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Clip wings of vulture funds now; COMMENT Park House, 191 - 197 North Circular Road, Dublin 7 Tel: 01 868 8600, Fax 01 868 8626,

EVICTING a family from their home is abhorrent to the vast majority of Irish people - throwing thousands of them out on to the street is a national disgrace.

Worse still, the Government must take much of the blame for the threat of eviction hanging over thousands of people who fear they will lose their homes to vulture funds.

Two years ago Central Bank governor Patrick Honohan said he was very unhappy about the sale of mortgage books to investors and highlighted the consequences for tenants.

But the Fine Gael and Labour Coalition persisted and allowed the sell-off.

This saw property portfolios worth tens of billions of euro pass into the hands of vulture capitalists for a fraction of their true value.

The Government also failed to enact new laws which might have given tenants some protection when the so-called investors deemed it was time convert family homes into a fast buck.

The disclosure that the Government has not responded to a [euro]5billion loan offer for social housing from the Irish League of Credit Unions will only reinforce claims the housing crisis was not a Coalition priority.

This and the refusal to force the lenders to cut mortgage rates would indicate the Government was determined to ensure the housing market remained the preserve of banks.

This kowtowing to institutions which wrecked the economy must stop and laws are needed to protect homeowners from these vultures.

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Publication:The Mirror (London, England)
Date:Mar 19, 2016
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