Launch of Mortgage Rescue Action Plan
Posted on Tuesday, June 23, 2009 at 5:48pm
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Good to see Jocelyn Davies AM, Deputy Housing Minister launching this action plan…Here is the Government’s statement on the issue that was sent to all AMs.
I will announce the launch of the Mortgage Rescue Action Plan in a Plenary debate on Wednesday 24 June 2009.
The Action Plan sets out the actions we intend to take with our partners to address the threat to people’s homes due to mortgage repossession.
Mortgage repossession actions have risen significantly over the last two years, and is an indicator of the financial stress experienced by many households in the current economic climate. I recognised the need to tackle this issue last year when I established a working group to identify the action needed to mitigate the problem.
The Mortgage Rescue Task Group includes membership from the Council of Mortgage Lenders, Third sector advice organisations, the National Landlord Association, and representatives from the Local Authority and Housing Association sector. Its work has led the development of a new action plan to help prevent repossession amongst home owners.
The Mortgage Rescue Action Plan I will be launching incorporates a programme of action involving a wide range of partners, and requires complementary measures to enable people to retain their accommodation wherever possible. Where it is not possible we must ensure people have the help and advice they need to secure alternative accommodation which meets their needs.
The Action Plan includes measures to improve access to debt and related financial advice; training to improve the skills of front-line staff in providing this advice; ensuring court action for repossession is only taken as a last resort; and making the best use of our Mortgage Rescue Scheme to help those in greatest need. These actions will link in to the implementation of the Financial Inclusion Strategy which is currently being finalised.
We have already carried out wide consultation on a draft Ten Year Homelessness Plan for Wales. This Plan will set out our long term vision for tackling homelessness, including our emphasis on prevention through comprehensive advice and assistance, improved regulation, strengthening people’s financial capacity, and better liaison between agencies to ensure people have access to alternative housing options including mortgage rescue services.
