Low Interest Mortgage Loans On The Horizon?
In a hushed Treasury Department conversation, federal officials are
considering a mortgage industry intervention that could stimulate home sales by forcing interest rates down to 4.5 percent or lower, a 40 year low. Under the preliminary plan, the Treasury would buy mortgage securities, primarily from
Fannie Mae and Freddie Mac, and use them to back new home purchases. A federal bond sale could potentially fund the plan.
Ethics Legislation May Jeopardize Federal Grants
Just weeks before a sweeping ethics bill is set to go
in effect in Illinois, the federal government has signaled that
provisions aimed at curbing pay-to-play deals could put state transportation money in jeopardy. The Federal Highway Administration
(FHA) sent a letter Tuesdsay to the Illinois Department of
Transportation (IDOT) outlining concerns with the hard-fought House
Bill 824, namely that restricting contractors' rights to donate to
political campaigns violates federal regulations.
AG Madigan: No To Ryan Clemency
Attorney General Lisa Madigan lent her voice to the growing chorus of
opposition against commuting the federal corruption sentence of former Gov. George Ryan, a move favored by U.S. Senator Dick Durbin. "As
a consequence of committing a crime and being convicted and sentenced,
you as well as your family are going to suffer hardship, are going to
suffer pain," Madigan said of Durbin's appeal to President Geroge Bush because of Ryan's wife's frail health.
Insurance Crisis Grows For Illinois Baby Boomers
Mass layoffs and a tight job market have led to a spike in the number
of 50 to 64 year olds in Illinois who have lost their health insurance
coverage, according to a report set to be released at the annual Illinois Medical and Health Care Policy Summit
tomorrow. Too young to qualify for Medicare but too old to purchase affordable health
insurance in the individual market, often because of pre-existing medical
conditions, 287,084 Illinois Baby Boomers are now uninsured.
Crime Commission: No Casino For Rosemont
At a public hearing today, the Chicago Crime Commission plans to let
the state's gaming regulators know that Rosemont officials, who've yet
to address the town's alleged gaming-mob connection, have "not earned the trust and confidence
of the public" and shouldn't be considered for the state's 10th casino license.
Meanwhile, Illinois casino revenues continue to slide as the Illinois Gaming Board considers multi-million proposals to buy the coveted license.
Image used under a Creative Commons license by Flickr user OZinOH.
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