Thousands of mortgages to be moved as operator leaves the market
Today at 01:00
A firm that services thousands of mortgages, including large numbers in arrears, is leaving this market and transferring its business to another operator. Start Mortgages is transferring the servicing of 11,000 mortgages to Mars Capital, the Irish Independent has learned. Start originated some of the mortgages on its books as it previously operated as a subprime lender before the property collapse. But most of its mortgage book is made up of loans it services on behalf of vulture funds. It is known that many loans have been restructured, but a significant proportion of the mortgages are still in some form of distress. When US investment giant Lone Star bought Start after the crash in 2014 the deal included a licence from the Central Bank, sparking speculation it could develop into a new bank but it never happened. Start Mortgages is now leaving this market and has told the Central Bank it is revoking its licence. It is not known why Lone Start has decided that it is no longer interested in having a mortgage credit servicing operation in this market.
The original article can be found here