Will help for homeowners facing foreclosure come too late? That is the fear of lawmakers meeting on Wednesday on Capitol Hill.
Sen. Dick Durbin says little time remains to come up with a plan that will address the problems of homeowners facing foreclosure. Durbin is backing a plan that would force lenders to renegotiate the terms of troubled mortgages.
"There seems to be little willingness on the part of the Bush Administration to back my plan," Durbin says.
Also testifying on Wednesday is Cook County Sheriff Tom Dart. Dart attracted national attention for imposing a moratorium on evictions executed by his office. The Senate Judiciary Committee, of which Durbin is a member, held hearings that featured, at times, contentious testimony. Durbin is seeking reforms on bankruptcy laws designed to fight foreclosures. Meanwhile, Dart testified on the human costs of the housing crisis.
"It is clear from the present economic conditions, as well as the continuing rise in foreclosure cases, that the time for talking has long passed," Dart said. "A solution is needed right now."
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