Surge in home repossessions if interest rates rise, warns top bank chief | Mail Online
Britain is facing a raft of home repossessions as soon as interest rates start to rise, one of the country's leading bankers has warned.
Richard Banks, CEO of UK Asset Resolution, the state company that runs the £80 billion of mortgages bailed out by taxpayers during the banking crisis, also said that the Labour government's pleas at the start of the crisis for lenders to keep families in their homes was forcing some homeowners further into debt.
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