MORTGAGE RELIEF

Stratford Evening Post, Volume II, Issue 354, 11 September 1933, Page 5

MORTGAGE RELIEF

Amendments Expected

HELP FOR TENANTS Adjustment Commissions Press Association. —Conyright. Christchurch, Sept. 10. Assistance granted under the mortgagors’ and tenants relief legislation, tfw purpose of which Is to grant relief not only to farmers, but to city dwellers who have mortgages made burdensome bjg economic conditions,. was referred to by the Acting-Prime Minister, Rt. Hon J. G. Coates, in an address at Opawa last evening. Mr Coates said further amendments to the legislation were contemplated, so that mortgagors and tenants might get the full measure of relief intended by the Legislature.

Mr. Coates said adjustment commissions of practical men had materially assisted the court, and had also encouraged voluntary modifications by the parties to a mortgage. The mortgagors’ adjustment commissions had received over 6000 applications for investigation and (adjustment. This relief, to mortgagors and tenants had been progressing steadily; there had been no spectacular flourish, but the good that had been accomplished would have a far-reach-ing effect. It could not be measured in terms of cash alone, but in terms of homes and farms that had been kest going with the tenant or mortgagor still in possession. The Government policy had been aimed at avoiding harsh treatment of mortgagors. Every possible recourse to law and the principles of conmion hlumanity and equity had ensured that relief be given in place of summary foreclosure and eviction. In contrast with this, in New York city alone, in the first ten months of 1932, there were over a quarter of a million orders of the court for summary eviction. Also in the MiddleWestern States of America, ma-chine-guns and tear gas bombs had been used to evict a farm family from their home.

It must be remembered, said Mr Coates, that the New Zealand courts had an unfettered discretion in respect of those mortgages and leases which came within the scope of the Acts, principally by way of the remission of all arrears of interest or rent, the reduction of future interest and rent, the postponement of payments of the principal of mortgages and the prevention of the mortgagee selling, up mortgagor or landlords exorcising, powers of distraint for rent. This relief had been and was still being given to Tiundreds of deserving citlzpps who, as a result of unemployment and the fall In prices, would otherwise have had to give up their homes and farms.