01/05/2009 05:12 am ET Updated May 25, 2011

Durbin, Madigan Push For Federal Foreclosure Aid

U.S. Sen. Dick Durbin, the second-highest ranking Senate Democrat, is pushing for the federal government to share losses on mortgage defaults to prod banks to aggressively prevent foreclosures.

"If something is not done and done quickly ... it is going to have a dramatic negative impact," Durbin said Thursday after a Senate subcommittee hearing in downtown Chicago.

Durbin took testimony from federal finance officials and Chicago area foreclosure experts in starting a process to put forward a national plan to curb the dramatic rise in foreclosures.

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