Pearse Doherty (Donegal, Sinn Fein) | Oireachtas source

We have touched on this issue previously. The question relates to the cohort of around 114,000 individuals who have mortgages with the vulture funds. The issue is the code of conduct on mortgage arrears. The Minister gave me an answer last week suggesting that they could look at alternatives or could move to a different mortgage provider but these people have no alternative. These vulture funds do not offer fixed rates or split mortgages or go through the waterfall of restructuring options, which means these people only have one option. When they get a letter from the funds - and many have received four letters over the past six months - they have nobody to talk to. The code of conduct on mortgage arrears is useless to these people. We cannot allow this situation to fester. We are talking about 114,000 people and I am asking for Government intervention to support them.

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