Govt urged to move on legislation for unregulated mortgage loan sell-offs

Michael McGrath

The government is being called on to push ahead with legislation to protect up to 10,000 vulnerable mortgage holders, whose loans have been sold off to unregulated third parties.

Currently, if loans are sold to an unregulated third party customers automatically lose their statutory rights.

Fianna Fáil spokesperson on Finance Michael McGrath has urged the government to speed up changes to the law, which would strengthen consumer protection in such cases.

Peter Oakes regulatory consultant and former director with the Central Bank added a consultation paper from the Department of Finance indicates that once the legislation is enacted all mortgage holders whose loans were sold on will be protected.

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