Gerry Horkan (Fianna Fail) | Oireachtas source

Some people are frustrated because they hear stories of 60%, 70% or 80% write-downs while their loan is sold for a fraction of what they might be able to pay for it, their home is then repossessed and they are put out on the street. The State then ends up having to rehouse them in some way or other. The vulture fund gets the property and flips it for double or triple what it paid the bank for it and everybody seems to lose, apart from the vulture fund. The bank loses because it may have got more money from the individual householder than it got from the sale of a loan at a discount in a large portfolio.

There is less grief and fewer individual transactions but is it not worth considering these one by one or at least allowing people to know they are in a portfolio sale? Are they told in advance of the sale?