Red loan management companies are looking for ways to break out of the impasse in the execution of foreclosure auctions, after the government’s refusal to resolve the issue by interpreting the existing law.
A decision of the Supreme Court does not allow servicers to represent funds in court for the recovery of overdue debts. In many cases now, borrowers’ attorneys use it to stay foreclosures, gaining time for their clients.
But at the same time, there are 10 other decisions that say exactly the opposite. In fact, two of them have been issued by the same circuit of the Supreme Court that made the only decision against the funds.
In this context, banks and servicers asked the government to interpret the legislation it passed, in order to clarify the issue and to know how to proceed.
Finally, although according to market sources, the interpretive provision was ready, the finance ministry backed down, fearing the political cost. In fact, the same sources claimed that after this move by the leadership of the ministry, “habitual non-payers are actually encouraged to continue withholding payments…”
At the Supreme Court
According to information, companies for which decisions have been issued, will request a meeting with the president and the prosecutor of the Supreme Court, in order to convince them to immediately send the case to the Plenary Session of the Supreme Court. There, whatever is decided can not disputed.
However, because this specific process is time-consuming, there is a thought for administrators to request an extension of a few months to achieve the goals of their business plans.
This is because if the auctions are frozen for a long time, even until the fall of 2023, due to the upcoming double unexpected election showdown, the risk of their derailment will be great, with whatever this implies for the foreseen penalties and the activation of the guarantees of the Heracles scheme used in the securitizations of the last two years.
Latest News
Bank of Greece Governor Says EU will Retaliate to Trump’s Tarrifs
The Bank of Greece Governor defended the independence of central banks amid criticism from U.S. President-elect Donald Trump, who had publicly commented on Federal Reserve Chair Jerome Powel
September in Greece Winning Tourists Over from US, Germany
Tourists continue to visit Greece off-season into Sept. with the number of inbound travelers up by 6.6% and a 7.9% rise in travel receipts.
Bitcoin Surges Toward $100K Amid Pro-Crypto Optimism in US
According to Reuters, the cryptocurrency surged to an all-time high, briefly exceeding $96,898 during Asian trading hours.
Greek Driver Violations at a Touch of a Button
Traffic offences recorded in the last five years by Greece’s “Driver Behavior Control System” are now available on Gov.gr Wallet
Milan Tops List of Most Expensive Streets, Athens’ Ermou Holds Steady at 15th Place
In Athens, following Ermou Street is the southern suburb of Glyfada and Tsimiski Street in Thessaloniki.
New Gov.gr Service Enables Secure Reporting of Minor-Related Delinquency
It should also be noted that via the recently introduced initiative ‘Safe Youth’ application citizens have access to specially tailored informative material regarding the safety of children and adolescents
Thousands Strike in Athens Over Soaring Living Costs and Stagnant Wages
Inflation, particularly in food prices, has been crushing Greek households
Greece Overhauls Property Valuation System
Greece plans to launch a revamped property value registry in 2025 and overhaul the way objective values are calculated to enhance tax revenue and improve transparency.
Greece’s New Tax Bill Foresees Tax Relief Beyond Big Business
Tax relief measures in Greece are proposed for freelancers, property owners and farmers, along with 'big business'
Unions Call Nationwide Industrial Strike for Wed.
Mass transits are usually affected, especially in the greater Athens-Piraeus area, although bus and metro services are curtailed but not fully halted