Ulster Bank under fire as he sells 5,200 mortgage to Finance a vulture

  • Ulster Bank under fire as he sells 5,200 mortgage to Finance a vulture
    Independent.t. E.
    More than a thousand mortgage loans sold by the Bank for inclusion in the CIP Fund.

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More than a thousand mortgage loans sold by the Bank for inclusion in the CIP Fund.

Us firm Cerberus purchase of 5,200 mortgage from Ulster Bank, which have a nominal value of €1.4 billion.

The movement is set to spark renewed dispute with the Bank accused of outsourcing its problem loans.

It comes just weeks after the controversial sale of thousands of permanent TSB mortgage loans, another American Fund, the vulture, Lone Star.

Ulster Bank reported that half of the portfolio of non-performing loans consisted of mortgage loans with other all allows. 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, account holders 49 missed payments.

The Bank said that seven out of 10 mortgage holders entered into debt at least seven years ago. The average debt on each mortgage investor is €32,000, Ulster Bank said.

The banks were so-called selling of non-performing loans because 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.

The bill, which defended the “Fianna the file” Michael McGrath, is in its final stage in Parliament.

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

The Bank said: “Ulster Bank is now able to confirm that he agrees to the conditions 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 LP.

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

“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 was giving affected customers within 90 days of sales instead of 60 she had to provide.

David Hall organization of the Irish mortgage holders said that over the past two weeks have seen unprecedented sales of vulture funds family homes in arrears.

“Many politicians, bankers and the Central Bank was in denial as to the level of those who can’t pay their mortgages, and they stood aside while the banks to humiliate ordinary hard-working families that are not their fault, can’t pay their mortgages.

“When the banks were in a quandary States have rushed to their defense. This does not apply to a simple mortgage holders. They were thrown to the wolves,” Mr. Hall asserted.

Mr McGrath accused the Ulster Bank outsourced its dirty work to the Fund of vulture us.

“What tools Cerberus to have at its disposal for dealing with these loans that Ulster Bank is not?

“The bottom line is banks and the government just wash their hands,” he said.

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