Irish Bailout Masters Press For Rental Home Seizures: Mortgages [Bloomberg]
August 21, 2012 Leave a comment
Ireland’s bankers and bailout masters are pressing the government to make it easier to seize homes bought as investments to rent out, as defaults on the loans surge after Western Europe’s worst real-estate collapse.
The International Monetary Fund, the European Commission and the European Central Bank, the so-called Troika that rescued Ireland in 2010, want the state to tackle a legal loophole impeding lenders from foreclosing on loans taken out before 2009, according to three people familiar with the matter, who asked not to be named as final decisions haven’t been made.
