Repossessions & Evictions

saver_sam

emmaHarris wrote:

There are several firms in existence, but I won't give details without seeking their permission first.

I personally do not understand this statement though??

I just think it's polite before slapping their names on the web to let them know!

emmaHarris_2

saver_sam wrote:

I just think it's polite before slapping their names on the web to let them know!

I still don’t understand...if they are bona-fida companies operating to help reduce debt or repossession action on behalf of the sub prime lenders then it is in their interest to advertise that this is what they do and who they are? Have you noticed on sub prime lenders Internet sites they really don’t go into much detail about the after care services in anyway?

Without me they have a bad reputation anyway. Don't you think they would want to improve this? What’s stopping them? The companies you mention should be out there on behalf of their clients advocating their services to show the public that the sub prime is not that bad?

Or...scary as GMAC and KMC and the others struggle to define themselves on their web sites).

We have always said...the sub prime market depends highly on the lack of regulations, HM Treasury compliance but more importantly...borrowers/consumers ignorance!

emmaHarris_2

saver_sam wrote:

No problem, reply to Sam by private message. If those courts really are behaving that badly then I think at least a complaint to the Court Manager or maybe even to the DCA is appropriate.

We agree:)

emmaHarris_2

Just to bring you up to date: Shelter has now shown and interest in this topic of how sub prime lenders are operating and specificaly in regard to the high rise in repossessions and evictions as follows:

---

Original Message

---

From: Email & Name Provided
Sent: 02 May 2006 10:39
To: XXXXXX
Subject: Re: The new UK Mortgage Forum at www.townandabout.com


Dear XXXX

Thank you for sending through this information.

I am part of Shelter's XXXX team and have been taking an increasing interest recently in the problems caused by the growth in the sub-prime sector of the mortgage market. I was very interested to read some of the material on the discussion forum you have set up. I was also interested in the letter you have sent to the Courts Service and HM Treasury. Would you please keep me informed of any response you get to this letter? I would like to know myself the answer to some of the questions you have asked.

regards
Name Provided

Name Provided
Office Held Provided
Shelter
88 Old St
London EC1V 9HU
Direct Line: Tel No Provided
fax: Fax No Provided
Email Address Supplied

emmaHarris_2

We have received a post to our forum in regard to this question and I thought I would re-post here to allow others to give their views and to ascertain any opinions. This post was made by Shelter and I am sure feedback from consumers & from those in the mortgage industry could help:

Just how effective are consumer organisations such as Shelter?

http://england.shelter.org.uk/home/index.cfm

How many cases do they handle a year of people being evicted from their homes? Does anyone know? Do courts listen to them?

Roy5085

As you are aware there is consultation going on with the Department of Constitutional Affairs, The Office of the Deputy Prime Minister and the HM Treasury. Following these discussions, we have now been able to obtain more in depth information in regard to repossession rates and evictions. I am in further discussions with them towards providing this information by county and region as well as by lender in conjunction with other entities.

The figures and trends 2001 - 2006 can be viewed here.

Roy5085

Just in case anyone didn’t know but the Council of Mortgage Lenders (CML) do not record second charge mortgage repossessions.

Roy5085

Extract from recent comminications with CML

"The CML does publish figures on physical repossessions, as opposed to court orders and actions (table AP4, published semiannually). The table is available from our website at http://www.cml.org.uk/cml/statistics. These figures are not available for each lender individually. However the aggregate figures are taken from a sample of lenders and grossed up to estimate industry numbers".

Garry_Anderson

Roy5085 wrote:

Just in case anyone didn’t know but the Council of Mortgage Lenders (CML) do not record second charge mortgage repossessions.

Considering their aim - to be "THE central provider of economic, statistical, legal, research and other market information" shouldn't they have a record of them?

"Our aim is to help to foster a favourable operating environment in the UK housing and mortgage markets. We are the representative voice for the residential mortgage lending industry, and the central provider of economic, statistical, legal, research and other market information."

http://www.cml.org.uk/cml/about

emmaHarris_2

Garry, exactly!

Lip service?

Now here is a thought...belonging to the section of openness, visibility, accountability and transparency.... maybe in the long future lenders will have to report ALL their statistics up front.... how many mortgage account they have, repossessions etc....Hmmm! No... to radical...when purchasing anything else people look at the whole of the company's profile, products, servicing, maintenance agreements and reputations etc...God knows why not in the mortgage world! Maybe ‘shoppers’ should start asking!

Who knows.... in the year 3000 lenders may have to tell it all - warts and all!!