1/12/2010

Banks holding defaulted mortgages on real estate in Dubai, United Arab Emirates, might be encouraged to go ahead with foreclosure, now that Barclays has won the first court cases on foreclosure in the city. "Banks will be more aggressive in pursuing legal action if they see the process is efficient ...," said Antoine Yacoub, a banking analyst at Moody's Investors Service. "Once they see a precedent has been set, they will be encouraged to push more cases through."

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Bloomberg, Maktoob

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