richcrashman Posted July 19, 2009 Share Posted July 19, 2009 Speaking to a family member who works in the repo trade (company works for the banks) yesterday and it proved to be quite interesting. The numbers of properties they were dealing with was growing rapidly until about the end of jan this year. Then came quite a slowdown and a reduction in the number of properties being taken. The number of staff has increased significantly over the last 12 - 18 months. It was so quiet that some suspected the company may shed some staff. Well around a month ago things picked up a little but still much below the level at the start of the year. The staff are currently not that busy, its better but they are not busy like the start of the year. The shock came last week when the company started recruiting more staff!!!!!! Why?? To handle the large increase in volume of repo's coming soon. Word has it that the banks had backed off for several months at request or Gordo & Co. and while any mortgage payment deal for the newly redundant was sorted etc. Seems that this lull is over. Didn't we have the same situation in US where banks stopped repo's for several months??? From what i can tell it was expected that september was going to be when this kicked off, but it seems that it may now start in August! Quote Link to comment Share on other sites More sharing options...
Selling up Posted July 19, 2009 Share Posted July 19, 2009 Mixed feelings if this is true. Can't help feeling a little sorry for the coming "victims"... but rationally I know that the mess that the financial system is in can only be addressed by deleveraging and marking-to-market... IE selling off assets. And as a buyer-to-be it will benefit me personally. Quote Link to comment Share on other sites More sharing options...
Bloo Loo Posted July 19, 2009 Share Posted July 19, 2009 the problem with mortgage rescue schemes is that they deal only with the mortgage. with debt levels at outrageous highs, clearly, someone in trouble with their mortgage is quite likely to have other debt issues too. remember, when you apply for Aid, apart from the mortgage and rent, debt is NOT tken into account. so, Ok the government has given its 6 month repreive, but I doubt the problem has gone away. Quote Link to comment Share on other sites More sharing options...
richcrashman Posted July 19, 2009 Author Share Posted July 19, 2009 Before christmas i couldn't believe how many properties they were involved in taking (given they are 1 of several and some larger) companies doing the same thing. They were doing in the region of 120 a day. They are probably staffed now for handling 150 a day and are taking on this new batch of staff. Quote Link to comment Share on other sites More sharing options...
Number79 Posted July 19, 2009 Share Posted July 19, 2009 Before christmas i couldn't believe how many properties they were involved in taking (given they are 1 of several and some larger) companies doing the same thing. They were doing in the region of 120 a day. They are probably staffed now for handling 150 a day and are taking on this new batch of staff. am pretty sure there weren't that many going to auction so what was/is happening to them? are the banks sitting on them? Quote Link to comment Share on other sites More sharing options...
Darxide Posted July 19, 2009 Share Posted July 19, 2009 Thing is, if GB and co have been putting off the wave of repo's, why would he only do it for a few months? Surely he would try to keep the plates spinning until after the election. I honestly can't see any movement until then, whoever wins. Quote Link to comment Share on other sites More sharing options...
REP013 Posted July 19, 2009 Share Posted July 19, 2009 Thing is, if GB and co have been putting off the wave of repo's, why would he only do it for a few months?Surely he would try to keep the plates spinning until after the election. I honestly can't see any movement until then, whoever wins. You can only tread water for so long! Quote Link to comment Share on other sites More sharing options...
interestrateripoff Posted July 19, 2009 Share Posted July 19, 2009 Thing is, if GB and co have been putting off the wave of repo's, why would he only do it for a few months?Surely he would try to keep the plates spinning until after the election. I honestly can't see any movement until then, whoever wins. They are probably hoping to delay until the Tories are in office and then they can be blamed for repossessions hard working families, that nice man Mr Brown never did that. Quote Link to comment Share on other sites More sharing options...
Darxide Posted July 19, 2009 Share Posted July 19, 2009 They are probably hoping to delay until the Tories are in office and then they can be blamed for repossessions hard working families, that nice man Mr Brown never did that. Exactly. Thats why I think it's unliklely we'll see repo's on a large scale this year. Quote Link to comment Share on other sites More sharing options...
Mikhail Liebenstein Posted July 19, 2009 Share Posted July 19, 2009 They are probably hoping to delay until the Tories are in office and then they can be blamed for repossessions hard working families, that nice man Mr Brown never did that. They may have just managed it if they are in for an April election. How long does it take to get a County Court Hearing - 3 months minimum, but quite possibly 5 months. Stick in a few deferrals, plus August is obviously a write off and so is a chunk of December. So we may get a small wave of pain just before Christmas, and this may partially feed through to some of the stats given in Jan, Feb and March, but by the time the really bad news comes through the election will be over. Quote Link to comment Share on other sites More sharing options...
richcrashman Posted July 19, 2009 Author Share Posted July 19, 2009 I have to agree that i thought the labour lot would hold this off so that the repo's would go of in the lap of the Tories shortly after they take power. But from what i can tell it may be happening a little quicker or at least starting to. Maybe Gordon just could not afford to put this off for another 6 months. Quote Link to comment Share on other sites More sharing options...
Georgia O'Keeffe Posted July 19, 2009 Share Posted July 19, 2009 They may have just managed it if they are in for an April election.How long does it take to get a County Court Hearing - 3 months minimum, but quite possibly 5 months. Stick in a few deferrals, plus August is obviously a write off and so is a chunk of December. So we may get a small wave of pain just before Christmas, and this may partially feed through to some of the stats given in Jan, Feb and March, but by the time the really bad news comes through the election will be over. which along with the raised taxes is why the actual housing crash in the UK wont start till after the election, the 20% or so fall up till then is a proverbial pish in the pond Quote Link to comment Share on other sites More sharing options...
ARIMA Posted July 19, 2009 Share Posted July 19, 2009 It's time to raise interest rates... and embrace the new economic reality. Quote Link to comment Share on other sites More sharing options...
TheCountOfNowhere Posted July 19, 2009 Share Posted July 19, 2009 I've been expecting this for a long while. There's so few houses coming onto the market i've been wondering where the repo's have gone. Quote Link to comment Share on other sites More sharing options...
indirectapproach Posted July 19, 2009 Share Posted July 19, 2009 Board 'em and hoard 'em, methinks. Quote Link to comment Share on other sites More sharing options...
Mikhail Liebenstein Posted July 19, 2009 Share Posted July 19, 2009 Interesting and very relevant article: Cable: UK faces repossession timebomb http://www.myfinances.co.uk/news/mortgages...036;1311010.htm I think this is the key. The banks held off and have seen prices drop 20%, so they must wonder what the point was. Monetize the security on the loan, at least then you have greater liquidity and can write off the loses. Quote Link to comment Share on other sites More sharing options...
Number79 Posted July 19, 2009 Share Posted July 19, 2009 They may have just managed it if they are in for an April election.How long does it take to get a County Court Hearing - 3 months minimum, but quite possibly 5 months. Stick in a few deferrals, plus August is obviously a write off and so is a chunk of December. So we may get a small wave of pain just before Christmas, and this may partially feed through to some of the stats given in Jan, Feb and March, but by the time the really bad news comes through the election will be over. but would the banks go along with it? why keep an outgoing gordo happy when facing 5 years with the tories? if the banks start start soon then the figures will have more than fed through by the time of elections. Do you think that the banks are willing to play along so that this gets dumped in camerons lap? Quote Link to comment Share on other sites More sharing options...
operator Posted July 19, 2009 Share Posted July 19, 2009 Should be interesting. Dispatches: Undercover Debt CollectorMonday 20 July 8:00pm - 9:00pm Channel 4Dispatches goes undercover to investigate debt collection, an industry which is booming during the current financial crisis. The programme reveals some of the tactics used to make debtors to pay up, while reporter Tom Randall gets a job as a debt collector inside one of Britain's fastest growing agencies and discovers that some businesses are selling their bad debts to agencies for as little as sixteen pence in the pound. Quote Link to comment Share on other sites More sharing options...
Mikhail Liebenstein Posted July 19, 2009 Share Posted July 19, 2009 but would the banks go along with it? why keep an outgoing gordo happy when facing 5 years with the tories? if the banks start start soon then the figures will have more than fed through by the time of elections. Do you think that the banks are willing to play along so that this gets dumped in camerons lap? I'm sure it was never explained to them in that way. More like, "if you want you f**** bailout money and to stay in business, you better hold off on the repossessions for the time being - else you'll end up like this mobile phone." Quote Link to comment Share on other sites More sharing options...
okaycuckoo Posted July 19, 2009 Share Posted July 19, 2009 Courts service has a target of four weeks to get possession cases on for hearing. Varies from court to court. I know one guy running an agency for repo cases who signed up two lenders in march on a big chunk of court business starting in september. May be a coincidence. Seems that at the moment it's mostly hopeless cases being brought to court. Quote Link to comment Share on other sites More sharing options...
Number79 Posted July 19, 2009 Share Posted July 19, 2009 I'm sure it was never explained to them in that way. More like, "if you want you f**** bailout money and to stay in business, you better hold off on the repossessions for the time being - else you'll end up like this mobile phone." but now that there is light at the end of the tunnel why wouldn't they stick two fingers up at brown and crack on guarenteeing a crushing defeat while at the same time appeasing cameron who they are going to have to work with for the next 5 years? Quote Link to comment Share on other sites More sharing options...
Mikhail Liebenstein Posted July 19, 2009 Share Posted July 19, 2009 Courts service has a target of four weeks to get possession cases on for hearing. Varies from court to court.I know one guy running an agency for repo cases who signed up two lenders in march on a big chunk of court business starting in september. May be a coincidence. Seems that at the moment it's mostly hopeless cases being brought to court. Wow, that's quicker than I expected. If this is the case, the bad news may appear in September/October. Do the courts usually hit this target? Quote Link to comment Share on other sites More sharing options...
Number79 Posted July 19, 2009 Share Posted July 19, 2009 Courts service has a target of four weeks to get possession cases on for hearing. Varies from court to court.I know one guy running an agency for repo cases who signed up two lenders in march on a big chunk of court business starting in september. May be a coincidence. Seems that at the moment it's mostly hopeless cases being brought to court. thats what I thought, 3 months is the time they take for an eviction isn't it not reposession? Quote Link to comment Share on other sites More sharing options...
Mikhail Liebenstein Posted July 19, 2009 Share Posted July 19, 2009 More evidence: http://uk.reuters.com/article/idUKLNE55B02I20090612 This time buy to let. Interesting that there have been a few articles predicting this in the last 7 days. Looks like more evidence of wave 2 of the down leg. Quote Link to comment Share on other sites More sharing options...
Mikhail Liebenstein Posted July 19, 2009 Share Posted July 19, 2009 thats what I thought, 3 months is the time they take for an eviction isn't it not reposession? It sounds like there is a 4 week target, but it may depend where you live. Last time I used the County Courts it took over 3 months to get a hearing. Quote Link to comment Share on other sites More sharing options...
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