Somewhat emotive title I know, but it pretty accurately describes what is actually happening.
At present, there is a mauling of Irish Family Home Stock in progress. The financial/economic collapse of 2007/2008 set in motion a destruction of the so-called Irish Property Market, during which house values plummeted and the indigenous financial institutions were left with a ton on "non-performing" loans, on their books. Family home purchasers found themselves in "negative equity", and were stuck.
Enter stage left, the VULTURES. Hedge funds salivating for profits. Indigenous financial institutions fed their mortgage account holders to the wolves, by selling off bundles of their non-performing loans, to foreign speculative entities who then set about evicting tenants and re-possessing family homes, so they could flip them, and make a tidy profit in a housing market where supply, was at a standstill.
The video below summarises the still unfolding impact of the above, and looks at one measure which the Irish Government could take, to assist mortgage holders in trouble, and thus forestall so much more catastrophic homelessness.
Enjoy the video -
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