Friday April 3, 2020

Central Bank says mortgage code 'working' for sold-off loans

The report, which focused on borrowers whose loans have been sold by the banks to so-called vulture funds, was commissioned by Finance Minister Paschal Donohoe

13th November, 2018
The Central Bank said that it is continuing to proceed with enforcement activities against a handful of banks, which will likely result in significant fines

The report was commissioned by Finance Minister Paschal Donohoe.

The Central Bank said the code was working as intended where borrowers struggling to repay their mortgages engaged with the process.

The code provides protection for mortgage holders who are in arrears, or at risk of falling into arrears. The Central Bank says the protection the code provides remains in place when loans are sold by the banks to unregulated firms.

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