Cllr James Charity has said that while RTE’s broadcast on Ireland’s property crisis predominantly focused on difficulties in the Dublin market, repossession cases also continue to be a significant feature of court lists throughout the west.
Cllr Charity said; “With 104 repossession cases listed in Galway Circuit Court last week alone, and 72 only two weeks before in Castlebar, it is clear this is an ongoing problem throughout the west, and indeed nationally, which policy makers have not got to grips with.
“Many of these properties are family homes and an increasing feature of cases is the inflexibility of vulture funds, some of whom bought loan books for as little as 21 cent in the euro, failing to work constructively with distressed borrowers and seeking as much as 150 cents in the euro through the application of penalties and surcharge interest. Regulation of funds operating via credit servicing agencies remains a concern and more is needed here from a Government that appear content to wash their hands of the problem.”
