The perceived invasion has prompted a political reassessment. Some Spanish regional authorities have passed laws intended to clamp down on Wall Street’s involvement. Catalonia now requires firms to offer cheap alternative housing to tenants. The local authorities can also buy back homes or expropriate them if they are left empty for three years.

So popular was the anti-eviction movement that Ada Colau, its main leader, was elected mayor of Barcelona last year. “The opacity and distance of a fund that is based much farther away makes it a lot harder to hold it responsible,” she said.

In Ireland, the Tyrrelstown episode has become a rallying cry.

Housing advocates and lawmakers across the political spectrum are urging stricter oversight. Along with new legislation intended to close tax loopholes and restrict mass evictions, lawmakers are considering requiring banks and financial firms to follow a code of conduct and provide alternatives for troubled homeowners.

But for Mrs. Tobun and other Tyrrelstown residents, such changes may offer little relief.

Recently, she and her neighbors received word that their rents would rise sharply in the new year, after their current contracts expire. She said she and most of the 40 tenants affected would be unable to pay.

The new rents will be closer to current market prices, but many residents suspect that the increase is a tactic being used to flush them out so the properties can be sold. In response, the Tyrrelstown community is planning another series of demonstrations.

“This is a fight between David and Goliath,” Mrs. Tobun said. “They want us out by force. All we can do is protest.”

“We believe in miracles,” she added, “but I don’t know how we’re going to win.”