State supports banks’ spin on troubled loans

Data from Ulster Bank’s sale of mortgages to Cerberus shows the majority of those in long-term arrears are not non-engagers or uncooperative. They simply can’t pay

There has been some commentary around banks and vulture funds repossessing family homes, but exceptionally relevant information has been left out of the commentary. Vultures will swoop aggressively with family homes in the same way they did with commercial property.

Vultures were welcomed here with open arms when, in 2013, under then Minister for Finance Michael Noonan, IBRC mortgages were sold to Oaktree Capital under their vehicle Mars Capital. Since then, funds have ...