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Mortgage Crisis Could Ignite Homeless Surge

13 October, 2011 - by Fra McCann

Sinn Féin Housing spokesperson Fra McCann has said that if mortgage companies abandon homebuyers to market forces there will be a massive crisis in the rise of homelessness.


Speaking after figures revealed a 64% increase in the number of people in mortgage crisis Mr McCann stated,


“The amount of mortgage debt in the North of Ireland has now exceeded £9m which is an increase of over 1800% since 2008.


“The companies that gave out huge mortgages during the so called boom years must not just walk away and tell homeowners that if they cannot keep up payments their property will be repossessed.  Other avenues must be explored.


“The companies must work with the buyers in order to allow people to remain in their homes without adding on extra costs or penalties.


“It is also vitally important that those people who find themselves in mortgage stress seek help immediately so that all options are  considered and discussed in order to maximise their chances of remaining in their homes.


“Unless we maintain people in their homes we are going to face a homeless crisis that will totally overwhelm the system and create a problem that will take society back 40 years.


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