Senator Durbin is behind a Democratic Foreclosure Prevention Package that would allow home owners to renegotiate their interest only loan terms.
A surprising twenty-four percent of all mortgages in Peoria County are subprime or interest only which is above the national average according to The Center For Responsible Lending.
Read the rest of the Central Illinois Proud story here
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At the end of the day, people can talk about fiscal responsibility and personal integrity all they want.
If people decide in droves that paying on a property that’s not worth what their mortgage note says it does is not a good financial decision and those people walk away . . .
We’re all screwed!
So in who’s best interest is it to make sure that this DOESN’T HAPPEN?
I say we start on the top of the food chain first and work our way down.