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Private Money-Lenders to take Advantage of Freeze in Home Repossessions

Published: July 25, 2013 | 9:14 am
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Is there a new type of money-lenders on the market? There has been a response to the Parliamentary Majority member Gedevan Popkhadze’s initiative to suspend repossessions of mortgaged flats until 1 February 2014. In an official written response, the Business Association states that suspending home repossessions will not solve social problems in the country. On the contrary, private money-lenders will use various types of malicious agreements to gain possession of the debtors’ homes, thereby worsening the current environment further still.
Mr. Popkhadze’s initiative has also had a sceptical response within the government. The Deputy Justice Minister Aleksandre Baramidze has described the freeze in home repossessions until 1 February 2014 as too lengthy a time period. The National Bank has declined to make a comment at this stage, stating that it will observe future developments first.

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