11/02/2008 05:12 am ET | Updated May 25, 2011

Local House Members Want Revised Bailout Plan

When the U.S. House of Representatives voted on the financial bailout package Monday, plenty of opposition came from the Southland's representatives, all of whom rejected the bill.

Now as House members prepare for a second shot at approving the $700 billion bailout of the nation's credit institutions, local lawmakers find themselves carefully weighing what might change their minds -and their votes.

Their criticisms of the first bill are clear: too much freedom for the Treasury, too few protections for homeowners and concerns that executives may walk away with multimillion-dollar payouts.

"The original plan ... gave the secretary of the Treasury dictatorial powers," Rep. Dan Lipinski (D-3rd) said.

Rep. Jesse Jackson Jr. (D-2nd), whose South Side district has been hit especially hard by foreclosures, blasted the bailout for ignoring the needs of floundering homeowners. On Wednesday, he issued a statement outlining a homeowner protection package for sub-prime borrowers that he would like added to the bill. The measures include a yearlong moratorium on foreclosures, changing adjustable-rate mortgages to fixed-rate mortgages and putting homeowners back in their foreclosed homes where possible.

"There is a difference between putting the country first and the country club first," he said.

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