Malaysia: Banks Collude with Speculators to Force House Sales
NOVANEWS
The poor are the first victims of Malaysia’s house price bubble
By Mark Johnson
Banks are using a fast-track procedure to repossess and sell houses of poorer Malaysians who fall behind with mortgage repayments. The Malaysian Socialist Party (PSM) demands an investigation. Many of the victims are former urban poor, rehoused 10 years ago in slum clearance programmes. Because their new houses have increased rapidly in value, banks and speculators are keen to get their hands on this real estate, without regard to the human cost.
The Malaysian Socialist Party (PSM) has urged the National Bank (Bank Negara) to investigate whether there is a secret partnership between banks and property agents for the forced sale of low cost housing when working class Malaysians’ fall behin...