Zimbabwe: Over 2 000 Lose Homes to Bank

MORE than 2000 Zimbabweans have had their houses auctioned by the Sheriff of the High Court of Zimbabwe as banks try to recover some of the over US$700 million they are owed by thousands of people who gambled with their immovable assets as to borrow money which, due to the worsening economic climate prevailing in the country, later found themselves unable to service the loans, an investigation by the Financial Gazette reveals.

A research by the newspaper revealed that in the past two years alone, more than 2 000 Zimbabweans have lost their immovable properties -- most of them their only family homes -- as their creditors pounced on them to recover the vast amounts of money they borrowed.

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