Master of the Irish High Court calls out Vulture Funds - from Ireland to Wall Street - in NYC

Irish Master of the High Court Edmund Honohan was the keynote speaker at a Brehon Law Society function in NYC on November 28 where he revealed that changes in EU law concerning repossession by Vulture Funds had not resulted in the necessary corresponding changes in Irish law.

If the EU law was properly executed, it would make a huge difference by preventing many of the seizures of property and homes which has become a huge issue in Ireland.

The Master in the Irish court system has the power to summon parties and witnesses, administer oaths, and require production of documents, take affidavits, affirmations, and acknowledgments.

Honohan revealed to the New York audience his paper entitled “Title to Land Charges in Ireland - A Legal Fiction?” and highlighted the grab by US-backed credit servicers, better known as vulture funds.

On October 24, Master Honohan addressed an eight-page letter to Irish legislators in the Dáil, which was then read into the public record by the leader of the Rural Independents Group, Deputy Mattie McGrath, and subsequently published by IrishCentral, bringing it to the attention of The Brehon Law Society of New York, a powerful group of Irish American lawyers.

Honohan’s paper alleges that Irish courts are frequently being deceived by the production of land registry folios, misrepresenting the ownership of home mortgages with the intention of misleading the courts and then wrongly claiming in Court that the registry is “conclusive” evidence of that ownership.

Master Honohan’s paper also highlights the levels of cooperation between State bodies in Ireland and American vulture funds which are effectively defrauding Irish homeowners. The vulture funds, with their legal teams, dishonestly seek possessions capitalizing on charges on Irish homeowners’ land folios.

An invitation was sent to Honohan by the Brehon Law Society asking if he’d care to elaborate on his dramatic revelations at the November 28 event in New York.

Proceedings in Fitzpatrick's Hotel were opened by US lawyer Sean Crowley of the Brehon Law Society, welcoming Honohan and introducing Dr. Constantin Gurdgiev, who contextualized the Master’s revelations and delivered a Risk Assessment for US Investors involved with non-bank-entities (Vulture Funds) currently operating in Ireland.

Honohan then delivered his follow-up paper titled "Title to Land Charges in Ireland - A Legal Fiction?" highlighting the impact of a new EU Directive that offers “Safe Harbour” for distressed borrowers, which is bad news for the Vulture Funds and their US Investors.

The meeting then heard from UK and Irish voices offering their perspectives on the dramatic revelations. In all, it was clear to those present that the land grab by these vulture funds is not unique to just Ireland and now that Edmund Honohan, and others, have brought this to the attention of the international community, Wall Street should watch this space for further developments. 

“Irish courts are increasingly skeptical of servicers who claim to be entitled to seek possession orders as so-called holders of legal title,” says Honohan.

“The EU’s new directive on the regulation of RMBS purchasers is designed to resolve tensions between the free-flowing capital markets and the protection of consumers which is fundamental to the EU project.”

“According to the data reported by the SYS Group, as of March 2023, 113,688 Irish mortgages were in the hands of vultures, meaning almost 6.2% of all Irish households, an equivalent of roughly 8,116,000 U.S. households,” presented Dr. Constantin Gurdgiev. He continued that this issue goes beyond financial struggles and also has severe societal and cultural implications.