Tuesday, 2 September 2008

David welcomes repossession safety net

Today's announcement of a Homeowners' Support Package is very welcome Government help in a very difficult housing market.

Labour hopeful, David Williams said, "I am particularly pleased that the Government has stepped in to help up to 6,000 homeowners who face repossession."

The scheme will help keep families stay in their own home by offering either shared ownership, shared equity or sale and rent back with councils and social landlords.

David continued, "This makes a great deal of sense. Local authorities currently have to re-house families who had been repossessed. Now they can help the family stay in their own home. This in turn helps avoid the stress and heartache associated with repossessions, along with issues like shifting children to another school and a new neighbourhood.

"Contrast this with the Tories who used mortgage interest rates as a tool to try to control inflation. A policy that led to nearly 1,500 repossessions a week in 1991.

"The Government is getting to grips with the credit crunch, helping those feeling the pinch."

Click here for more information on the Government's Homeowners' Support Package

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