Big increase in number of legal proceedings issued

[Brendan Burgess]

This information was buried in a long note in the [broken link removed] yesterday. There was no mention of it in their summary.

Legal proceedings issued

|2013|2012
Q1|255|278
Q2|345|270
Q3|1,830|466
Q4| |238
Total|2,430|1,252

Repossessions

|Q3 2013|Q2 2013
Court repossessions granted|89|350
Actually repossessed on foot of court order|76|63
Abandoned and voluntarily surrendered|133|160

Repossessions Q3 2013

Legal Proceedings and Repossessions During the third quarter of 2013, legal proceedings were issued to enforce the debt/security on a PDH mortgage in 1,830 cases. Court proceedings concluded in 361 cases during the quarter, and in 89 of these cases the Courts granted an order for repossession or sale of the property. There were 1,002 properties in the banks’ possession at the beginning of the quarter. A total of 209 properties were taken into possession by lenders during the quarter, of which 76 were repossessed on foot of a Court Order, while the remaining 133 were voluntarily surrendered or abandoned. During the quarter 158 properties were disposed of. As a result, lenders were in possession of 1,050 PDH properties at end-September 2013.

Note on repossessions in Quarter 2

Legal Proceedings and Repossessions During the second quarter of 2013, legal proceedings were issued to enforce the debt/security on a PDH mortgage in 270 cases. Court proceedings concluded in 637 cases during the quarter, and in 350 of these cases the Courts granted an order for repossession or sale of the property. There were 911 properties in the banks’ possession at the beginning of the quarter. A total of 223 properties were taken into possession by lenders during the quarter, of which 63 were repossessed on foot of a Court Order, while the remaining 160 were voluntarily surrendered or abandoned. During the quarter 133 properties were disposed of. As a result, lenders were in possession of 1,001 PDH properties at end-June 2013.

 

[Time]

Who is issuing the most? Subprime or mainstream banks?

 

[Brendan Burgess]

The breakdown is not reported.

Given that there were ever very few sub-prime mortgages issued, there won't be that many repossessions by the subprime in absolute terms.

But they will be much higher in relative terms.

Brendan

 

[MrEarl]

Who is issuing the most? Subprime or mainstream banks?

Very interesting question, however I would like to see a variation of that question answered and see it broken down per individual lender - then to subsequently compare that with the estimated market share of each lender.