IBRC mortgage holders stage sit-in in liquidators KPMG's Dublin offices

Thursday 01 May 2014 19.52
IBRC mortgage holders are staging a sit-in at KPMG's Dublin offices
IBRC mortgage holders are staging a sit-in at KPMG's Dublin offices

Ten IBRC mortgage holders who are protesting against their loans being sold are staging a sit-in in liquidator KPMG's Dublin offices.

The protesters said in a statement that they are representing former Irish Nationwide Building Society mortgage holders who have become embroiled in the IBRC liquidation. 

They said since the liquidation process of IBRC began "we have been left completely in the dark regarding the fate of our mortgages. 

"We have received little or no correspondence from IBRC and the liquidators despite having written to them on several occasions raising our concerns," they said. 

The liquidators KPMG decided to sell 13,250 mortgages in portfolios and refused mortgage holders the opportunity to bid for their loans. 

"About 6,000 mortgages have already been auctioned to the vulture funds like Oaktree or Lone Star. They were able to bid for our homes while we were left powerless by the liquidator and the law. We are totally opposed to this immoral sale and the manner in which it is being carried out," the protesters said. 

A new sales process will begin in the coming weeks for the remaining unsold 6,000 mortgages. 

Irish Nationwide was merged with Anglo Irish Bank to become the IBRC, and the government is currently liquidating IBRC. 

A spokesman for the liquidator has declined to comment.