Saturday :: Feb 16, 2008
Jesse on Mortgage Disclosures
by Jeff Dinelli
Rev. Jesse Jackson discussed the mortgage foreclosure crisis with the Chicago Tribune editorial board Thursday:
"You have to have reconstruction of loans, not repossession of homes.
"[There should be a] moratorium on foreclosures until you can reconstruct loans and not repossess homes. Now understand, for example, you're paying 6 percent [mortgage interest] now, and you have the means. And it jumps to 9 percent. You should stop the resale [of homes by people who can't meet their mortgages]. People should [be allowed to] keep paying the long-term, low-interest loan, as opposed to being kicked out [of their homes].
"There must be some federal intervention as there was after the Depression and as there was [for] farmers.
"This recession has been driven by this home foreclosure crisis.
"And so, the gift certificates from Washington, the $500, $600 [stimulus checks], if you're a few months behind in your loan, that's irrelevant. Giving people some gift certificates so they can go to Wal-Mart and get some product made in China, that's a Chinese stimulus. That's not exactly an American stimulus."