Sinn Féin’s Pearse Doherty has said today is a ‘momentous day’ following the passing of his ‘No Consent, No Sale’ legislation in the Dáil.
The bill, if passed by government, would introduce legislation to prevent sales of mortgages to vulture funds without the consent of the mortgage holder.
Despite reports that the government is set to oppose the Sinn Féin Bill, Deputy Doherty is calling for a speedy passage of the bill through the remaining legislative stages.
Speaking this afternoon Deputy Doherty said; “This is a momentous day in the fight against vulture funds in Ireland. The Dáil has now voted in support of my legislation to prevent Irish mortgages being sold to vulture funds without the consent of the mortgage holders.
“Given the amount of banks now seeking to offload their mortgages to vultures it is imperative that this legislation now moves speedily through the remaining legislative stages and I have asked the Finance Committee to facilitate an early meeting to go through the legislative scrutiny.”
Deputy Doherty is calling on the government to listen to the ‘will of the Dáil’ for the next stage of the process.
The bill, according to Deputy Doherty, builds on the Central Bank’s existing code of practice by stating that a loan secured by the mortgage of residential property may not be transferred without the written consent of the borrower.
However, the regulator has told the government it has significant concerns about the terms of the Bill from a consumer protection, prudential supervision and financial stability perspective.
“The Government is opposing this Bill because it does nothing to strengthen consumer protection while it would cause severe damage to the mortgage market with potentially major impacts on financial stability and ultimately on the economy,” a spokesperson said.
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