In Hungary, Lenders preempt freezing temperatures with mass foreclosures before the national ‘foreclosure freeze’ law comes into effect when temperatures drop

by Colonel on November 24, 2011


“Hungary’s eviction crisis [dates back to] 2005, when hundreds of thousands of Hungarian families began taking out mortgages in foreign currencies to take advantage of lower interest rates and a strong Hungarian forint.

A government ban on evictions in place during the first half of the year will return Dec. 1 because of the freezing weather, so the number of forced expulsions has risen greatly during the past weeks as lenders or the new owners attempt to take possession of their properties.” — Pablo Gorondi, Copyright 2011 The Associated Press

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