The government has not given up on its failed mortgage relief plan, Prime Minister Perry Christie said on Wednesday night.

"You will find when we make the report on the mortgage relief program again, you will find that the reasons why we had a difficulty at first, the banks did not understand the depth of the problem and the extent to which consumer lending has really messed up the mortgage portfolio," said Christie in the House of Assembly Wednesday night.

The mortgage relief plan was a major pledge the Progressive Liberal Party (PLP) made ahead of the 2012 general election.

"One of the most pressing challenges we faced and we still face is mortgage relief," Christie said. "I remember all of the naysayers saying how we have failed, how we are debating all sorts of matters that are not relevant to the human condition and how we failed. We have to be judged on the time we have been allotted in our democracy, which is five years.

"I can tell you without fear of contradiction that my government has not given up or given in with respect to mortgage relief, that we are just as committed today as when we were elected, that we are just as anxious as the member for Fort Charlotte (Dr. Andre Rollins) with respect to results that are tangible and meaningful for people who are under served and who are challenged in their circumstances and who are the most disadvantaged people in our community.

"But we are infinitely closer to the results we set out to achieve. Those who wait, will not be waiting in vain."

In its original plan, the PLP pledged to get local banks to agree to a 120-day moratorium on foreclosures and to write off 100 percent of unpaid interest and fees for those facing foreclosure.

The PLP also said it would encourage banks to reduce the interest rate on the mortgages in question to prime plus one percent. However, these details were not included in the modified mortgage plan, which was later presented to Parliament. In a watered down version, the plan was projected to assist 1,100 homeowners. But when the government implemented the program it helped fewer than 10, officials admitted.

The government allocated $10 million for that plan in September 2012. According to the government, there were around 4,000 homeowners in arrears.

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