Banks happy to write down debt for vulture funds but not mortgage holders, says campaigner
A leading campaigner for mortgage holders has warned that vulture funds will not show any mercy to PTSB customers who have difficulty paying.
The bank is planning to sell off around 18,000 non-performing mortgages, including 14,000 home loans.
Fianna Fáil is demanding the introduction of legislation to protect people whose homes are bought by investment funds.
David Hall from the Irish Mortgage Holders Organisation says the PTSB sell-off is simply wrong.
"So the same banks are the ones now who issue press releases where they castigate and just put a generalisation across the board about the conduct of debtors," he said.
"They're wrong - they have failed to engage, they have ... an obsessive-compulsive disorder writing down debt, unless large vulture funds benefit from that write-down - then, they seem very happy to do so."
