Irish Nationwide top of the league for below-the-radar home repossessions
Published 30/11/2010 | 05:00
Irish Nationwide has topped the league of banks engaged in 'below-the-radar' home repossessions.
It has emerged that Irish Nationwide is the most active financial institution in the Circuit Court, where possession orders can be granted without a court hearing -- and attract less publicity than subprime lender-dominated High Court hearings.
So far this year the High Court has ordered the possession of 230 properties, but a further 275 were possessed in the Circuit Court.
An analysis revealed that Irish Nationwide, despite having a tiny share of the mortgage market, pursued more than half of all the Circuit Court possessions.
Irish Nationwide, in a statement to the Irish independent, said that it "takes arrears management seriously", adding that the bank sees court action as a last resort.