Wednesday, October 22, 2008

Brown orders courts to stop repossessing

Plan to ease repossession rates

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. Chief Secretary to the Treasury Yvette Cooper said that she wanted "stronger rules across the board" to make sure homeowners were supported.

Posted by little professor @ 01:25 PM (987 views)
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10 thoughts on “Brown orders courts to stop repossessing

  • mark wadsworth says:

    Gummint thinks. Hmmm. Repossessions -> forced sales -> tumbling prices -> exposing the fact that our miracle decade was built on sand. Ergo, if you stop repossessions and offer to pay the mortgage for people who lose their jobs, we can head this off at the pass.

    Does nobody remember Black Wednesday (or White Wednesday as we Ukippers call it)? You cannot prevent a run on a currency, so not in a million years can you halt a house price crash, all you can do is make things worse.

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  • Why are banks busy reposessing early ? Because they know that if they wait they ll even get less for the properties they reposess. I dont understand why people are surprised at Northern Rock being the fastest at reposessing . Well, the more money they take, the quicker they can return it to the government and the higher their bonus can be. YES they are paid a bonus depending on how QUICKLY they pay back OUR money. And do I get a bonus ? Of course NOT.

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  • planning4acrash says:

    Mark, you can delay and make it worse. With Sterling high, we get a UKIP black currency run and euro parity if the crash is bad enough. Lets hope they fail and the free market takes over. Great news is that Northern Rock is repo.ing more than main street!

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  • I listened to PM’s Q’s today when this topic came up and absolutely none of the “proposals” are new to the mortgage industry (other than sale and rent back regulation) – extending mortgage term, reverting to interest only etc.. are all measures that would have to be explored and indeed implemented (assuming genuinely in borrowers best interests) prior to lender attempting to take possession which is always seen as last resort.

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  • Whostolemyendowment says:

    If I fall behind in my rent – will GB stop me being evicted? NO is the answer to that.
    I do not want to be heartless, but why should ‘homeowners’ ie ‘debtowners’ be allowed to stay in a house when they stop paying back the loan?
    What is to stop those that can afford to pay, not paying and staying put?
    I’m confused dot com!

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  • “Mr Brown told the Commons that lenders would have to demonstrate to the courts that they had exhausted every avenue”

    Crash Gordon obviously hasn’t heard of the principle of judicial independence. Yet more puff and non-substance from the man who’d like to be in charge.

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  • planning4acrash says:

    A mistake with evicted is loss. These people never owned their houses and can rent for less, so, renting puts them in the same position, yet we must risk our con-omy to protect their delusions of wealth?! Bankers are just as bad.Neither Shld a bailed out!

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  • planning4acrash says:

    We worry about risk to our con-omy from them falling, but me, with my prudent lack of debt and stash of gold coins, with my values, I can entrepreneur us out of this if we only cut out, exorcize the rot, then I can employ these idiots in a new economy.

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  • planning4acrash says:

    We worry about risk to our con-omy from them falling, but me, with my prudent lack of debt and stash of gold coins, with my values, I can entrepreneur us out of this if we only cut out, exorcize the rot, then I can employ these idiots in a new economy.

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  • ‘Guidance’ = Dustbin

    Talk is cheap, it’s the only thing this government does, just another throwaway soundbite.

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