A Defective Concrete campaigner choked back tears as she told an international conference of how vulture funds chased her friend for payments on a crumbling home as he lay dying from cancer.
Ann Owens’ powerful story left 200 people at the Ulster University conference in Burt today in shock.
Ms Owens (pictured above) has been campaigning for justice for Donegal homeowners for more than a decade.
Her testimonial detailed how she fought the vulture funds and banks even after her friend had died – and how she finally won, but only after handing over a huge payment.
Donegal Daily spoke with Ann. Here’s what she told the defective concrete conference:
“Almost everyone in this room will know how it feels to effectively lose your home as a result of defective blocks.
“I hope not many of you will be aware how it feels to have your home – defective or not – sold off to a vulture fund without your prior knowledge or consent when through no fault of your own you’re unable to continue to service your mortgage
“My friend found himself in this position after paying his mortgage religiously for 20 years.
“For more than two years the COVID pandemic arrested my friend’s ability to work and pay his mortgage.
“Immediately following COVID he was diagnosed with stage 4 but metastatic cancer which resulted in him being dependent on social welfare.”
Anne’s friend simply could not repay the loan and it was handed over to a ‘vulture fund.’
She added “Invariably the mortgage became what is known as an NPL – a non performing loan – and the mortgage was sold by the original lender for a fraction of its value to a vulture fund.
“As someone better equipped to deal with this emerging situation, I assumed the role of advocate.
“Thousands of people since the crash in 2008 have fallen victim to vulture funds. These fronts purchase non-performing loans for next to nothing and ruthlessly pursue homeowners for the money owed.
“The rule is to recover money quickly hence they act more efficiently and more aggressively than traditional banks and are much less likely to offer restructuring options or settlements.”
Anne revealed her dealings with the ‘vulture fund’ as an advocate.
“The Vulture fund requested standard financial statements to establish if there were any assets they could go after.
“Agents rang me regularly and advised that we voluntarily surrendered the home. My response was “over my dead body”. Every single call was recorded.
“Every call was from a different agent, so it was impossible to build up a rapport – no doubt part of the Vulture policy of maintaining an aloofness from the distressed owner.
“Sadly my friend who was undergoing cancer treatment passed away in July 2024. Following the death the Vulture fund immediately began proceedings to liquidate the life insurance.
“I had expected that the life insurance would cover the balance owed but in fact a significant amount was still outstanding.
“On the basis of this deficit, I made of formal offer to the Vulture for a settlement. I offered them half the balance owing.
“They were adamant that no settlement would be made on this particular portfolio. I knew then that my resolve and ability would be tested to the limit in any possible settlement agreement.
“My modus operandi was to provide the Vulture with a comprehensive rationale why they should accept my offer.
* The property was defective.
* The property was structurally unsound.
* The property could not be rented.
* The property was not saleable.
* The property was not insurable.
* The property could not be demolished without the consent of the attached neighbour who was not willing to give indemnification.
* I provided the Vulture with signatures of dozens of homeowners on the estate who were concerned about the structural integrity of the house.
* I provided them with a letter from the adjoining neighbour stating his concern at the degradation and how it could impact his family safety.
* I sent photos and a video of the property before and after storm Eowyn charting the alarming degradation.
* I outlined the fact that research by international concrete experts had taken place at a property in the same estate.
* I provided them with the results of this research outlining how the house was at the final stage of degradation.
* I wrote to the governor of the central bank.
* I took advice from MABS.
* I took advice from Access2Justice.
* I made a formal online complaint about the vulture’s intransigence and pursuing a settlement to the financial services and pensions office.
* I wrote to the office of the Taoiseach
* I made numerous formal complaints to the vulture fund about perceived sharp practice.
* I sought to demonstrate to the Vulture fund that the only person to whom this house was of value was my friend’s – our daughter – who had been bequeathed the house prior to his death. And that only she could avail of the defective concrete block scheme available under the circumstances.
Anne also revealed how Storm EOWYN significantly and adversely impacted the property.
She added “I informed the Vulture fund I was now holding them fully responsible for any loss of life or limb resulting from partial or full collapse.
“Out of the blue the same week I received the phone call agreeing to the final settlement offer I had made a year before. This is the same settlement offer they had said was impossible.
“What conclusion did I reach? It was only by demonstrating that the asset was in fact a liability to them that the Vulture fund agreed to settle.
“Lenders, regulators and the government must think more creatively about how to support those in mortgage difficulty or vulture prisoners.
“My dealings with the Vulture funds over a two year period were stressful and relentless and although the final solution was welcome and represented a sort of triumph for my family it came when it was too late for my friend.”
Anne says no family should have to go through this.
“As a result of circumstances beyond his control my friend was robbed of his livelihood, his home and his life. We couldn’t even wake him in his own home.
“Believe me when I tell you there is no integrated body or approach to assist homeowners who are vulture prisoners.
“Vultures and banks are equally reluctant to restructure mortgages to reflect the catastrophic devaluation of defective homes.
“Banks and vultures together conspire to turning a housing disgrace and a human tragedy into a financial windfall for themselves.
“Vulture funds are a blunt instrument and represent capitalism at its very worst.
“We must urge the government to repel the use of vulture funds and demand a banking system that treats distressed homeowners with fairness with dignity and creates tough trust and justice in our housing system.
“This concept might appear utopian, but our government surely owes restorative justice at the very least to the families who have lost so much as a result of their egregious failure.”
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