Mark Patterson, whose company Mortgages Direct is experiencing a flood of calls from homeowners desperate to remortgage, said the Dungannon District was facing a once in a lifetime financial crisis.
He claimed that every day the Assembly refuses to meet more suffering is added to local households.
"It is time the politicians started talking with people involved in the construction and housing industry to come up with constructive solutions to help us ride out the storm", he said speaking from his Church Street office.
"We have the insight to devise creative ways to restore confidence and stability to the market.
"For instance, the government needs to guarantee loans to first-time buyers to cover their deposit and also curb the ruthless behaviour of banks which are already rushing to repossess local houses."
Mr Patterson painted a gloomy picture of the Dungannon housing market, claiming that first-time buyers had all but disappeared two years ago, and that builders had put down their tools twelve months ago.

Housing crisis

He added that prices had dropped by up to 40 percent from their peak.
"We need to get the lower end of the market moving by supporting first-time buyers, especially now that prices have dropped so much and interest rates are on the way down", he said.
"The large deposit banks are asking for is the main culprit the government needs to tackle."
Mr Patterson, who said he is working at the 'coal-face' of the housing slump, warned that banks had caused the credit crunch, and now must take a responsible role in solving the crisis.
"It's not good enough that they decide to take a loss and repossess houses. They are leaving people homeless, ruining their credit record, and removing another potential buyer from the market."
On a positive note Mr Patterson said that contrary to popular belief there were still good mortgage deals to be had.
He advised home-owners to remortgage early and take professional advice when nearing the end of their current deal.