Illegal Foreclosures & Unlawful Repossessions

Public articles, court rulings, video evidence and documented research on the systematic fraud in the ownership of distressed mortgages — and how Irish courts have been used to seize assets unlawfully from Irish citizens.

Scale of the Problem — Key Statistics As of 2024, approximately 95,000–130,000 Irish mortgages are managed by vulture funds and credit servicers. Over 113,000 mortgages were in vulture fund hands as of March 2023 — representing 6.2% of all Irish households. Pepper Finance alone sought nearly 1,000 repossession orders and made an operating profit of over €23 million in 2021–2022. Sources: Anthony Joyce (solicitors), PR Newswire (Honohan/SYS Group), and Gript (Oireachtas Committee testimony).
The Core Legal Issue — Vulture Funds Do Not Own Title
"The bottom line is that all of this uncertainty stems from the fact that the mortgages in question, tens of billions worth of them, had been securitised and the true ownership now rests with a US Bondholder (mortgage-backed securities) which means, in plain English, neither the Loan Originator (bank), the alleged Loan Purchaser (vulture fund) nor the Loan Servicer (Pepper, Start, Mars etc) are in fact the Legal & Beneficial owners of the Charges which are being wrongly accepted as 'conclusive evidence' in our Courts."
— Senior SC, quoted in Theo's Newsletter (June 2024)
Vulture Funds Exposed in High Court — Start Mortgages Case
High Court judge Mr Justice Simons refused possession order — redacted documents could not prove Start owned the charge. June 2024.Link
High Court: Home Repossession Case Remitted — Pepper Finance Could Not Establish Ownership of Underlying Debt Due to Redactions
Irish Legal News — January 2026Link
Vulture Funds in the Spotlight as High Court Ruling Raises New Questions — Start Mortgages
Dowling Financial — High Court refused possession order; heavily redacted documents presented by Start MortgagesLink
Supreme Court: Vulture Fund Cannot Rely on Deposit of Land Certificates — Ulster Bank Case
Irish Legal News — June 2019. Supreme Court unanimously ruled Promontoria did not have benefit of lien by deposit over Mr Hannon's lands.Link
Court of Appeal Ruling — 1,700 Bank of Scotland/Tanager Loans Affected by Title Registration Issue
Irish Times Q&A — November 2018Link
Vulture Fund Pauses Repossession Bid Amid Claims It Breached Central Bank Rules — Mars Capital Case
Irish Claims Authority — September 2022Link
Public Articles & Reports
Land Owners Returning to Their Unlawfully Seized Properties Create Massive Compensation Claims
Cairns News — April 2025Link
Master of the Irish High Court Calls Out Vultures — From Ireland to Wall Street
PR Newswire — December 2023. Edmund Honohan presents at Brehon Law Society, New York.Link
Dáil Hears Dramatic Revelations About US Vulture Funds and Irish Courts
Irish Central — November 2023. Mattie McGrath reads Honohan's 8-page letter into Dáil record.Link
A Closer Look at the Mortgage Vulture Funds and Their Irish Operations
Gript — January 2024. Pepper Finance sought ~1,000 repossession orders; Bernard Durkan describes "reign of terror".Link
Retired Master of High Court Urges Central Bank to Protect Borrowers in Home Repossession Cases
The Business PostLink
Explosive Allegations of Systematic Fraud Unearthed in Land Registry and Courts
Seamus Maye — LinkedInLink
Vulture Funds Are Fuelling Insolvency — Personal Insolvency Arrangements Halved in Five Years
Irish Examiner — December 2024. Drop in approvals coincides with more funds contesting arrangements.Link
Vulture Funds Are a "Cancer" That Will Trigger Thousands of Repossessions
Irish Times — May 2018Link
Vulture Fund Victim? Know Your Rights
Anthony Joyce & Co. Solicitors — August 2024. 95,000 mortgages managed by vulture funds; legal options for borrowers.Link
Thousands Call for Return of Edmund Honohan to Debt Cases
The Irish Times — February 2019Link
Foreclosure by Tax-Avoiding US Vulture Funds Must Be Stopped
Irish Central — April 2019Link
Taking on the Vulture Funds — Legal Analysis
Carter Anhold Solicitors — 2022. Analysis of Promontoria (Aran) Ltd v Hannon Supreme Court ruling.Link
A list of items to add to your discussions with your Legal Advisers
Taken from a publicpost on X, but always see independent legal advivceLink
Ulster Bank — Tracker Mortgage Scandal & Repossessions
Ulster Bank was fined a record €37.8 million by the Central Bank in March 2021 for deliberately denying 5,940 customers their tracker mortgage entitlements between 2004 and 2020. As a direct consequence, 43 properties were lost — 29 of which were family homes. Ulster Bank had paid €128 million in redress before the fine was even imposed.
Ulster Bank Fined Record €37.8M for "Deliberate" Tracker Overcharging — 43 Properties Lost, 29 Family Homes
Irish Times — March 2021Link
Central Bank Enforcement Action — Ulster Bank Ireland DAC Reprimanded and Fined €37,774,520
Central Bank of Ireland — March 2021. Official enforcement notice.Link
Ulster Bank Takes 4,000 Legal Cases over Mortgage Arrears
Irish Times — 2014. 166 repossession orders granted against owner-occupiers.Link
Edmund Honohan SC — Master of the High Court 2001–2022
Ireland Defrauded: Was Mr Honohan asking too many questions as Master of the High Court and had to be removed? We encourage visitors to come to their own conclusions and to contact their elected representatives with any comments and concerns.
Master of the Irish High Court on the Irish Banking Crisis — Edmund Honohan with Eddie Hobbs
Counterpoint Pulse — September 2024Watch
Mortgage Fraud in Ireland — Eddie Hobbs & Edmund HonohanWatch
Dáil Finance Committee — Credit Services Directive & Edmund Honohan SC (Full Session)
13 December 2023 — All 7 videos also available on the Videos pageWatch
Judges Favouring Vultures? — Pearse Doherty questions Edmund Honohan SCWatch
Title Deeds to People's Homes — Rose Conway Walsh questions Edmund Honohan SCWatch
Central Bank Role in Controlling Vultures — Bernard Durkan questions Edmund Honohan SCWatch
Vulture Profits — Richard Boyd Barrett questions Edmund Honohan SCWatch

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