Mortgage arrears expert David Hall said Finance Minister Paschal Donohoe should ‘wake up and smell the coffee’ over the issue
Calls have been made to kick vulture funds out of Ireland.
Struggling mortgage holders should have their loans snapped away from greedy vulture funds and given to proven Irish debt solution experts instead.
They should be chased out of Ireland “like the snakes that they are” and the “vulture lovers in Government like Paschal Donohoe should take note.”
This is the call from mortgage arrears expert David Hall who has announced he has found fixes for nearly 600 families – in just one year – who were in desperate arrears and facing possible eviction from their homes.
He added that Mr Donohoe should “wake up and smell the coffee” and realise that there is no need for vulture funds to be operating here.
Mr Hall has exceeded his target of 500 homeowners he hoped to help in a year through his new voluntary organisation i-Care, and he is now calling on the Government to support more homegrown problem debt solvers like the experts he has on board.
The Irish Mirror has long campaigned against the cavalier attitude that the Government shows to banks who are willfully selling off thousands of homeloans to the unscrupulous vulture funds.
Mr Hall is offering one reasonable alternative solution.
He said: “the success of his housing body i-Care has sent a clear signal to the Government that they should back Irish solutions to mortgage arrears ahead of the vulture funds route.”
“A year ago, i-Care promised a new scheme, funded by AIB, would enable 500 families in mortgage arrears to stay in their homes.
We can today announce that our first 19 mortgage arrears early movers have secured their keys.
“But more significantly deals have been agreed across all the banks to keep a further 571 families in their homes – and a further 250 are on the next applications list.
“We have essentially kept six hundred families and two and a half thousand citizens off the social housing list and enabled them to stay in their homes.”
i-Care is a not-for-profit housing company set up by Mr Hall a year ago dedicated specifically to the resolution of troubled mortgages arrears, targeting those who are in long term distress and qualify for social housing support.
They work in partnership with AIB, the government, the IMHO (Irish Mortgage Holders Organisation) and other banks.
Under their agreed process, a house in Mortgage Arrears is sold to i-Care at current market value and I-Care then rent the house back to qualifying owners, with options to buy back your home again in the future.
Mr Hall said: “This proves that an Irish solution to the Irish problem of mortgage arrears does exist.
“The vulture lovers in government, Paschal Donohoe and the Department of Finance, should take note.
“We do not need vultures to clean up our housing mess.
“We can do it in a socially responsible way that protects decent people who have ended up in a devastating place through no fault of their own.
“This is a sophisticated and complex scheme which has no place for chancers.
“We are thorough in the business of protecting Irish citizens and families.
“Our results should inspire the government to follow the example of St Patrick and the snakes and chase the vultures out of Ireland.
“Paschal, Leo and the government should wake up, smell the coffee and stop cosying up to vultures and protect its own or we will see serious social unrest.”