After an $850 billion dollar bailout for Wall Street and another $25 billion for the auto industry, struggling homeowners still await large-scale government assistance. The Obama administration says it’s working out the details of its plan to stem foreclosures. Well, in the absence of government action so far, some are taking action on the local level. In Michigan, Wayne County Sheriff Warren Evans announced Monday he won’t enforce sales of foreclosed homes. And in Ohio, Rep. Marcy Kaptur is encouraging homeowners facing foreclosures to stay in their homes. Meanwhile the government-backed mortgage giant Fannie Mae has agreed to restructure mortgages after a campaign led by one of its biggest critics, the Neighborhood Assistance Corp. of America.
After an $850 billion dollar bailout for Wall Street and another $25 billion for the auto industry, struggling homeowners still await large-scale government assistance. The Obama administration says it’s working out the details of its plan to stem foreclosures.
Well, in the absence of government action so far, some are taking action on the local level. In Michigan, Wayne County Sheriff Warren Evans announced Monday he won’t enforce sales of foreclosed homes. Wayne County includes the city of Detroit, and has had more than 46,000 foreclosures in the past two years. Evans says he came to the decision after reviewing the Troubled Asset Relief Program, the Wall Street bailout measure known as TARP. He says the foreclosures would conflict with a provision ordering the Treasury Department to reduce foreclosures and help restructure loans. Evans said he”d be violating the law by denying foreclosed homeowners the chance at potential federal assistance. Evans said: “I cannot in clear conscience allow one more family to be put out of their home until I am satisfied they have been afforded every option they are entitled to under the law to avoid foreclosure.”
http://www.democracynow.org/2009/2/3/rep_marcy_kaptur_d_oh_urges
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