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Ellison: Law Could Help Those Dealing With Foreclosures

The congressman said courts should be allowed to force banks to reduce the principal on home loans.

Speaking with KSTP-TV, Rep. Keith Ellison (DFL-Minnesota) said he thinks a law should be passed that would allow courts to force banks to reduce the principal on home loans.

"In fairness to some of the banks," he told KSTP, "many of them have re-modified loans and work with people. I don't want to paint too broad of a brush because there have been some good actors in the financial community. But there have been some horrible actors too. And far too many. And the bad ones are not making up for the good ones."

Ellison's interview with the TV station was part of a larger story about foreclosure rates by zip code in Minnesota. The 55411 zip code in Minneapolis—which is where Ellison lives—had the most foreclosures in the state since 2006, KSTP found.

"You know, I get concerned about people who say 'just let it all bottom out'. No one who says that has any idea of the human toll that will be taken," Ellison said.

Ellison Calls for Diplomacy, Debate On Iran

According to a Huffington Post article, Ellison wants to see more debate and deliberation before the country slides into war with Iran.

"The debate is not happening, and there needs to be a debate," Ellison said.

The prospect of war with Iran has heightened in recent months, as reports of the country's supposed ties to terrorism have circulated.

Last week, Israeli diplomats were targeted by car bombs in New Delhi and Tbilisi, Georgia—attacks they blamed on Iran.

Ellison said he doesn't support the Iranian regime, but he said America has to be careful to avoid a repeat of Iraq—which the representative said represented a failure of discourse.

"I think the media is being lured into the same things they got lured into with Iraq," Ellison said. "What if we found out that they're not actually weaponizing? As the buildup for Iraq was going on, if you were to say publicly, 'I don't think Saddam has weapons of mass destruction,' you'd be laughed out of town. If the price of stopping a war is me being called some names, I can handle it."

Elaine Wynne February 20, 2012 at 12:28 PM
yes. There are over l8 million vacant homes in the US right now and 3.5 million homeless people. We don't need any more vacant homes or any more homeless people. Many people became underwater with the dropping of home values and many people who are facing foreclosure lost a job or are ill.
Ralph February 20, 2012 at 02:47 PM
Maybe because Ellison has the resources to make his mortgage, the bank , that holds his mortgage should be allowed to RAISE the principle owed on his loan. Remember, the Democrats want to be "fair" now. This congressman needs to be out! He will appease anyone to keep this cushy lifestyle he has.
Mike McLean February 20, 2012 at 04:02 PM
"The congressman said courts should be allowed to force banks to reduce the principal on home loans." Hell no. You cannot have the government continually telling companies how to run their businesses. The government forced banks to loan money to people to buy houses who could not afford them. Who would have thought that someone making $45000 a year couldn't afford a $300,000 house. Fannie Mae and Freddie Mac caused the subprime issues.
Mike McLean February 20, 2012 at 04:03 PM
It is not a right to own a house.
Dennis Gillespie February 20, 2012 at 04:59 PM
I would only repeat what Mike has to say. Most of the problems we have today you can probably go back and find Government to be the main source of the problem.
Kevin O'Donovan February 22, 2012 at 12:44 AM
A house is worth what a buyer is willing to pay for it. Nobody is guaranteed an increase in value. Banks are already taking huge losses on foreclosures. They are absorbing these non-recoverable losses. Like the drunk at the bar says "When I drink everybody drinks." When he was presented with the tab, he said,"When I pay everybody pays". Taxpayers shouldn't pay for the binge. Actions have consequences.
Mike McLean February 22, 2012 at 02:16 PM
If I buy a stock and decide to sell and the stock is worth less than what I paid, is the Stock Exchange supposed to pay me the difference?? No! A house is not a guaranteed investment. It is a place to live. What ever happened to personal responsibility???? You sign a contract, you live with it. The government should be guaranteeing equal opportunities, not equal outcomes!!

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