Repossessions - 3-month waiting period good for homeowners and banks, says KPMG

Commenting on today's PBR announcement David Sayer, Global Head of Retail Banking at KPMG, said:

 

"The announcement of an agreement between the major lenders to establish a three-month waiting period prior to beginning repossession proceedings is a sensible move by the industry. It is in the interests of both the banks and homeowners. The banks do not want to flood an already saturated market with more housing and this time also gives consumers the opportunity to pursue other options to keep their homes. In some cases repossession will be the only option, but it is right that it is only used as the last resort. This process will ensure that all cases receive a good level of scrutiny and review and that there will be no rushed cases."


Financial Services 24 November 2008 


-ENDS-


Further information:
KPMG PBR Hotline: 0207 694 8773
www.kpmg.co.uk/pbr

Margot Cowhig, Tax PR Manager, KPMG in the UK
Media hotline: 020 7694 8773
Mobile: 07920 274 856
Mail: margot.cowhig@kpmg.co.uk


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