The Chicago Tribune reported today that Congressman Mark Kirk has called for temporarily re-instituting a Depression-era government corporation that would help homeowners avoid foreclosure.
The Tribune article is here. It states:
"Kirk's plan would temporarily resurrect the Home Owners' Loan Corp., created in the 1930s to acquire and refinance mortgages for Americans facing foreclosure in the Depression.The corporation issued bonds and used the proceeds to buy troubled loans from banks at a discount. It then rewrote the terms of the loans to make payments more manageable. Banks lost money but didn't lose everything. More than a million homeowners kept their houses."
Kirk's proposal is also mentioned briefly at Forbes.com.
Once again, Kirk is out there leading. What are the ideas proposed by Dan Seals and Jay Footlik? I don't remember the specifics offered by Seals and Footlik in response to the (surprise?) first question asked by Carol Marin earlier this week on Chicago Tonight, but that may be because they didn't offer any specifics. I think I recall Seals saying we needed to do something quickly, and that was targeted and temporary, but I don't recall what the proposed solution was, if he had one.
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TA, based on the comments of Dan Seals and Jay Footlik during at least two of their debates, they both have positions on what to do about the mortgage crisis as does Mark Kirk based on today’s Tribune article.
Footlik favors a rate freeze and renegotiation of loans. Seals thinks victims of the crisis should “live with the consequences of their decisions” and Kirk wants to bring back some effective New Deal legislation.
So, what we have here is one Democrat (Seals) behaving like the harshest of Republicans, Footlik thinking like a Democrat and Kirk behaving like a Democrat as well.
If Kirk keeps up his voting record, he will have no trouble beating the Seals-Footlik winner, but could have to worry about Republican primary opposition in 2010.
The Herald's got a story about Link and Johnson's fund-raising. It appeared yesterday afternoon.
http://www.dailyherald.com/story/?id=120642&src=3
Yes, Russ, we know. Cap Fax outed the Dugan link to Johnson some time ago.
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