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Suspension of Home Repossessions not to apply to Banks

Published: July 23, 2013 | 2:39 pm
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The suspension of home repossessions will not be affecting the banks. Following a meeting between the Association of Georgian Banks and the member of the Parliamentary Majority Gedavan Popkhadze, the latter has altered his stance. Initially, Mr. Popkhadze had asked for home repossessions to be suspended for both the commercial banks and the private mortgage lenders. Today, project’s initiator has stated that the process will not be affecting the banking sector but will focus on the private mortgage lenders. According to him, the banks do not often repossess people’s homes, while there is also a danger that even some of the people who have thus far been repaying their mortgages on time, could now be tempted to stop paying. Some of the banks have declined to comment of Mr. Popkhadze’s initiative. A spokesman for the Bank of Georgia has stated that this issue is still at a reviewing stage, and no comment will be made until the details are known. However, he adds that the BOG always seeks to put the customer’s interests at the forefront, and during the past two years, it has only repossessed 34 homes.

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