THE Government NAMA-style move to help families in danger of losing their homes is timely and very welcome. On a day when a major lender is increasing its variable interest rate, with others soon to follow, urgent action is needed.
Many home owners are already in a situation of negative equity and thousands are facing the reality of being unable to meet their mortgages.
The Opposition say the bailout plan is already months too late, but the Government is finally going to appoint an expert group on mortgage and debt reform. It will look at ways to help families cope with their mounting debts.
After a massive bail out of the banks by taxpayers, it is only right that families burdened with debt should also be part of the recovery process. The expert group's recommendations will be in before the summer. Hopefully it will be in time for struggling home owners.