Maine US Senate Candidate Urges Five-Year Moratorium on Home Foreclosures
Independent US Senate candidate Laurie Dobson of Maine proposes an immediate five-year moratorium on all home foreclosures, which she blames on the “reckless and irresponsible financial practices” of predatory mortgage lenders and greedy Wall Street finan
(EMAILWIRE.COM, January 15, 2008 ) Independent US Senate candidate Laurie Dobson of Kennebunkport, ME, has proposed an immediate five-year moratorium on all home foreclosures, which she blames on the “reckless and irresponsible financial practices” of predatory mortgage lenders and greedy Wall Street financial firms.
Dobson’s proposed federal law would prohibit any and all foreclosures for the duration of the current world economic crisis. “No foreclosures here in Maine or the other 49 states for any reason, period,” she demanded.
“Three to five million American families face the threat of foreclosure in 2008,” she said. Even more are at risk in the future. If action isn’t taken quickly, the number of foreclosures and evictions, already at their highest levels in decades, will soon explode. “It’s a potential disaster on the scale of a hundred Katrinas.”
Foreclosure threatens all Mainers, Dobson insisted. A single foreclosed home, abandoned and neglected, can undermine home prices in an entire neighborhood.
“The people of Maine deserve a federal government tough enough to stand up to Wall Street and the hedge fund pirates who caused this mess,” said Dobson, who is challenging Republican Susan Collins and Democrat Tom Allen in this year’s US Senate race. “The current members of Congress haven’t had the guts to do it. That’s why I believe Mainers are hungry for a stronger, more determined leadership.”
Today’s mortgage crisis is the fruit of decades of economic decline in this country, she said. "Clever salesmen conned many families by offering adjustable rate mortgages with deceptively low teaser rates to lure them in.” Dobson calls these ARMs “cynical exercises in consumer fraud,” since many homebuyers could barely afford the initial payments. “After a short honeymoon, the low teaser rate is re-set, sometimes resulting in a 30-50% increase in their monthly payments.”
No family in America should be forced to choose between their mortgage payment or buying food, gas, heating, or health care, Dobson concluded. “More than one piece of legislation will be needed to get us out of the coming mess. But a law making all foreclosures a federal crime would be a good place to start. I call on all of Maine’s elected officials in Washington to join with me immediately in making this a reality.”
http://www.DobsonforSenate.com
Dobson’s proposed federal law would prohibit any and all foreclosures for the duration of the current world economic crisis. “No foreclosures here in Maine or the other 49 states for any reason, period,” she demanded.
“Three to five million American families face the threat of foreclosure in 2008,” she said. Even more are at risk in the future. If action isn’t taken quickly, the number of foreclosures and evictions, already at their highest levels in decades, will soon explode. “It’s a potential disaster on the scale of a hundred Katrinas.”
Foreclosure threatens all Mainers, Dobson insisted. A single foreclosed home, abandoned and neglected, can undermine home prices in an entire neighborhood.
“The people of Maine deserve a federal government tough enough to stand up to Wall Street and the hedge fund pirates who caused this mess,” said Dobson, who is challenging Republican Susan Collins and Democrat Tom Allen in this year’s US Senate race. “The current members of Congress haven’t had the guts to do it. That’s why I believe Mainers are hungry for a stronger, more determined leadership.”
Today’s mortgage crisis is the fruit of decades of economic decline in this country, she said. "Clever salesmen conned many families by offering adjustable rate mortgages with deceptively low teaser rates to lure them in.” Dobson calls these ARMs “cynical exercises in consumer fraud,” since many homebuyers could barely afford the initial payments. “After a short honeymoon, the low teaser rate is re-set, sometimes resulting in a 30-50% increase in their monthly payments.”
No family in America should be forced to choose between their mortgage payment or buying food, gas, heating, or health care, Dobson concluded. “More than one piece of legislation will be needed to get us out of the coming mess. But a law making all foreclosures a federal crime would be a good place to start. I call on all of Maine’s elected officials in Washington to join with me immediately in making this a reality.”
http://www.DobsonforSenate.com
Press Release Keywords:
foreclosure moratorium, independent, Wall Street, greed, recession, subprime,
foreclosure moratorium, independent, Wall Street, greed, recession, subprime,
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