Heard in the Hall

Addressing a problem identified by Councilman Curtis Jones Jr. in a January 31st resolution, President Bush on Tuesday announced a program entitled “Project Lifeline” an opportunity for those who are 90 days behind in their mortgage payments and face imminent loss of their homes. Homeowners will have an opportunity to negotiate friendlier mortgage terms and a possible 30 day halt in foreclosure proceedings.
Councilman Curtis Jones Jr. will hold hearings on the national problem of mortgage foreclosures. The hearings scheduled for Thursday, February 21, 2008 in 400 City Hall at 10 AM will feature national experts on this ever growing problem. Councilman Jones is particularly interested in learning the extent to which sub-prime mortgages contribute to the problem, and wants to investigate the possibility of imposing a moratorium on Sherriff’s Sales on those foreclosures. “While I am glad the President and the Democratic presidential candidates are finally realizing this is an issue affecting millions of everyday Americans, I have been concerned about this issue for many years, I look forward to examining the subject in depth during the hearing next week. President Bush and Senators Clinton and Obama all agree this is a national problem not seen since the Great Depression,” said Councilman Curtis Jones.
Anybody interested in testifying can call 215-686-3416 to be added to the witness list.
Councilman Jones added, “It is critically important we examine this problem
immediately. As the nation slides into a recession, Philadelphia residents are getting hit especially hard. When the nation gets a cold, Philadelphia gets pneumonia. We need to slow down the slide, help the poor and save the eroding middle class,” Jones said.