08
Mar
13

House repossessions to rise this year?

Yesterday we had the government reassurring people that there would be no surge in the number of house repossessions in the coming year:

Mr Kenny said the coalition has “no intention of having a rash of house repossessions”.

Mr Howlin said the Personal Insolvency Bill will be in place to allow families to reschedule debt.

“I don’t expect, in truth, any mass repossessions of houses, certainly for family homes, next year,” he said.

http://www.independent.ie/business/personal-finance/property-mortgages/taoiseach-promises-there-will-be-no-surge-in-home-repossessions-as-loophole-closed-28946643.html

These comments were made in the context of the government announcing that they have promised to remove a legal loophole preventing banks taking properties as requested by the EU-IMF bailout team.

Rather than the soothing words of these inveterate liars I would place much more stock in how the banks themselves see this issue, as per the comments of Bank of Ireland Chief Executive, Richie Boucher, who expects repossessions to increase significantly – http://www.rte.ie/news/player/2013/0304/3496973-bank-of-ireland-warns-that-repossessions-will-increase-significantly/

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