Time to clip vulture funds' wings
Vulture funds must agree to abide by rules protecting consumers before they are allowed to buy INBS mortgages, writes Donal Donovan.
Recently announced plans by the IBRC liquidator to sell the INBS-related loan book, involving some 13,000 borrowers, to international bidders has prompted widespread public controversy.
The mortgages are intended to be sold over the next few weeks in packages at discounts reportedly ranging from 10 per cent to more than 50 per cent, depending on the degree of performance of the loans. For practical and legal reasons, this approach is considered more feasible ...
