Second Ward, Minneapolis

This is the public policy forum of Minneapolis Second Ward (Green) City Council Member Cam Gordon and his staff. We use this space to talk about some of what Cam’s working on, explain his positions, and share a little of what life in City Hall is like. Please feel free to comment on posts, within certain ground rules. See our disclaimer, including ground rules, here:

Tuesday, February 12, 2008

Foreclosures - Project Lifeline

I was thrilled to see the Federal Government unveil Project Lifeline, a program to help deal with the foreclosure crisis that delivers most of what the Minneapolis City Council asked for last month: a 30-day freeze on foreclosures and a commitment to find more affordable loans for folks in trouble.

It's good to see that Minneapolis-based lender Wells Fargo is one of the six major lenders to have signed on to this program. They deserve credit for taking this bold, constructive step. I said in a previous post on this topic that I hoped lenders would listen to the Council's plea, and it's incredibly heartening that they did.

I'm proud that the Council went on record supporting this action - the Council majority has been proven both prescient and reasonable in asking for lenders to take this action.

Lastly, it's not often that I agree with anything done by the Bush Administration, but they should be given credit for helping broker this agreement with these major lenders.


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