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British court ruling increases risk of home repossession

category international | housing | other press author Monday November 17, 2008 10:03author by Terence Report this post to the editors

Can not evict after 2 missed monthly payments

In a clear example of the hollowness of politicians in the current economic crisis, where they claim the bailouts to the wealthy are designed to help the ordinary people, a British court ruling has now up the ante on the attack against the people by allowing a ruling which permits people to be evicted from their homes after missing just 2 monthly payments

To do this they have invoked legislation going back to 1925 to permit a financial arm of GM to evict a couple from their house without a court order.

Repossessions in the UK have increased by 71% in the last 3 months, but this ruling promises to send it sky high.

For example the article reports:

More than 150,000 homeowners were at least three months in arrears in the six months to June, about 30 percent more than in the same period last year. The Council of Mortgage Lenders predicts that repossessions will jump by 50 percent to 45,000 this year and continue to rise over the next 12 months.


Full story at link below

Related Link: http://www.wsws.org/articles/2008/nov2008/repo-n17.shtml
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