New rules could guard against homelessness and poverty, says human rights body
People could suffer homelessness and extreme poverty without new rules to block the sale of mortgages to so-called vulture funds, the Free Legal Advice Centres has declared.Finance Committee is currently examining a Sinn Féin Bill that would prevent banks from selling home loans to so-called vulture funds without borrowers’ permission.
“We fail to see any clear provision there that imposes a specific legal obligation on a lender reviewing an arrangement to continue that arrangement where the borrower’s circumstances have not changed,” she said.“Even if it was to be interpreted that there is such an obligation, its enforceability in strict legal terms under a regulatory code may be questioned.”
“If it is the case, as the bank maintains, that it cannot interfere with a lender’s or owner’s contractual rights, how can it impose an obligation on an unregulated loan owner to continue a long-term restructured arrangement against its will where there is no regulatory or statutory obligation to do so?”
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