Loan Sales:  Evidential Stumbling Block Removed for Credit Servicing Firms and Loan Owners?

One legacy of the financial crisis of 2008 was the sale by banks of non-performing loans to international institutional investors who appointed regulated credit servicing firms to manage those loans.  Inevitably, some of these non-performing loans required enforcement action on the part of the credit servicing firms or, prior to the introduction of the credit servicing regime in Ireland, the loan owners. Many such enforcement actions have, however, run into evidential stumbling blocks connected with the rule against hearsay and so credit servicing firms and loan owners will view the enactment of the Civil Law and Criminal Law (Miscellaneous Provisions) Act 2020 with interest.

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