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13/02/2014
FF Publish Mortgage Protection Legislation
Legislation to protect mortgage holders whose loans are sold to unregulated third parties has been published today by Fianna Fáil.
Launching the publication, the party's finance spokesman Michael McGrath said: "The issue is given particular urgency by the imminent prospect of the sale of the former Irish Nationwide mortgage book by the special liquidator of IBRC.
"As the law currently stands, customer mortgages can be sold to a third party who is not regulated by the Central Bank of Ireland. This would leave customers in a potentially very vulnerable position with regard both to mortgage forbearance and resolution issues and also possible increases in the variable interest rate they pay when their loans are sold. In the case of IBRC, there are 13,000 residential mortgages holders who could shortly find themselves in this situation."
The legislation will be brought before the Dáil.
(MH/IT)
Launching the publication, the party's finance spokesman Michael McGrath said: "The issue is given particular urgency by the imminent prospect of the sale of the former Irish Nationwide mortgage book by the special liquidator of IBRC.
"As the law currently stands, customer mortgages can be sold to a third party who is not regulated by the Central Bank of Ireland. This would leave customers in a potentially very vulnerable position with regard both to mortgage forbearance and resolution issues and also possible increases in the variable interest rate they pay when their loans are sold. In the case of IBRC, there are 13,000 residential mortgages holders who could shortly find themselves in this situation."
The legislation will be brought before the Dáil.
(MH/IT)
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AIB Pay Staff Green Fees Despite Mortgage Hike
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AIB Pay Staff Green Fees Despite Mortgage Hike
It has emerged the Anglo Irish Bank is to raise its variable mortgage rate despite offering to pay employees’ golf club fees and leisure club memberships worth millions of euro per year. In recent months, the bank has faced near closure, an ongoing Gardaí investigation, and required an immense taxpayer subsidy.
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Ireland WeatherToday:Scattered showers of rain, sleet and, over hills, snow in the morning with sunny spells, the best of these in the south. The showers dying out this afternoon with increasing amounts of sunshine. Occasionally fresh westerly or northwesterly winds easing. Maximum temperature 6 °C.Tonight:Clear start with a fairly widespread frost developing. Increasing cloud brings occasionally heavy rain overnight, preceded, especially over western hills, briefly by snow. Occasional southeasterly gales, severe near coasts, developing. Minimum temperature -2 °C.
