Call to curb 'aggressive' N'Rock over repossessions

[Diver]

"As soon as people fall behind, they have moved to start repossession proceedings," he said.

"We are not talking about people who are trying to avoid paying, but people who are struggling in the short term.

"There was a case a couple of days ago where because it was the end of the summer holidays, a family had to buy a load of new school clothes, and as a result fell behind with their payments.

"Northern Rock went straight to begin repossession proceedings."

http://www.independent.co.uk/news/uk/politics/call-to-curb-aggressive-rock-over-repossessions-964620.html


Government moving back into social housing perhaps?

[swamp]

Prisoner's Dilema.

During the early 90's housing crash banks repossessed houses all at once exacerbating the fall in the housing market. Banks know this, but since the market hasn't fallen too far yet it makes sense to reposess immediately. Of course this will only help accelerate the impending crash, and if the banks worked together (by delaying reposessions) they could all be better off, but it's in the banks' own selfish interest to reposess as soon as possible.

[Sysman]

http://www.independent.co.uk/news/uk/politics/call-to-curb-aggressive-rock-over-repossessions-964620.html


Government moving back into social housing perhaps?

It was on the news the other day that NR were repossessing at twice the rate that other banks were. Maybe this is why they are managing to pay back their govt. loan so quickly?

I think we can confidently say that the govt. will move back into social housing. Much as I hate to support Nue Lie in any way, the social housing stock was severely depleted in the Thatcher years with the sell off of council houses.

Council houses were in the first place supposed to provide affordable housing for those for whom buying was not appropriate. If their supply had not been tampered with, many of the repossessions we are about to see wouldn't have happened.

[AtW]

It was on the news the other day that NR were repossessing at twice the rate that other banks were. Maybe this is why they are managing to pay back their govt. loan so quickly?

That and (more so) keeping high rates for customers coming off teaser 2-year fixed deals, so those of them who could get morgage elsewhere would move (and they did) thus leaving Northern Crock with the worst morgages on ther books, no suprise they try to repossess quickly.

[Cyberman]

Prisoner's Dilema.

During the early 90's housing crash banks repossessed houses all at once exacerbating the fall in the housing market. Banks know this, but since the market hasn't fallen too far yet it makes sense to reposess immediately. Of course this will only help accelerate the impending crash, and if the banks worked together (by delaying reposessions) they could all be better off, but it's in the banks' own selfish interest to reposess as soon as possible.

If they are selling them, I agree with your sentiments, but if they are just adding them to housing stock to house immigrants, asylum seekers etc, this is crazy politics and discrimination against indigenous folk.
My money is on the housing stock scenario because it has aready been mooted that this should be their aim by their own MPs.

[Cyberman]

It was on the news the other day that NR were repossessing at twice the rate that other banks were. Maybe this is why they are managing to pay back their govt. loan so quickly?

I think we can confidently say that the govt. will move back into social housing. Much as I hate to support Nue Lie in any way, the social housing stock was severely depleted in the Thatcher years with the sell off of council houses.

Council houses were in the first place supposed to provide affordable housing for those for whom buying was not appropriate. If their supply had not been tampered with, many of the repossessions we are about to see wouldn't have happened.

The way that the BofE loan is being repaid is by encouraging borrowers to move to other banks by keeping interedst rates very high.
Repossession of homes should obviously be a last resort, and in the current climate it would be very difficult to sell them on anyway.
Northern Rock has already repaid 15 Billion pounds. I think it would take quite few repossessions to repay that !!

[Cyberman]

That and (more so) keeping high rates for customers coming off teaser 2-year fixed deals, so those of them who could get morgage elsewhere would move (and they did) thus leaving Northern Crock with the worst morgages on ther books, no suprise they try to repossess quickly.

It's no surprise that some are struggling to repay at 7.34 per cent SVR. I am now on 4.5% with HSBC, and that is a massive differential.
HMG are acting in extremely immoral way in this situation, considering that they caused most of Northern Rocks' problems. I trust the media will now give Labour a good and well deserved slagging-off so that a policy change is made.

[rootsnall]

HMG are acting in extremely immoral way in this situation, considering that they caused most of Northern Rocks' problems.

Do you not have a rest at the weekend !?

I predict an Atw style mental collapse if you keep this up. Please have a rest from Northern Rock today.