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Hold on repossessions planned

23.12.2008    source:

The Verkhovna Rada has approved as a base a draft law which will introduce a moratorium for the period of the crisis on repossessions of mortgaged homes. 231 National Deputies voted for the draft law which introduces amendments to the Law “On priority measures for preventing adverse consequences of the financial crisis and on amendments to some legislative acts”.

The moratorium will be on repossessions if people cannot make repayments on loans taken out with commercial banks. According to one of its authors, Anatoly Semynoha, it is the Cabinet of Ministers which will decide when the crisis period ends.

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