Nov 19, 2008 5:14 pm US/Central
Congress Consults Sheriff Dart On Foreclosures
Cook County Sheriff's Plan Has Helped Keep Renters From Unfairly Losing Homes
CHICAGO (CBS) ―
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Cook County Sheriff Tom Dart testified Nov. 19 before the Senate Judiciary Committee hearing on foreclosure.
CBS
Home prices are sinking and foreclosures are rising and Washington is desperate to solve the housing crisis. As CBS 2 Chief Correspondent Jay Levine reports, lawmakers are looking to a Cook County leader for a little inspiration in providing short-term relief while they seek long-term solutions.
Cook County Sheriff Tom Dart was treated like a modern-day Robin Hood on Capitol Hill Wednesday, praised for refusing to carry out court-ordered evictions in until a judge agreed that those being evicted, often innocent victims, were told that lenders had filed suits against their landlords.
"Sheriff I must say I've watched you on television and watched some of your statements, I must say, like the people of Vermont, I applaud you," Sen. Patrick Leahy said.
During the Senate Judiciary Committee hearing, Dart talked to the senators about what he's seen on the street.
"I've walked into these homes time after time looking at stunned people who have no idea why I am there," he said.
Dart's new deal with the courts has made it almost impossible to evict someone in Cook County. He's carried out just three evictions in the past month, at a time the rate of foreclosure is skyrocketing. And Congress can't stop them.
"Passing this provision could be the difference between a mild recession and a deep recession or worse," said New York Democrat Sen. Charles Schumer.
Sen. Dick Durbin introducted a bill earlier to force lenders to renegotiate with homeowners facing financial ruin has been opposed by the president.
Asked about the fairness of bailing out banks, but not borrowers, Durbin said, "How in the world could we possibly justify sending $700 billion to the biggest banks in America who made the worst possible investment decisions to spare them the pain of those decisions, and then say to someone facing mortgage foreclosure, 'sorry buddy you're on your own?'"
Though, that may not be the case for too much longer. President-elect Obama, as a senator, was a co-sponsor of Durbin's bill. And with Obama in the White House and the Democrats with a solid majority in Congress, the borrowers' bailout bill is likely to pass this spring.
(© MMIX, CBS Broadcasting Inc. All Rights Reserved.)
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