The Irish Cattle and Sheep Farmers’ Association (ICSA) has called on auctioneers across the country to stop selling properties in financial distress for vulture funds and financial institutions.
According to Seamus Sherlock, rural development chairman for ICSA, auctioneers should withdraw their services for these funds and institutions until all other options have been explored.
“Estate agents and auctioneers need to come out publicly and state that they will not sell family farms, businesses or homes for vulture funds while meaningful engagement is taking place,” said Sherlock.
This needs to stop. The last thing struggling families need is the threat of losing their home while they are trying to deal with their obligations to lenders.
ICSA claims that, as a result of a recent protest by them, one property trading platform withdrew “contentious lots” from its portfolio.
Despite that success, it doesn’t result in a great deal of change, according to Sherlock.
“The problem has merely moved, in that other auction houses have taken up the mantle and continue to act on the instructions of vulture funds,” he argued.
After that successful protest, the ICSA says that many other landowners came to them for assistance.
All feel aggrieved at the way their loans have been sold off by the same institutions who had made large profits off the back of farm investment.
“Many are faced with losing everything, and the possibility of standoffs where families feel they have been mistreated is high. It’s time auctioneers and solicitors stand with the people and refuse to aid vultures in their quest for a quick profit,” concluded Sherlock.