|    FM Home   |    FM News   |    FM Forum   |    FM Blog   |   
Thursday 12th of February 2009
February 9, 2009

Think tank puts Courts in front line over repossessions


by Gill Montia
Think tank puts Courts in front line over repossesions

The Centre for Policy Studies has warned that very few households will benefit from government initiatives aimed at reducing the number of home repossession.

The think tank, which was formed by Sir Keith Joseph and Margaret Thatcher in 1974, estimates that the recession will put over 145,000 households at risk of repossession, with a further 245,000 the subject of repossession orders.

The body is therefore arguing that courts should have more discretion in applying the law in such cases.

So far, ministers have introduced a range of measures to help homeowners in financial difficulties.

Lenders have agreed to defer mortgage interest payments for up to two years in some cases and changes to Support for Mortgage Interest have made the means-tested benefit available after 13 weeks, rather than 39.

Last month saw the launch of a £200 million scheme that allows housing associations to buy the homes of people with serious mortgage arrears and rent the properties back at a price that is affordable.

However, the Centre believes the Government needs to go further and claims that by improving guidance for courts and, for example, encouraging courts to defer repossession orders, up to 100,000 families could avoid losing their homes during the next three years.

Discuss this in the Finance Markets forums

Story link: Think tank puts Courts in front line over repossessions


Add to Bookmarks:

ADD TO DEL.ICIO.US     ADD TO DIGG     ADD TO FURL

ADD TO STUMBLEUPON     ADD TO YAHOO MYWEB     ADD TO GOOGLE     ADD TO SPURL

 

Tags: Centre for Policy Studies, , discretion, powers, ,

 

Previous: « Japan corporate bankruptcies up 16% on year
Next: FSA warns banks need to make severe culture changes »

Visited 254 times, 9 so far today