Some Cook County Board Commissioners want Illinois legislators to put a one-year freeze on home foreclosures. Commissioner Earlean Collins says that would give housing mediators a chance to help distressed homeowners.
COLLINS: The moratorium itself simply provides an opportunity for more time for those people working with the lender and the homeowner to go in and sit down and negotiate.
Stephanie Casey Pierce is an analyst with the National Governors Association. Pierce says some other states recently gave borrowers more time to avoid foreclosure. But she cautions against a lengthy moratorium.
Pierce: Unless their moratorium comes along with lots of efforts to bring lenders and borrowers together to negotiate, certainly it can result in a number of unintended consequences.
Dispatches from Chicago's south side.
Wednesday, September 17, 2008
Some Cook County Board Commissioners Want to Freeze Up Foreclosures
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