Brown announces new rules on repossession

The move comes amid concerns lenders are not using possession as a last resort for struggling borrowers. The Prime Minister, Gordon Brown, told the House of Commons that lenders will need to show judges they have exhausted every other possibility to help their customers. A number of charities have accused mortgage lenders of repossessing too quickly and not helping their borrowers to manage their arrears. Last week, Northern Rock was found to be the most aggressive lender in the UK and the most likely to pursue a possession order, despite now being owned by the state. Possessions are ex...