Home repossessions report before election political ‘dynamite’

A report encouraging banks to speed up home repossessions in advance of the election “is dynamite” politically, said campaign group Right2Homes.

One of a number of groups campaigning for legal protection for home owners, Right2Homes is crowd-funding a constitutional challenge to the legislation which underpins repossessions of family homes.

Co-founder of Right 2Homes, businessman Brian Reilly, said the group was briefing the main political parties and had been invited to meet Fianna Fail politicians to discuss home protection schemes, when news of the OECD report came through.

“A report encouraging bank repossessions be speeded up before an election is just dynamite,” he said.

The OECD report said repossessions in Ireland should be accelerated and “repossession of collateral on non-performing loans is inefficient”.

The OECD recommends creditors “accelerate through the court system the resolution of non-performing loans that require repossessions”.

Debt-laden families

Mr Reilly said legal moves were under way to prevent such action. He said supporters of debt-laden families would also seek a judicial review of the activity of “vulture funds” in Ireland, asking courts to determine if such funds are allowed to operate without licences.

Byron Jenkins, of support group The Hub – Ireland, said a Government fund to assist families in danger of losing their homes had been set up when the banks were bailed out, “but they haven’t spend a cent of it”.

He said his group was working with families, some in danger of losing their homes over secured loans of between €3,000 and €10,000: “The banks are using a sledge hammer to crack a nut,” he said.

Jerry Beades of the New Land League said his group was probing the relationship between banks and commercial trusts which acquire debt-laden homes before selling them on the open market.