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Chilton fears repossessions will be worse than 1990s

Mortgage expert Mark Chilton is warning that arrears and repossessions in the UK housing market next year will be worse than in the early 1990s.

In a Cracking the Crunch article for Money Marketing., Chilton says the figures will worsen considerably in the next 12 months as it takes this long for the impact of a worsening economy to translate into increased repossessions.

He says: “The statistics will be compared with the early 1990s and they will almost certainly be worse – a lot worse.”

Chilton says in the 1990s, non-conforming mortgages were almost non-existent but now account for almost all the worsening data in the market.

He says: “Since repossessions are largely auctioned, losses will accelerate notably on securitised sub-prime pools.”

Chilton suggests creating a scheme enabling new investment funds to buy repossessions at agreed fair values and then let them back to the existing occupants or social housing tenants. He says this could be Government-backed or supported by tax breaks for individuals in the way that housing investment trusts used to work.

Read the full article at crack-the-crunch


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