Mr. Edmund Honohan:

I would have to impose on the mortgagee a requirement to give the option to purchase to the co-op. One might say that is tinkering with property rights but there is no damage to a person who has already expressed a view that he wants to sell a property in being told he must ring a particular individual who handles the purchases. That is not an interference with his property rights particularly as the person he is contacting in the co-op may or may not make an offer and the vendor may or may not refuse the offer.

The mechanism is simply an informational contact, which will secure the property, if I can put it that way, in terms of possession rights for the occupants while the co-op makes its decision.