The AP is reporting that Gov. Rod Blagojevich plans to propose a 90-day moratorium on Illinois foreclosures at the General Assembly's veto session in November:
Blagojevich spoke about the measure on Thursday outside the home of a Chicago woman who nearly lost her house after her adjustable rate soared. Ada Brown says she was able to keep her home after getting counseling and a new fixed rate.
The governor says homeownership is central to the American dream and that rules have to be changed to help people stay in their homes.
Legislatures in Michigan, Minnesota, New York, Ohio, Texas, and several other states have considered similar measures this year. More moratorium movements are likely to pop up nationwide following the election, as the states put pressure on the incoming administraton to suspend foreclosures nationwide early next year. Earlier this month, Barack Obama expressed his support for a 90-day moratorium on foreclosures stemming from banks taking part in Congress' $700 billion Wall Street rescue.
Comments
Noemi Cordova (not verified) on Tue, 11/04/2008 - 20:47
I agree with the Moratorium period, banks are taking too long to approve loan modifications and
short sales. It seems that all this delaying is with the only purpose of foreclosing on people's homes
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