Jackson calls on officials to act on Mich. housing crisis
Jackson
Lansing — The Rev. Jesse Jackson called for “major, mass action” from state officials concerning housing foreclosures when they meet in Lansing in the next few weeks.
From inside Lansing City Hall on Wednesday, Jackson said housing foreclosures in Michigan are up 47 percent from last year.
“What’s happening is that those that are losing their homes are so embarrassed and so ashamed, that they’re dying, silently in the dark,” Jackson said in a speech.
Jackson is president and founder of the RainbowPUSH Coalition, a grassroots political organization that works for fair housing, among other issues. He said poor lending practices that lead to housing foreclosures start with all levels of lending.
“At the college level when people are awarded credit cards É that starts the process,” he said. “People are offered loans that they cannot pay back.”
Housing foreclosure is a process used by lenders to recover money they’ve loaned by repossessing and selling houses owned by their borrowers.
Michigan ranked the third-highest in the country in the number of foreclosures per household in July, with one foreclosure filed for every 320 houses, according to RealtyTrac, a research firm that tracks foreclosure activity.
Lansing Mayor Virg Bernero and Rep. Mark Meadows, D-East Lansing, stood with Jackson during his speech. In the cities Bernero and Meadows represent, more than 1,000 properties are currently filed for foreclosure, according to RealtyTrac.
“This is a problem we’re seeing in Lansing, this is a problem we’re seeing in East Lansing, this is a problem we’re seeing in every corner of Michigan,” Meadows said.
Nearly 20 foreclosures occurred each week this spring in Lansing, a rate Bernero called alarming.
In Detroit, one foreclosure was filed for every 97 households in July — the highest foreclosure rate of the 229 cities in the country tracked by RealtyTrac.
People in the city who have owned homes for as long as most college students have been alive are now losing them, said Rep. Bert Johnson, D-Highland Park.
“If the rest of the country has a cold, Michigan has pneumonia — it’s just that bad for us,” he said.
While Jackson said saving houses should take priority over fighting lenders, Johnson said he will seek legal action with lenders who are “preying” on homeowners.
“Any bad actors that I can identify, I’m going to ask the attorney general in this state to prosecute,” he said.
Published on Wednesday, September 12, 2007
Comments
Ray
09/13/07 @ 8:34am
I would not listen to anything Jesse Jackson would say. All he ever does is shoot off his month. People are in trouble with foreclosure is because of their greed. What ever happened to “If you cannot afford it, don’t buy it?” I almost fell into this trap but decided that I rather rent than to be tied to a house I cannot afford for the rest of my life. A bailout would only make things worst. People would be tied to a house for how long? 30, 40, 50 years where all their income goes to servicing the mortgage. What kind of life is that? Why don’t Jesse just spend the millions he has on the people he says he represent.
Laurie Proctor
09/13/07 @ 9:05am
People in this city who have owned homes for as long as most college students have been alive are now losing them, said Rep. Bert Johnson, D-Highland Park.
Exactly why are people losing homes after 20 years? Because they refinanced to pull out the cash equity to buy cars, large screen tv’s, etc., etc., etc.? Because they felt paper rich? I have absolutely ZERO sympathy. NO HELP – NO BAIL OUT BY TAXPAYERS!!!!!
Jesse Rip-off Jackson – go take a hike.
Stacey Jackson
09/13/07 @ 1:37pm
Iam for Jackson’s help or anyones attempt to help,the reason why is that not everyone that seems to be loosing their homes ( lets take a minute to reflect on those last 2 words THEIR HOMES ) after 20 plus years are not lossing them due to so called greed.Some of these people are just easly victims to the closer of the many companies that have or are planning to close here in Michigan.Let me just add for the interested parties I am NOT one of these people, But I also do not take it upon myself to judge these people.Why? Cause, if I was in that position I would not want to be judged.To just slightly touch on the judgement of greed that has been put so boldly out there,wouldnt you call not wanting to help the hundreds of people that are becoming homeless a little greed as well?
SirBlogsAlot
09/13/07 @ 6:16pm
maybe he can help out renters too while he’s at it.
and oh yeah, homeless people too.
rightysparty
09/13/07 @ 10:14pm
Laurie, you are correct.
A small percentage of people overextended themselves buying homes on variable mortgage rates they could not afford. And, bought too many toys. Jackson is wrong. It’s not our job as fiscally-conservative taxpayers to bail these people out. Have them file bankruptcy, lose their homes and toys…and they can start over.
If I finance an $80,000 Mercedes and lose my job…it’s not the job of the Michigan taxpayers to help me make my payments. I should have financed a much cheaper car.
The State News reporter should have asked all these questions to Jackson instead of being a PR agent.
Questions Craig should have asked Jackson and the other 2 Democrats.
1. People weren’t losing their homes when Republican John Engler was Governor from 2000 to 2002. Why is it happening with Democrat Jennifer Granholm. Shouldn’t she be held responsible Jesse for the lousy Michigan economy and jobs leaving the state for the other 49?
After five years, doesn’t Democrat, your pal Granholm deserve the blame?
2. Why did people buy homes they couldn’t afford on adjustable rates?
So, you think we should bail them out? You for bailing all those Republicans in the Detroit suburbs who are foreclosing too?
3. Hey Jesse, you going to open your wallet and help pay for these people’s overspending habits?
4. Jesse, why weren’t these people saving money for a possible rainy day instead of out buying expensive homes, cars, electronic toys, trips, etc.
5. Who is going to pay for Kwame Kilpatrick’s 6.5 million dollar settlement?
Craig, tune into O’Reilly and watch how his reporter ambushes judges and asks them the tough questions.
Bart
09/19/07 @ 9:47am
Yes. Let’s tax those who did NOT screw up. Also bring back the 5-cent cigar and find my binky.