The Times: ‘Vulture funds’ prey on hard-up homeowners

Secretive investors and “vulture funds” have been accused of profiting from other people’s misery by buying up residential mortgages on the cheap in the hope of making a quick profit. Hundreds of thousands of people have had their debts bundled together and sold on to these shadowy investors, who have been forcing hard-up borrowers to remortgage elsewhere or lose their homes. Once they own the mortgages, they have the power to set interest rates, employ debt collectors and repossess and sell properties if borrowers default.