Tanager, which is part of a large US private equity fund, is offering discounts of up to 40pc on the outstanding debt if the tracker mortgage holders can get them financed somewhere else.
This is now expected to be followed by other vulture funds offering to sell mortgages to homeowners at a discount.
This means that if someone has the ability to get funds together to pay off a mortgage with a Vulture Fund they can get up to 40% discount on the loan balance.
It is time to look out for that white knight (in other words a family member or very good friend) because the dysfunctional banking system in Ireland will not allow such borrowings to happen even at 40% discount.
It is just a shame that we had to go through 10 years of the systematic destruction of the Irish economy and people by the institutions for the state to bring us to the end point which should have been the beginning! That is. debts should have been written off directly for the borrower instead of being sold off to funds which have bulged their pockets with profits generated out of Irish austerity. In this the funds are in no way to blame as they were just doing what they do and they make no bones about it! On the other hand banks which were bailed out by Irish people and NAMA funded by Irish people sold everyone down the river looking after only a very few insider interests and as a consequence destroyed a great many people in Ireland. The political and professional elites in Ireland have so much to answer for but continue to deny their economic treason while basking in the new found recovery funded by the financial rape of Ireland Inc. the very entity they were ment to protect!
Ironically, the same people are still in charge and embarked recently on a different attack on a citizen threatening their elite status .. Garda Maurice McCabe