Ireland’s National Asset Management Agency is turning debtors into landlords as it seeks to recoup the $42 billion it paid for commercial mortgages after the real-estate market collapsed.
The agency, created to purge banks of toxic property loans, has forced debtors to find tenants for 4,000 empty apartments, the legacy of a real-estate crash that led to the country getting a 67.5 billion-euro international bailout in 2010. NAMA, which has a goal of repaying its debts by 2020, is focused on increasing revenue from the properties while it looks for buyers. It bought the assets using November 2009 valuations and prices have fallen further since then.
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