Sen. Dick Durbin is trying to drum up support for legislation to prevent foreclosures — literally taking it to the steps of a boarded-up Chicago home that was foreclosed upon.
At a news conference Monday, Durbin said such homes aren't only displacing residents, but as they stand vacant and crumble, they drive down values of surrounding homes and even become havens for gang activity.
Durbin first introduced the Helping Families Save Their Homes in Bankruptcy Act in 2007, but it didn't pass. He says the chances are better now — mainly because the foreclosure crisis has only gotten worse.
The Illinois Democrat says the bill would help millions of homeowners avoid foreclosure by letting them modify the terms of their mortgages in bankruptcy proceedings.
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Copyright 2009 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
At a news conference Monday, Durbin said such homes aren't only displacing residents, but as they stand vacant and crumble, they drive down values of surrounding homes and even become havens for gang activity.
Durbin first introduced the Helping Families Save Their Homes in Bankruptcy Act in 2007, but it didn't pass. He says the chances are better now — mainly because the foreclosure crisis has only gotten worse.
The Illinois Democrat says the bill would help millions of homeowners avoid foreclosure by letting them modify the terms of their mortgages in bankruptcy proceedings.
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Copyright 2009 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
