Sunday, Oct 19, 2008
Nu Labour says "repossession needs to be a lot rarer."
sky news: Banks Urged To Cut Home Evictions
The Chief Secretary to the Treasury is said to be working with the Ministry of Justice on tightening requirements on lenders seeking repossession orders in the courts.
"We need a more responsible approach to repossessions," she told The Observer.
Posted by sold out @ 09:43 AM (217 views) Add Comment
3 Comments
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1. matt_the_hat said...
In a falling market early repossessions make good business sense - sell the asset before it drops in price, make it the defaulters problem not the lender and then chase the borrower for the next 2 years for the difference.
Its like a form of fractional reserve banking - get a new person into the house paying usury whist adding usury to the debt of the repossessed.
2. mark said...
if they cannot afford the house payments now, how can they afford it in a year?
3. Brightonrentfodder said...
you'll get chased for the money long after you've left the building. I've known several people in that predicament. I've also heard if you claim your self bankrupt, they'll come after you've at a later date when you have finally got a job. what do they care its still money.