Banks accused as vultures circle

    Kathleen Funchion: On the side of threatened families

    SINN Féin TD Kathleen Funchion has accused the banks of using struggling families to save their own skins.

    “It is not fair that working families who are doing their best are sacrificed yet again to protect the interests of the banks as they sell stressed mortgages to vulture funds,” Kathleen told The Reporter.

    She said political parties needed to rally together to defend the rights of mortgage holders.

    “Sinn Féin stands with the mortgage holders doing their best to pay and we are calling on the government to do the same.

    “The banks banks cannot be let off the hook by transferring loan books to vultures.

    “Families have been struggling with mortgages for years, making every effort and sacrifice to ensure they made payments, so they don’t need and certainly don’t deserve unnecessary pressure being heaped upon them.

    “It is unthinkable that any government could come down on the side of the banks again rather than beleaguered home owners.

    “Banks have a responsibility to bear with hard working families doing their best to reach a solution.”

    Kathleen reminded that First Permanent TSB, is 75% government owned, and Ulster Bank is indicating a massive sale of loans which pointed to the banks using the vulture funds as a get out clause.

    “The government has refused to call stop. Sinn Féin have pointed out that the regulation issue must be dealt with but the failure of the banks so long after the banking crash to have offered the full range of solutions and to have put in place permanent solutions including write downs. is the real cause of the rush to sell,” Kathleen added.

    She said people needed to remind the banks that they are here thanks only to hard working families, some of whom they are now threatening.

    “Struggling families do not want to see vulture funds buy their loans at reduced prices while the banks refuse to give any write down to the families.”