Tuesday, July 15, 2008

Repossession orders hit record high

THE High Court yesterday saw the largest number of applications from the banks for home repossessions so far this year.

Both Irish and foreign lenders filed cases for "possession orders", where loans had fallen into arrears.

While the majority of the applications were from Start Mortgages and GE Capital, a number of big-name Irish banks were also seeking the orders, including AIB and Bank of Ireland.

Judge Elizabeth Dunne granted eight repossessions yesterday, most of which were in favour of sub-prime lender Start Mortgages, which is a market leader for the sub-prime sector.

They supply loans to people who have difficulty getting finance from the high-street banks.

There were 19 new applications for possession orders before the High court yesterday, the highest so far this year. And, in total, there were 54 cases before the court, again, the highest number this year.

In the past, Irish banks have been hesitant to go down the route of repossession, due to fears of poor public relations as a result.


1 comment:

The Reviewer said...

And there will be many more to come in the near future I fear.