BlueChip Mortgagee Auction postponed /Tasman Mortgages in Liquidation

An elderly Tauranga couple have received a small reprieve from being forced from their home by a mortgagee sale. The forced sale has been postponed from 3 April 2009 with no new date yet available.

Tea Custodian Interstar Ltd (Challenger) who hold the security over the property, engaged John Reimers of RE MAX Tauranga to run the auction.

While the couple concerned have not been given written information as to why the postponement has occurred the news was a small relief.

The main BlueChip mortgage broker firm, Tasman mortgages was placed into Liquidation today putting a new challenge in front of Government who have refused to intervene to freeze recovery action over the BlueChip crisis. The Minister of Commerce has stated that Government can not interfere in contracts. However now that Tasman Mortgages, who obtains the majority of the 2nd tier mortgages are in liquidation, the Minister must consider the seriousness of the situation.

Act list MP Mr John Boscawen, speaking in the House of Representatives called for a moratorium on recovery action. This has gone nowhere.

Coordinator of EUFA Suzanne Edmonds said “Mr Boscawen is an astute and intelligent man and spoke in the house on this matter for very good reason and I am sure he did this knowing the state have the powers to act.”

EUFA have been calling for a freeze since March last year. With over a year past many investors have struggled to pay the mortgages, have sold homes in fear of foreclosures, sending hundreds of thousands off dollars off shore while the New Zealand Government sit on their hands and ignore the crisis.

Mrs Edmonds adds “This dithering around has cost the New Zealand economy and individuals millions of dollars and we are very disappointed that both the labour government and now National Government are steaming along ignoring our pleas”