Tipperary TD Mattie McGrath is calling on the Government to give greater regulatory protection to borrowers. The TD says financial institution are not complying with the terms of an EU directive leading to the loss of homes, farms, and small businesses across the country.
Deputy McGrath, the leader of the Rural Independents Dáil grouping wants the Government to enforce land registry updates after banks sell loans. Deputy McGrath describes the Government inaction as “astonishing” and warns that Credit service firms and vulture funds deceive homeowners and influence court outcomes, resulting in needless property losses.
The TD says the new EU Repossession Directive which provides explicit protections for distressed borrowers facing foreclosure proceedings must be transposed into Irish law and enforced here as soon as possible. The directive provides for measures, such as refinancing, extended terms, lower interest rates, payment holidays, and partial debt forgiveness, prerequisites before any repossession cases are considered.
Deputy McGrath also wants an investigation into what he calls the “false evidence presented in repossession cases by lawyers representing vulture funds and credit service firms” and accuses them of falsely claiming ownership of properties when, in fact, they only hold a charge registered as a burden on the asset.
