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10,630 Luton South households at risk of having their homes snatched back

An article published in the Spectator Magazine (2nd April 2008) based on research they have carried out claims to identify areas where people are most at risk of losing their homes through debt problems. The article uses data from credit reference agency Experian which shows 10,630 households in the Luton South constituency are at risk.

“Gordon Brown promised us an end to ‘boom and bust’ economics”, says Liberal Democrat Parliamentary spokesman Councillor Qurban Hussain.

“He said stability and prudence were his guiding principles. Gordon Brown claims still that the UK economy is robust and will withstand the turmoil of the Credit Crunch but the best economic brains in the world are now predicting the effects of the financial downturn will start to affect ordinary families. With house prices falling and mortgage costs rising many who were encouraged to overstretch themselves are facing negative equity, house repossession and long term debt they cannot afford to repay.”

“The government should be putting in place a safety net to protect families facing problems. Banks and building societies should not be evicting those who cannot afford to keep up with their increasing mortgage commitments. Instead, the government should be funding housing associations and local councils to take over the houses and keep the families in them as tenants. When the economy recovers, as surely it will one day, they may well be able to buy their home back again.”

“Whilst Luton South MP Mrs Moran enjoys the benefit of her three homes she should be pressing her Labour government to protect the one home many of her constituents are struggling to keep.”

“Gordon Brown’s years as Chancellor and Prime Minister will be remembered for his reckless building of a booming economy by encouraging people to borrow and spend” says Cllr Hussain.

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