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Radio New Zealand News : Stories : 2008 : 10 : 23 : Some mortgages greater than value of homes

Wednesday, October 22, 2008
Radio New Zealand, New Zealand -
A property analyst says homeowners are falling into negative equity, as the value of their houses falls below the amount they owe the bank. ...

Kiwis owe more than their home is worth - New Zealand's source for business, stock market & currency news on Stuff.co.nz

Wednesday, October 22, 2008
Stuff.co.nz, New Zealand -
By TINA LAW - The Press | Thursday, 23 October 2008 Falling house prices have plunged up to 130000 homeowners into negative equity as the value of their property drops below the amount they owe the bank. Banks say it is not a ...

Bloomberg.com: U.S.

Wednesday, October 22, 2008
Bloomberg -
By Anthony Massucci Oct. 22 (Bloomberg) -- Opaque financial instruments in the US have created an ``unprecedented'' financial crisis that needs to be ...

Bloomberg.com: Worldwide

Thursday, October 23, 2008
Bloomberg -
By Scott Lanman and Steve Matthews Oct. 23 (Bloomberg) -- Former Federal Reserve Chairman Alan Greenspan called for tighter regulation of financial companies, distancing himself from the free-market culture that he helped to create. ...

Fast News | The Socialist 22 October 2008

Wednesday, October 22, 2008
Socialist Party, UK -
Faced with escalating house repossessions, the government is now urging banks to be lenient on people falling behind with their mortgage payments. The Council of Mortgage Lenders predicts that 45,000 homes will be repossessed this year, up from 26,200 last year. ...

Government to help homeowners facing repossession - Birmingham Post

Wednesday, October 22, 2008
Birmingham Post, UK -
The Government has announced moves to help people who are struggling to pay their mortgage avoid losing their home as it warned Britain was heading for a recession. New guidance is being issued to the courts calling on them to stop repossession actions ...

FTAdviser.com - CML speaks out against forcing lending changes on nationalised banks

Wednesday, October 22, 2008
FT Adviser, UK -
Nationalised banks should not have to change their policy towards towards mortgage customers facing repossession now they are under state control, according to the Council of Mortgage Lenders. The council claimed FSA customer protection rules are adequate and ...

Repossession must be a last resort says the Government

Thursday, October 23, 2008
Fair Investment Company, UK -
Repossessions have become a Government concern as the Treasury announced new rules yesterday aimed at protecting homeowners who are at an increased risk of losing their homes as the UK enters a recession. According to the Council of Mortgage Lenders ( CML ...

Northern Rock repossessions double but staff could still earn 60 percent bonuses

Thursday, October 23, 2008
Fair Investment Company, UK -
Nationalised bank Northern Rock is still planning on paying its staff bonuses of up to 60 per cent, and may have to repossess even more homes to fund it, despite Government orders that repossession is a 'last resort'. Yesterday, the Government set out new rules determining what ...

The Press Association: Banks face blitz over repossessions

Oct 18, 2008
The Press Association -
Treasury minister Yvette Cooper has demanded fewer home repossessions by banks as mortgage holders increasingly struggle to keep up with repayments. The Chief Secretary to the Treasury is said to be working with the Ministry of Justice on tightening ...

Britain faces crisis as negative equity to reach 2 million

Oct 18, 2008
Times Online, UK -
Collapsing house prices are plunging 60000 homeowners a month into negative equity, which means the country is on course for a worse crisis than the 1990s ...

Negative equity 'affecting 60,000 families a month', report reveals - Telegraph

Oct 19, 2008
Telegraph.co.uk, United Kingdom -
More than 60000 families a month are now falling into negative equity, as the collapsing housing market wipes thousands of pounds off the value of homes.   ...

British minister demands fewer home repossessions - International Herald Tribune

Oct 19, 2008
International Herald Tribune, France -
AP LONDON: A British minister says she is working to keep people in their homes by making it tougher for banks to seek repossessions. ...

BBC NEWS | UK | UK Politics | Ministers plan repossession help

Oct 19, 2008
BBC News, UK -
The government has warned that home repossessions should only be a "last resort" and says the banks should be doing more to help homeowners. ...

Credit Crunch: Treasury Minister Yvette Cooper Is 'Worried' About Home Repossessions | Business | Sky News

Oct 19, 2008
Sky News, UK -
Of the 19000 homes repossessed in the first half of this year, about 4000 were by Northern Rock. The charity Credit Action urged the Treasury on Friday to put pressure on Northern Rock to adopt a more flexible approach towards borrowers who fall behind on their mortgage ...

Yvette Cooper tells banks to cut repossessions as 2m predicted to fall into negative equity - Telegraph

Oct 19, 2008
Telegraph.co.uk, United Kingdom -
Banks and building societies should avoid repossessing homes from families struggling to cope with the economic downturn, a senior Government minister has said. ...

Ministers urged to rescue homeowners | Politics | The Guardian

Oct 19, 2008
guardian.co.uk, UK -
The government was under pressure last night to bring forward plans to rescue families who face losing their homes, after figures showed that more than 60,000 homeowners a month are falling into negative equity. Opposition parties and debt charities said ministers needed to ...

Credit Crunch: Treasury Minister Yvette Cooper Is 'Worried' About Home Repossessions | Business | Sky News

Oct 20, 2008
Sky News, UK -
Treasury minister Yvette Cooper has told Sky News she is concerned about the rate of home repossessions. "Repossession should always be the last resort," ...

Government acts to reduce home repossessions | Reuters

Wednesday, October 22, 2008
Reuters UK, UK -
LONDON (Reuters) - Mortgage lenders will have to prove they have tried to help struggling homeowners avoid losing their property, under new rules brought in by the government on Wednesday aimed at reducing repossessions. ...

Northern Rock staff could get bumper bonuses paid for by taxpayer - Telegraph

Wednesday, October 22, 2008
Telegraph.co.uk, United Kingdom -
Northern Rock staff could earn an extra 60 per cent of their annual salary in bonuses, paid for by the taxpayer, the bank has said. ...

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