Via The Capitol Fax!"This bill is simply a band aid not a cure for the financial crisis, and it does little for the hard-working Americans who will pay for it. It does not go far enough in addressing the systemic and terminal problems of our financial system. It further privatizes profits and socializes the losses. This crisis started because of the home mortgage market, yet this legislation merely suggests that the Treasury Secretary implement a plan to mitigate foreclosures and to encourage servicers of mortgages to modify loans. There is no explicit directive to actively restructure mortgages. Furthermore, the bill does not allow bankruptcy judges to restructure troubled mortgages.
"To heal the systemic problems in our financial system we need to treat the cause, not only the symptoms. Congress needs to pass and the president needs to sign into law the following provisions: 1) a second stimulus to help those squeezed by the financial crisis; 2) a substantial investment in infrastructure which could jump start the economy while creating jobs, and; 3) a program that helps keep taxpayers in their homes. This bill does not contain provisions that explicitly help borrowers restructure their mortgages. Buying 'trash (bad mortgages) for cash ($700 billion bailout)' may not cure our financial system, since it was these bad mortgages that engineered this market collapse," said Jackson.
Dispatches from Chicago's south side.
Monday, September 29, 2008
Rep. Jackson on the bailout
Lynn Sweet:
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