Rise in Mortgage Reposessions Only Tip of the Iceberg

5.24.21pm GMT Wed 31st Jan 2007

Commenting on today's new figures from the Council of Mortgage Lenders showing that the number of repossessions rose by 65% in 2006, Jenny Willott MP said:

"These are very worrying figures implying that many hard-working Welsh families are becoming homeless and many more are facing very serious financial difficulties.

"But this is only the tip of the iceberg. With the bubble in house prices, rising interest rates, and irresponsible lending, the financial pressures on families is extreme.

"Gordon Brown needs to take on the might of mortgage lenders and put in place an effective code of conduct so that repossessions do not spiral out of control as they did under the Tories in the 1990s."