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Has the UK government's mortgage rescue scheme failed?

With news that just one home has been saved from repossession in the first three months of the government's £200 million mortgage rescue scheme there are concerns that the project is already in ruins. The scheme was launched in a blaze of glory with suggestions that 6,000 homes in the UK would be saved from repossession when in fact the scheme has barely got off the ground after three months.

The Council of Mortgage Lenders in the UK is already predicting that repossessions in the UK will rise by 35,000 this year to reach a 12 year high of 75,000. This comes at a time when the authorities have been launching initiative after initiative costing hundreds of millions of pounds yet so far they have had very little impact. Even though the government is claiming that a three-month period was required to set up the project, there have been murmurs of discontent from within the government at the time taken to set-up the project.

To those critics of the UK government it adds further credence to the belief that headline grabbing initiatives are being rolled out one after another with very little substance, although for supporters of the UK government there would appear to be much more to come from a number of initiatives launched over the last few months. Who is right and who is wrong will become clearer in time.

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