Leitrim County Council Cathaoirleach, Cllr Paddy O’Rourke has voiced his concern following weekend media reports of a threat of repossession action by Mars Capital Ireland against a former customer of IBRC who had temporarily fallen into arrears.
“The Department of Finance has estimated that over 10,000 mortgages have been bought by unregulated entities. While these entities claim to be complying with the Code of Conduct on Mortgage Arrears, there is no way of verifying this,” said Cllr O’Rourke
“In reality, these unfortunate mortgage holders are left in a no man’s land situation relying on the goodwill of unregulated firms who are accountable to no Irish authorities.”
The Cathaoirleach said communication with the client in question would appear to be quite high handed and “certainly not in keeping with the spirit of the Code of Conduct on Mortgage Arrears”.
At the time, the sale of IBRC mortgages was being undertaken, Cllr O’Rourke was among those who warned that voluntary compliance was an inadequate response to the very genuine concerns of customers.
“This concern would now appear to be well founded and I am calling on the Government to proceed immediately with the necessary legislation, which already has been published, to protect these very vulnerable mortgage holders from these so called vulture funds practitioners,” he told the Leitrim Observer.