BUSINESS

Consumer group opposes plans for reposession of main residency

Greek consumers’ institute INKA has expressed its disapproval regarding the possible lift on a ban on auctions of main residencies that has applied in the last few years as far as mortgage loans from banks are concerned.

Creditors have been putting pressure on the government not to renew the ban on the auction of homes worth up to 200,000 euros which expires at the end of 2013 in order to deal with the huge volume volume of nonperforming loans.

In a leter addressed to a parliamentary committee focusing on commerce, the consumer group urged the committee's members as well as other MPs to vote against any proposal that would allow repossession of homes beginning on January 1, 2014.

The group also noted that the Development Ministry, which was working on the proposal, had failed to take into account the consequences of such a move and the kind of “social explosion” that such legislation could trigger.

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