Dara Calleary (Mayo, Fianna Fail) | Oireachtas source

I commend Deputy Michael McGrath on pursuing this issue vigorously over the course of the past six years. My time is limited. In the interests of transparency, my own mortgage is owned by a fund. I have toured through the correspondence. It is on its third ownership at this stage and I have had a tour of suburban business parks today to find the address of the particular intermediary that is dealing with me. I have never actually found the owner. I am lucky I have never had to engage with them. People who have had to do so, and legal professionals representing them, tell absolute horror stories. One hears of contempt for our legal process and our laws, complete inaction, and a lack of understanding on the part of this intermediary. It really has no interest. Its job is to manage the loan on a daily basis. The people who actually own the loan seem to be beyond any reproach. This is the importance of this Bill.

Among the worst elements is that the funds are buying the loans at a certain rate, much discounted from the actual loan. The person whose mortgage it is, however, is still being pursued for every last penny. It is the ultimate highway robbery. These funds are getting mortgages at a knock-down rate but the person whose house or family home it is, who is trying to live his or her life in that home, is being pursued for every last penny plus.

I came across one case at the weekend in which a family home has been sold and there is still a balance of €17,000. The family involved has gone into a housing assistance payment, HAP, scheme. The €17,000 is being pursued vigorously. That is what is happening because these guys think they are getting away with it.

We have to send out a message that this cannot happen to family homes. The Government has to accept Deputy Michael McGrath's legislation. He has been very fair in working with the Government on the changes that need to be made to the Bill. Let us do that before Project Glas proceeds.

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