The Irish banking giant announced it would be selling out 2,800 family homes shortly following the publication of the recent budget.
A statement released yesterday, 09 October, read: "Pepper Finance Corporation (Ireland) DAC will become the legal owner and Servicer of the mortgages. The purchase is being financed by funds managed by CarVal Investors LLC.
"This is a difficult decision, taken following a period of concentrated engagement with customer. Our preference is to work with customers to find a solution that keeps them in their home while paying a mortgage that is affordable for them in the long term. This is not possible for every customer."
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This announcement has been met with large criticism, with Sinn Féin representative Pearse Doherty TD slamming the bank for taking the "easy option".
The Donegal man said: "While all eyes were focussed on the Budget, Ulster Bank confirmed they would be selling out 2,800 family homes to vulture funds.
"This is the latest round in the great Irish sell-off, with international funds buying up Irish properties at knock-down prices. Thousands of families are facing a future of uncertainty and insecurity."
Following the news, Teachta Doherty has called for his 'No Consent, No Sale' Bill to be progressed immediately, which would ensure banks could not sell mortgage loans without the consent of the borrower.
"Mortgage holders are not safe under the current rules. My 'No Consent, No Sale' Bill must be progressed to protect consumers and families in the face of further sell-offs and a future of uncertainty," he added.
"This legislation would ensure that banks cannot sell on loans without the consent of the borrower.
"Despite enjoying majority support in the Dáil, the Government and Fianna Fáil have attempted to obstruct the passage of this Bill, enabling banks to continue large-scale sell-offs of properties. Those who suffer are families.
"I would urge parties to support Sinn Féin's bill, protect families and end the sell-off."
(CM/JG)
