Pearse Doherty (Donegal, Sinn Fein) | Oireachtas source

Since the report there has been a doubling of the number of family homes sold to vulture funds. We discussed this matter with the Central Bank last week. MABS, which is involved now, or the Irish Mortgage Holders Association or the Free Legal Advice Centre, are all telling us a very different story. Those organisations are saying that this is not good. In 75% of cases they say that customers have reduced options as a result of having their mortgages sold to a vulture fund. The doors have to be closed. The banks are lining up to sell, and the vultures are hovering, ready to pick on the carcass of the economic catastrophe that happened in this State. We, as legislators, have a duty to protect citizens and to do that in a balanced way. Putting the code of practice, which has been in place for 28 years, on a statutory footing is the correct way to deal with that.