New law will allow banks to repossess homes by summer

Irish Independent -

BANKS will be free to repossess homes and investment properties by the summer after the Government published new legislation.

The new law will overturn a High Court ruling blocking them taking homes and buy-to-let investments. It is expected to be enacted by the summer.

It came as credit ratings agency Moody’s says it is not changing the negative outlook it places on Ireland’s so-called credit rating. Analysts are concerned about the slow pace of repossessions of houses from those in long-term mortgage arrears.

But the legislation to address the loophole caused by the so-called “Dunne Judgment” is expected to result in a surge in the number of repossessions.

More than 23,500 residential mortgage accounts are two years or more in arrears.

The Land and Conveyancing Law Reform Bill is to be distributed to TDs next week.

Publication of the legislation comes just days after Ulster Bank sent out letters to homeowners in arrears threatening to take back their homes.

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2 Responses to New law will allow banks to repossess homes by summer

  1. Diane Denizen March 31, 2013 at 3:43 pm

    Well, now there is no doubt who this government works for-The Banksters! People wondered how evil the government could be, well now we know, another Easter Rising on the cards, I’d say.

  2. love1salluneed April 1, 2013 at 9:03 pm

    Are these prix actively goading people into full on riot or what? People will only suck up so much crap and then they need to vomit!



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