Repossession Numbers Grossly Misreported?

[mrpleasant]

According to a small story in the Mail on Sunday, lenders who pursue repossession through the courts don't make the statistics unless they fall under the auspices of the CML. The type of small lender most likely to hit the panic button is very likely not a member - approximately 3 out of every 5. That's HUGE and suggests the 'low' repossession numbers reported recently as a factor underpinning prices are nothing of the sort. Not sure if this highlights typical shallow journalism, typical media over-optimism or typical shadowy property industry guff. Whatever it is, it's typical.

Edited February 20, 2011 by mrpleasant

[wild card]

I think most mainstream mortgage lenders are now on CML's panel now. The hardcore adverse, self cert lenders, Swift, Gemac, Preferred, Mortgages Plc , First National etc do not report to the CML. Many of these were funded by $ many of them no longer lend. They act very quickly on missed payments.

I don't think the 2nd charge lenders figures are reported either. The real repo number is a lot higher than the cml are declaring (and they know it)

http://www.dailymail.co.uk/money/article-1358696/My-mortgage-10---Im-trapped-possibility-remortgaging-elsewhere.html

[Misanthrope]

[South Lorne]

...another ONC blip under Labour....?...

Edited February 20, 2011 by South Lorne

[billybong]

Another factor absorbing repo numbers is the number of sell to lets which is a relatively new business and most of these would have been repos in the past.

[Bloo Loo]

I expect jingle mail doesnt appear either...no order is issued or needed if the owner hands possession over volantarily.