Fianna Fáil set to block bank sale of distressed mortgages
So ... is this a good move by FF?Fianna Fáil is poised to block moves by a number of banks to sell off tens of thousands of mortgages, according to the Sunday Business Post.
The opposition party is set to invoke its confidence and supply agreement to prevent the sale of distressed mortgages to unregulated vulture funds.
The party is set to publish a bill which could put a halt to the likes of Permanent TSB's plans to sell 20,000 struggling mortgages.
Ulster Bank is also preparing to offload non-performing loans, and it is expected they will signal their plans to sell off more loan portfolios.
The Sunday Business Post report that AIB will look to sell off their distressed commercial and investment property debt by the end of this year, or early 2019.
As the article states, these are "struggling mortgages" .. probably a legacy of the 08 crash? .. STILL. So as harsh as it might be, should these mortgages be left go to sink or swim OR should state banks / the taxpayer effectively be left funding these indefinitely due to this FF move?
Of course one could be cynical and ask is this FF move purely because they are 11 points behind in the polls ..