Noonan: As ruthless as ever

The liquidators of the Irish Nationwide/Anglo Irish Bank mortgage book, Kieran Wallace and Eamonn Richardson of KPMG, are only doing their jobs when they push for maximum profit from any deal.

This from KPMG:

We can only do the best we can in the circumstances. Be aware of the fact that our ultimate objective is to get the best price we can for the assets of the bank.

The Minisiter for Finance Michael Noonan, does, however, have a responsibility towards the thousands of mortgage holders who are likely to find themselves at the mercy of ruthless vulture capitalists in the near future.

Indeed as a public representative and senior minister he posses the power, given to him by the people, to decide the ultimate fate of these desperate citizens.

But Mr. Noonan is a ruthless and callous individual and, to date, he has given no indication that he’s going to help.

Indeed, it seems that Noonan and KPMG are attempting to throw these people to the vultures while, hypocrically, trying to give the impression that they’re doing everything they can to help.

We had the recent announcement by KPMG that bidders had agreed to protect homeowners. In other words, they had voluntarily agreed to abide by the Central Bank’s code of conduct on mortgage arrears.

If true, it would be like putting a paedophile priest in charge of a children’s school while giving assurances that all would be well.

And, of course, that’s how it turned out when it was revealed that the so-called agreement was nothing but a puff of air.

There was nothing in writing, no supervision, no Central Bank involvement, no sanctions, no acces the the Financial Ombudsman and no guarantee that mortgage holders could buy out their own loans.

Noonan’s promises were just as hypocritical and just as useless.

Legislation to protect mortgage holders in such circumstances would be introduced – sometime next year.

Or, in other words – long after the vultures have picked the bones of their victims.

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