New act clips vulture funds’ wings – a little
But consumer protection law has to be careful to balance competing objectives in equitable manner
It’s about a year now since there were reports in the media of the potential perils for borrowers of so-called vulture funds, and the Consumer Protection (Regulation of Credit Servicing Firms) Act 2015 is the government’s response to those concerns.
The unregulated vulture funds purchased portfolios of mortgage and other loans from regulated Irish lenders. This activity raised concerns that Irish borrowers would lose the protection of the Central Bank’s various codes...
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