Tuesday, November 17, 2009
Mortgage Rescue Scheme Proven Ineffective
It appeared recently that the mortgage rescue scheme, aimed at helping struggling UK borrowers avoid repossession of their homes, only helped 92 families across the country since its launch 11 months ago. The UK Government faced severe criticism for failing to help borrowers. Let us remind that the Â£285 million mortgage rescue scheme, initially announced in September 2008, but launched in January 2009, was designed by the British Government to assist UK borrowers facing property repossession as a result of defaults in mortgage payments.