As part of the investigation of Santanders repossession
practices, the department learned that HSBC sold to Santander the right to collect debts owed by servicemembers after their cars had been repossessed by HSBC without court orders.
CML director general Paul Smee said: "The relatively low rate of repossession
among owner-occupiers - around one in 600 mortgages last year - should help to reassure borrowers that, if they do face payment difficulties, lenders will work with them to try to resolve their problems.
Some 21,000 repossessions
took place in the UK 2014, a 26% fall on the previous year, as low interest rates and cheap mortgage deals helped to cushion households from getting into financial dif-ficulty.
M2 EQUITYBITES-November 13, 2014-Mortgage arrears and repossessions
at lowest level since 2008 in UK
In the past 12 months, 1,392 homes in the city were subject to mortgage repossession
or eviction court orders -In the past 12 months, 1,392 homes in the city were subject to mortgage repossession
or eviction court orders as tenants and mortgage-payers strug-TURN TO PAGE 2 TURN TO PAGE 2 gled to meet their financial obligations.
The number of new repossession
cases reached a peak of 1,975 in the first half of 2009.
4 million vehicle repossessions
in the United States, according to Auto Financial Group, a Houston firm that provides residual-based finance products for credit unions.
Like many in the industry, Greg went into the meeting expecting to hear from the CFPB how intensely it plans to investigate the repossession
industry, But what he heard surprised him, and will likely surprise everyone else in the repossession
industry as well.
have remained near five-year lows as record low interest rates help owners stay in their homes, industry figures showed.
The Uniform Commercial Code ("UCC") provides a secured party with the right to repossess its collateral upon default in two ways: repossession
by judicial process and repossession
The development comes just days after Finance Minister Michael Noonan and the Central Bank announced new measures to deal with the mortgage arrears crisis, in which it was promised home repossessions
would be a last resort.
Lenders have been unfairly penalising customers for failed repossession
court actions taken against them.
The rate of repossession
has continued to fall and it's clear that lenders want to keep people in their homes.
The research found a "clustering" of private households on Tyneside facing the threat of repossession
Statistics from the Financial Services Authority showed the number of repossession
claims in the region plunged by almost a third in the final three months of last year against figures for the same period in 2008.