Australian Debt Collection Agency Pushes for a Mortgage Default Register

Published on:
12 September 2006 at 10:20 a.m. ET

Written by: Unknown Author –

http://www.insidearm.com/news/00003744-australian-debt-collection-agency-pushes-/

Australian debt collection company, Prushka, has today called for a state-by-state register of mortgagee sales.

According to Roger Mendelson, CEO of Prushka, there has been a noticeable rise in claims where the lender has stepped in and taken possession of property.

“Today’s mortgage market is rapidly expanding, with buyers being offered deals where little equity is required, increasing the chance for the value of the property to fall below the value of the loan, therefore exposing the buyer to the risk of property foreclosure,” said Mr Mendelson. “Recording and analysing the number of default mortgages would assist in tracking why home buyers, in particular first-home buyers, are failing with their repayments.”

For this complete story, please visit Australian Debt Collection Agency Pushes for a Mortgage Default Register.