Vulture funds are beyond the pale in most people’s eyes, but Ulster Bank could well throw around 3,000 of their customers’ mortgages to them very soon in a mega sale worth some €900 million.
It’s understood that the bank is currently reviewing its mortgage portfolio and are looking to sell around €900 million worth of its balance sheet.
Some mortgage holders may be happy however, as they could do deals with vulture funds that they couldn’t do directly with banks. There’s mixed feelings towards vulture funds but it’s likely that Ulster Bank will sell its mortgages to a vulture fund.
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