Thousands of mortgage loans – worth €1.4 bn – sold by Ulster Bank to the Fund of vulture us

  • Thousands of mortgage loans – worth €1.4 bn – sold by Ulster Bank to the Fund of vulture us
    Independent.t. E.
    More than a thousand mortgage loans were sold to one of the leading banks in the CIP Fund.
    https://www.independent.ie/business/personal-finance/thousands-of-mortgages-with-a-value-of-14bn-sold-by-ulster-bank-to-us-vulture-fund-37210883.html
    https://www.independent.ie/incoming/article37194519.ece/8315d/AUTOCROP/h342/page17_property.jpg

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More than a thousand mortgage loans were sold to one of the leading banks in the CIP Fund.

Us vulture Fund cerberus has bought a total of 5,200 mortgage from Ulster Bank. They have a nominal value of €1.4 billion.

The move is set to spark renewed controversy.

Ulster Bank reported that half of the portfolio of non-performing loans constitute mortgage loans and half of buy-to-let mortgage.

He insisted that the portfolio does not contain any credits.

There are about 2,300 mortgage loans are sold, with the Bank saying that the average debt on these is €61,000 due to. On average, these account holders 49 missed payments.

The Bank said that seven of the 10 holders of mortgages entered into debt seven years ago.

The average debt on each mortgage investor is €32,000, Ulster Bank said.

Read more: KBC Bank Ireland sells a loan portfolio of €1.9 billion, and net income will fall by a third

The banks were so-called selling of non-performing loans, as they are under pressure from regulators to reduce the level of mortgage defaults.

But mortgage debt activists called for a halt to sales until the promised legislation for vulture funds regulated by the Central Bank on the spot.

Banks was accused of outsourcing the difficult job of dealing with those deep in debt, with many properties expected to be returned.

The Bank spokesman said “Ulster Bank can now confirm that he has agreed to terms for the sale of a portfolio of problem loans of€1.4 billion, as announced for sale in may the buyer is controlled by affiliates of Cerberus capital Management L. P.

“This portfolio does not contain any of the performing mortgage loans or any mortgage loans in the location”.

The press Secretary described the sale as a difficult decision and said that will come ten years after the start of the financial crisis and the further expansion of patience can not be saved.

“Not all mortgages are sustainable and we have to reduce the level of non-performing loans on the balance sheet. For mortgages that are not sustainable, additional patience is not to return them to the position”.

The Bank said it would give affected customers within 90 days of sale, instead of 60 days she had to provide.

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