Congressman Seeks Foreclosure Respite

August 30, 2007

Download Story
Congressman Danny Davis is calling for a 90-day moratorium on home foreclosures. He says it's a step toward fixing the nation's foreclosure crisis. Chicago Public Radio's Natalie Moore reports.

**

Democratic Congressman Danny Davis says foreclosures are on the rise in his West Side district.

He is asking mortgage lenders to give people who can't pay their house note 90 days to solve the problem.

Davis says there are no winners when homeowners run into financial trouble.

DAVIS: The more mortgager is losing, the mortgagee is losing. And so it's a lose-lose situation.

During this moratorium, Davis wants lawmakers and financial institutions to find long-term solutions. Next month Davis is organizing a housing summit with lenders to discuss mortgage problems.

I'm Natalie Moore, Chicago Public Radio.