Latest Headlines

All reports tagged with: "foreclosure"

Foreclosures legislation effective from Friday

The Cyprus parliament has passed the regulations controlling property foreclosures; the law will come into effect tomorrow, smoothing the path for the resumption of bailout loan payments.

Waiting for the fat lady to sing

The ECB has yet to decide whether the foreclosures legislation passed by MPs earlier this month is sufficient to enable a review of the Cyprus Economic Adjustment Programme to be concluded.

Cypriot banks to benefit from foreclosure law

In its Credit Outlook, which assesses credit implications of current events, Moody’s Investors Service considers the implementation of the foreclosure law is credit positive for Cypriot banks.

MPs vote to protect home buyers (update)

MPs have voted to protect home buyers who are unable to obtain the deeds and who face the threat of losing their homes if their developer fails to repay his loans or becomes insolvent.

Foreclosure protection for deed-less buyers

Parliament has asked the Cyprus government to exempt from foreclosure buyers who bought property from insolvent developers and who risk losing their homes even though they may have paid for them in full.

The unloved nature of foreclosed assets

At the end of Cyprus’ ‘Minsky Moment’ banks will end up being the owners or economic owners of a sway of foreclosed assets ranging from individual plots of land to sizeable commercial assets.

Title deed event ‘sold out’

A proposed lecture on the thorny subject of title deeds which is due to take place in Paphos early in December has ‘sold out’ with all available seats booked within a week of its announcement.

Do not disrupt bailout programme

The Cyprus Finance Minister has warned MPs to avoid disrupting the bailout programme again urging them not to make any “moves that will only create a problem for us without any practical gains.”

Mass repossessions unlikely

Following decisions concerning the foreclosures law rumours have been circulating that banks in Cyprus will soon start mass repossessions and selling properties to recover money they are owed.

Cyprus bailout tranche approved

Last evening Eurozone finance ministers approved the release of a €350 million bailout tranche to Cyprus as the country had amended laws on foreclosures and forced sales of mortgaged property as agreed in the MoU.

Back to top