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Homeowners in need of protection as repossessions increase – Ó Snodaigh

7 July, 2009 - by Aengus Ó Snodaigh TD

Sinn Féin Housing Spokesperson Aengus Ó Snodaigh has called on the Government to enforce a moratorium on home repossessions by all mortgage lenders for the duration of the bank guarantee scheme. Deputy Ó Snodaigh was speaking today after a record number of repossession orders were granted by the courts yesterday and after it was revealed that house prices fell by 20% in the last year leaving thousands of homeowners in negative equity.

He said, “The number of repossession orders granted by the courts each day continues to increase as the price of houses falls and the rate of unemployment soars. It is quite clear that homeowners are in need of protection and the Government should step in and introduce a moratorium on all home repossessions for the duration of the bank guarantee scheme.

“As the Government refused to step in when lenders were giving out completely irresponsible home loans there is an onus on them now to protect those people who are facing negative equity and who are being pursued by these rogue lenders.

“At this time, while house prices are relatively low, local authorities should seek to buy up stocks of vacant houses at or below cost price for social use in order to start working through the backlog on the waiting list which is set to see an increase in demand in the current climate.” ENDS

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