We are facing huge long-term problems: a real unemployment rate of 18%, dysfunctional banks that are "too big to fail", a regressive tax structure that's stifling economic growth, prisons that are bursting at the seams, urban schools that are struggling, a health care system that still needs major reform, the lack of a coherent national energy policy that will protect our economy and the environment, and a government that has been encroaching on our civil liberties. For decades we have lived with irresponsible public policies from career politicians in Congress who care more about increasing their party’s power and getting re-elected than they care about solving long-term problems. They haven’t been honest with us, and they have been lousy public servants.

I’m different. I do not want to be a career politician. I am not a Democrat or a Republican. I’m a Problem Solver. I want to force members of Congress to be responsible, and implement sustainable solutions to real problems. Please read the positions I present on this website, and spread the word to friends and family.

Please email me at John@Mertens2010.com, and become a supporter on Twitter at @mertens4senate or Facebook: John's FB

Wednesday, August 19, 2009

Mortgage Defaults

Here is something I posted April 2, 2008. It's unfortunate that Senator Dodd did not include this in the Housing Bill, as I recommended. It would have significantly reduced the number of mortgage defaults that resulted from sub-prime mortgages.


"At this moment (April 2, 2008) Senator Dodd is working on a compromise with Republicans on a plan to deal with the housing crisis that has resulted from the sub-prime debacle. Republicans oppose a portion of the bill that would enable bankruptcy judges to cut interest rates on troubled subprime mortgages written in recent years. Judges are currently prohibited from doing so for a person's principal residence. President Bush and other Republicans argue that giving judges this power would prompt lenders to tighten their standards and raise interest rates. (The above is paraphrased from a Washington Post article by Lori Montgomery.)

The CFL would like to urge Senator Dodd to work towards a compromise that would grant judges this power on a temporary basis, perhaps for one year. This would accomplish the goal of allowing judges to help alleviate the current foreclosure crisis, and should remove the fears of the long term effects the GOP are using to argue against it."

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John Mertens for U.S. Senate
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