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The EU derivative that will damage property market

Posted on 24 January 2012

Many people through no fault of their own fall into difficulties with their mortgage repayments. Sometimes they simply need a little time and an understanding lender in order to get back on track. Currently repossession proceedings do not start until borrowers have fallen behind with their payments for six months.
But a clause contained in an EU banking directive will require repossessions to begin after just three months, a move which has – it is said – been brought in to make banks more secure and reduce the likelihood of another banking crisis………………………………………..Full Article: Source


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