Rapid repo on houses with mortgage arrears

[patslatt]

More houses have been repossessed in the past month at a major bank than in the past year. Often,no mercy is shown to homeowners in arrears more than one month as the bank initiates moves to repossess. Previously,arrears of even a year were tolerated.

Presumably,the shortage of liquidity in the international financial panic is forcing the bank to act ruthlessly to liquidate bad mortgage loans and to get the best price it can on foreclosed houses before prices fall further.

[BodyofEvidence]

More houses have been repossed in the past month at a major bank than in the past year. Often,no mercy is shown to homeowners in arrears more than one month as the bank initiates moves to repossess. Previously,arrears of even a year were tolerated.

Presumably,the shortage of liquidity in the international financial panic is forcing the bank to act ruthlessly to liquidate bad mortgage loans and to get the best price it can on foreclosed houses before prices fall further.

Lets not confuse reposession with eviction. Reposession i sabsolutely required in any market which is loan or credit based. Else the situation is even more ludicrious than it is now