U.K. Upholds Delinquent-Borrower Law

10 Nov 2008

The U.K.’s highest court has upheld an 83-year-old law that allows lender to sell the homes of borrowers who missed just two payments.

The U.K.’s highest court has upheld an 83-year-old law that allows lender to sell the homes of borrowers who missed just two payments. The ruling, which supports the rights of subprime lender GMAC-RFC to appoint receivers and auction the property, under the 1925 Law of Property Act, is ...

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