Responding to news that the Council of Mortgage Lenders expects repossessions to hit 75,000 next year, Conservative shadow housing minister Grant Shapps said the Prime Minister failed to prepare the country for an economic downturn, while Liberal democrat shadow housing minister Sarah Teather called for Government intervention.
Shapps says: “It shows up Gordon Brown’s refusal to face the facts when he boasted a few months ago that repossessions would not reach these levels.
“Labour failed to prepare this country for the downturn and hard-pressed families are now being forced to pay the price.”
Teather says: “This confirms our worst fears.
“So far the Government has only taken action to help a few people. With tens of thousands of families set to lose their homes, ministers must act urgently to protect them.
“Today’s mortgage law is based on eighteenth and nineteenth century law and is completely inadequate.
“Unless the Government reforms the law and makes sure repossession is only ever an absolute last resort this will devastate families, as well as councils and the housing market as a whole.”