Brown Now Orders Courts To Ease Repossession Orders

[It is different this time]

http://news.bbc.co.uk/1/hi/business/7684162.stm

Guidance will be issued to judges in an attempt to ease repossession rates, Prime Minister Gordon Brown has said. Mr Brown told the Commons that lenders would have to demonstrate to the courts that they had exhausted every avenue

Delaying the inevitable will not save families Mr Brown! Maybe you should have done what you promised and created an economy that didn't rely on boom & bust

[Guest DissipatedYouthIsValuable]

http://news.bbc.co.uk/1/hi/business/7684162.stm

Delaying the inevitable will not save families Mr Brown! Maybe you should have done what you promised and created an economy that didn't rely on boom & bust

If I had a very large mortgage, I'd switch to paying about 10% of the monthly payment about now.

[Bloo Loo]

guidance to change a contract?

Brown is a tw@

[Bloo Loo]

and how about guidance to courts on eviction of sitting tenants and those at the end of a forced ending of an AST?

[Tonkers]

"exhausted every avenue"

Don't they already do this though?

Honestly, there is just no way that he can stave off these reposessions, and householders just risk becoming further and further indebted, is that the plan?

The council buying half the house may well be an option, but there is little money for it, and it presents a raft of complications, including making the house impossible to sell in the future.

[bomberbrown]

This government really hasn't got a clue.

[Concrete Jungle]

I wonder if he will be asking the inland revenue to be so thoughtful when pursuing those who have lost their jobs, for tax and NI contributions still owed.

[Fully Detached]

Chaff. While the public are busy seeing banks as the antichrist, now is the perfect time to show that "we're on the people's side". It won't change dick, but Gordon probably thinks it's worth a punt for the popularity.

[Austin Allegro]

Labour have never really understood the concept of an independent judiciary. I wonder whether this is really just 'guidance' or is that euphemism for 'orders'?

[Bloo Loo]

Labour have never really understood the concept of an independent judiciary. I wonder whether this is really just 'guidance' or is that euphemism for 'orders'?

Indeed, the FSA ALREADY has rules the banksters need to follow for a client in trouble.

[libspero]

http://news.bbc.co.uk/1/hi/business/7684162.stm

Delaying the inevitable will not save families Mr Brown! Maybe you should have done what you promised and created an economy that didn't rely on boom & bust

Does this mean Northern Rock will no longer be top of the repossession table then.. or are the government simply saying do as I say not as I do (as usual)

[lurker07]

He's forgot about the law of unintended consequences (again!)

If he wants banks to be lenient and accept more payment holidays (get out of jail free cards), and be more sympathetic, why the hell does he think they'll start lending again to these kind of people at the start of a recession. MORON.

[Guest Shedfish]

this will make banks fall over themselves to take on more risk

[blankster]

Surely easing repossessions is a good move, even if it's not a solution. Billions have been given to the banking sector (with strings), so a bit of help for individuals who find themselves in trouble is a positive move.

[interestrateripoff]

Is he going to mention this to NR seeing as he owns it?

[Tonkers]

Surely easing repossessions is a good move, even if it's not a solution. Billions have been given to the banking sector (with strings), so a bit of help for individuals who find themselves in trouble is a positive move.

Please explain to me how they can do this without just creating more problems?

[Bloo Loo]

Surely easing repossessions is a good move, even if it's not a solution. Billions have been given to the banking sector (with strings), so a bit of help for individuals who find themselves in trouble is a positive move.

what help exactly....stay in your home you cant pay for a couple of months longer??

What about tenants... do they get help? what about savers? what about everyone who DIDNT partake in the madness?

[cht]

Surely easing repossessions is a good move, even if it's not a solution. Billions have been given to the banking sector (with strings), so a bit of help for individuals who find themselves in trouble is a positive move.

If my neighbour is not paying the mortgage, why should I?

[Te Mata]

Whatever happened to separation of powers?

Or is that a quaint and outdated democratic notion?

[TeddyBear]

The thing is, I think courts can by quite flexible if the person due to be repossessed actually fills in court papers or turns up in court. Trouble is, many don't. Reasons for this vary - head in the sand or lack of ability to undertand/deal with the paperwork/access advice or, as we've heard elsewhere, lenders saying to them, don't bother to turn up, there's nothing you can do (when this isn't actually the case).

Don't see how the courts can chase up every person who doesn't show at a hearing to ask them why. All that could really be done is perhaps a leaflet in words the not very clever can understand explaining why they should turn up in court with their statement of earnings and explanation of how much they can pay over how long.

[bomberbrown]

Two words have just sprung to mind over this announcement:

SHEEPLE PACIFIER

[South Lorne]

http://news.bbc.co.uk/1/hi/business/7684162.stm

Delaying the inevitable will not save families Mr Brown! Maybe you should have done what you promised and created an economy that didn't rely on boom & bust

...does that mean all can take a payment holiday....?.....wonder how that reflects on lenders and the viability of 'secured ' lending ......?...

[South Lorne]

Please explain to me how they can do this without just creating more problems?

...as we always said about Brown ...never mind being in despair at the mess he makes.....wait until you see his solutions....

[Wad]

"exhausted every avenue"

Don't they already do this though?

Honestly, there is just no way that he can stave off these reposessions, and householders just risk becoming further and further indebted, is that the plan?

The council buying half the house may well be an option, but there is little money for it, and it presents a raft of complications, including making the house impossible to sell in the future.

I was listening to the PMQs programme on Sky and both Ian Duncan Smith and Clare Short agreed this was unlikely to make any difference. Indeed, it was suggested that these regulations already exist and the banks and building scieties already have to show they have tried ll other routes than repossession.

IMO the banks and building societies wil just carry on as they were but just start the process immediatley anyone falls even £100 behind for a day - that will give them 3 months to tick all the boxes, send plenty of letters, have meetings with the borrowers and make various offers that the borrower will not be able to comply with. Indeed, most borrowers who are defaulting will already be on IO mortgages and will not be able to reschedule any further to reduce monthly payments.

Perhaps Govt might try to force banks to accept a shared equity agreement with borrowers. For example a 50% shared equity agreement would halve the mortage paments at a stroke. Banks will not like it but maybe that is what will be forced upon them. Sale to the local athority and rent back is another.

Ian Duncan Smith and Clare Short agreed the ony really sensible practical help was to reintroduce the DSS paying people's mortgages if they lost their jobs. Seems a good idea but not on the table as it would just add to pblic debt - far better to give the money straight to the banks apparently.

Edited October 22, 2008 by Wad

[generation jones]

http://www.statutelaw.gov.uk/content.aspx?...p;filesize=4492

Not sure if that link is going to work! basically sets out quite wide discretionary powers courts already have and exercise when it is appropriate.