MORTGAGE FORECLOSURES BY NORTHERN ROCK

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That this House believes that mortgagees at risk of default deserve the same breathing space as troubled financial institutions so as to be allowed to recover their financial stability, and that a reduced rate of foreclosures will reduce the risk of a further downward spiral in the economy from the forced sale of housing assets; and expresses its concern about the rate of shrinkage in the mortgage book of Northern Rock and the robust foreclosure tactics reported by holders of Northern Rock mortgages.