Bank of Scotland Ireland in 2010.
When Michael and Ann Reilly, of Kilclare Avenue, Tallaght, Dublin 24, found out Tanager was seeking a court order for possession of their home on the basis of a default in repayments, Mr Reilly started probing the transfer of his mortgage to Tanager. He discovered his loan was with the Governor and Company of the Bank of Scotland which had been dissolved at the time. He had then been asked to sign a form to signify his mortgage was with Bank of Scotland Plc before it sold its distressed loans to Tanager.