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Government must support those facing home repossessions – Ó Snodaigh

22 April, 2008

Speaking in the Dáil today Sinn Féin Housing Spokesperson Aengus Ó Snodaigh TD called on the Government to put in place measures to help low and average income earners who are at risk of house repossessions due to the slump in the housing market.

Deputy Ó Snodaigh said, "House prices have fallen drastically in the first three months of this year. In South Dublin they have fallen by €40,000 - five times the national average.

"Many people on low and average incomes were sold unsuitable mortgages at the height of the property boom when the Government, despite repeated warnings from Sinn Féin, failed to stop the banks selling irresponsible 100% mortgages.

"Many of these people are now struggling to keep up with repayments and are at risk of facing negative equity and repossession of their homes.

"Measures such as a mortgage repayment support package must be put in place to help these people.

"Investment in social housing must also be a priority to help those thousands of families who cannot afford to buy and are waiting to be housed." ENDS

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