As previously discussed on this blog, the mortgage crisis has led to a general credit crisis and now threats of a recession. Recessions are often hardest on young workers and recent college graduates. Young people are the first to feel the effects of a recession as it becomes harder to get a job and all but the most penalty ridden credit options are taken away from us. We are also far more likely to be sucked in to these alternative mortgages due to a lack of strong credit histories. We need real leadership on these issues.While the outlook has been bleak, and the Republican leadership is slow to act, Assembly Democrats are proposing a real solution for working families in this crisis. Local Assemblymen Bob Reilly and Tim Gordon are backing a comprehensive package that provides $150 million in direct financial assistance to struggling homeowners, $30 million for counseling and legal services, and offers mediation and legal representation for those duped by unscrupulous lenders.
This is exactly the kind of action needed, but as usual, the Republican Senate is worried about their large corporate donors. Tell Senator Farley to stop playing to the corporate interests and start working for his constituents by supporting this plan for working families.
