159. Deputy Cian O'Callaghan asked the Tánaiste and Minister for Finance the action he is taking to protect the rights of mortgage holders whose mortgages were sold to non-bank lenders after the crash; and if he will make a statement on the matter. [10058/26]

Sentiment score: 0.00

I want to ask about families who have had their mortgages sold to vulture funds. This has caused an incredible amount of stress and anxiety to people all over the country. These people are supposed to have the same rights as anyone else under the code of conduct on mortgage arrears, but this has not been the real lived experience of many people. What is the Government doing to ensure these mortgage holders’ rights are protected?

Sentiment score: -0.07

I am not sure that the Tánaiste understands the extent of the problem. I thank him for the answer he has given. The code of conduct on mortgage arrears is not being enforced. People go through absolute hell when their mortgage is sold on. The Tánaiste asked for an example and I will give him one. I spoke recently to a person who had their mortgage sold through the State-engineered Project Glas, despite the fact that according to Central Bank rules her mortgage was actually sustainable – it was in positive equity. It has since been sold again even though repayments were being made. She has faced serious data breaches, wrongful receivership and long regulatory delays. She has not even been able to find out if the latest vulture fund has lawful title to her home. She is now facing a repossession order and potential homelessness. I am asking the Tánaiste what he is actually doing about this. It is fine to have all these procedures in place but they are not being enforced and people are going to hell as they try to have the protections that should be applying to them applied.

Sentiment score: -0.14

The person who contacted me recently told me of how the cumulative impact has been devastating. She has lived for over a decade under constant stress and uncertainty with profound effects on her mental health and physical health, her family life and her ability to live with dignity in later life. She is now facing the risk of imminent homelessness. She has tried to go through the regulatory process. She has been on to the Financial Services and Pensions Ombudsman and so on. Having worked in an area related to this one, she has an ability to try to advocate for herself that a lot of people would not have, and she has still found it impossible. The reality for people is that they have experienced multiple breaches of regulations but every time they try to fight that, it is extremely difficult for them. They are faced with punitive interest rates that often mean they have effectively paid off the capital on their home and the normal interest rate but they are still stuck in a perpetual mortgage. I am asking the Tánaiste what he is going to do to address this.

Sentiment score: -0.15