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Govt seeks to help those with sold loans

Monday, July 21 14:06:53

The Department of Finance today began the process to protect mortgage holders whose loans have been sold to non-regulated companies.

It has begun a consultation process seeking legislative ways to protect these consumers' rights and bring them in line with all of those whose home loans are covered under protective laws overseen by the Central Bank of Ireland.

"The mission of the Government is straightforward: To ensure that borrowers whose loans are sold by a regulated entity to a currently unregulated entity maintain the same regulatory protections as they had prior to the sale, including under various Central Bank Codes (including the Code of Conduct on Mortgage Arrears (CCMA)," a Department of finance Spokesman said.

"The Government is considering options on how best to achieve this. The proposed approach is through legislation as set out at Annex 1 of the attached and views are now being sought on the proposed draft legislation and relevant issues," the statement added.

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