Vulture fund tried to buy 40k distressed mortgages

Vulture fund tried to buy 40k distressed mortgages

Government rejected plan for ‘systemic solution to resolve residential mortgage non-performing loans’ crisis in Ireland

The vulture fund BlackRock was among those who considered joining a venture to buy the loans of Ireland’s 40,000 most distressed mortgage holders from state-owned banks, documents from the Department of Finance show.

The US distressed investor Aspen Capital Solutions planned to enlist BlackRock, as well as McKinsey’s distressed investment arm, to work with it on the proposal. It pitched the deal to finance minister Michael Noonan’s department over several months, Freedom of Information documents...

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