Opinion

Kirk should back plan to adjust loans

Posted March 26, 2009 11:00 pm

HR 1106 is the legislation to allow judges to adjust mortgages in bankruptcy proceedings to reflect current market prices. This legislation will help people to stay in their homes. It also will help stop the downward spiral of foreclosures and falling property values by setting real estate prices close to their true value. The financial industry is fighting this legislation to avoid assuming their part of the cost of these fraudulent and toxic mortgage products. The reality is that everyone will bear part of the cost; the banks, the financial sector, the homeowners and the community. But while the financial industry has received their bailout, there has been no help for the homeowners. The Center for Responsible Lending has developed a chart which projects foreclosures by congressional district. In Illinois District 10, they project 3,787 foreclosures in 2009 and 12,912 in the next four years. They also project that with HR 1106, court modification could save 1,275 homes. Please urge Congressman Kirk to vote for this legislation.

Lynn Barnett

Vernon Hills

Article Comments

Article Comments

Guidelines: Keep it civil and on topic; no profanity, vulgarity, slurs or personal attacks. People who harass others or joke about tragedies will be blocked. If a comment violates these standards or our terms of service, click the "flag" link in the lower-right corner of the comment box. To find our more, read our FAQ.