A new bill wherein a residential mortgage may NOT be transferred without the written consent of the borrower is being introduced in the Dáil tomorrow by my colleague, Pearse Doherty. The ‘No Consent, No Sale Bill’ will put control back into the hands of customers.
I am calling for all party support for this Sinn Féin legislation which will require lenders to seek the permission of mortgage holders before they sell off the loan to vulture funds.
This bill seeks to make mandatory what is already in the Central Bank code of practice. That code of practice itself seems to be under threat and we are in a race against time to insert this into law.
Last November 6,000 homeowners with mortgages from a bank that was bailed out by the taxpayer were told bluntly that their mortgages were being sold to an unknown entity. All of these homeowners had engaged with the bank and were making good on their re-structured payments.
We are seeking to banish the vultures from any involvement in mortgage holders’ lives. If this bill is passed it is highly unlikely that anyone would willingly agree to hand over the running of their mortgage to a vulture fund. This bill marks the start of Sinn Féin’s campaign to defeat the vultures and give security and assurance to homeowners.