While the Fed focuses on bailing out banks that are at risk of going under thanks to the housing crisis, members of Congress are focusing on helping out overwhelmed home mortgage holders who are at risk for losing their homes. Although many have derided the plan, stating that people who took out a home mortgage that was too large should have known better, support is growing for the plan.”We’re waiting to see what kind of an impact this latest news is having on members (of Congress) from Ohio to Pennsylvania to Florida and elsewhere around the country,” said Jim Manley, spokesman for Senate Majority Leader Harry Reid of Nevada. “There are certainly things that we can and should do to address this crisis, such as helping low-income homeowners who were the victims of predatory lenders refinance in order to stay in their homes,” said a leading Blue Dog (fiscally conservative Democrat), Rep. Dennis Moore of Kansas.However, many are hoping that some sort of compromise can be reached where home mortgage holders are assisted, while still helping out the home mortgage companies as well.”A compromise bill could certainly be signed,” said one aide to a fiscally conservative House Democrat who has been working on legislation to ease the mortgage crisis. “There’s still a ways to go.”
Related reading: Bright Light
Comment on this article