Cyprus Mail

Supreme court to convene on foreclosures on September 24

The supreme court

The supreme court will convene on September 24 to deal with three pieces of legislation on foreclosures  that the president vetoed.

The bills in question had been passed by opposition parties before the summer break.

The opposition said they wanted to introduce additional safeguards for homeowners with mortgages they are unable to service, and to restore the negotiating balance between lenders and borrowers.

MPs had been warned that the provisions effectively rendered the foreclosures legislation ineffective and would very likely lead to a need for fresh capital as the value of collateral would be affected.

Warnings were also issued by the European Central Bank and the Single Supervisory Mechanism.

The attorney-general had warned the bills contained unconstitutional provisions.

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Source: Cyprus News Agency