Mortgage default increases
The Housing Corporation has had a bad year,, having to foreclose on 230 of its 160,000 mortgages, says its Assistant DirectorGeneral (lending), Mr J. Ward, the Press Association reports. Mr Ward said 230 was not- a great proportion but the'last year- had been a bad one, reflecting the economic climate. The problem was worst In Auckland where the corporation had to force the sale of between 30 and 40 per cent of the 230 properties. The other mortgage defaulters were spread evenly throughout the rest of the country, said Mr Ward. • In forcing. the sale ■ the corporation claimed the amount in arrears “ plus costs, but because many of the houses were run down or damaged it often made losses of up to $3OOO on . such : sales. .’ . f The losses were made up ffrom funds specially reserved for the purpose, g ] .’‘People J will abandon tmeir homes and walk away front; their resnonsiHlltiw, ewes he had dealt/with -.thdire involved had walked
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Press, 1 April 1980, Page 6
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163Mortgage default increases Press, 1 April 1980, Page 6
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