Heights Alderman Disagrees With Foreclosure Initiative Plans

At least one Heights alderman is not sold on state and Cook County plans to spend millions of dollars on six municipalities (including Chicago Heights) and their foreclosure difficulties.

On Tuesday, Feb. 7, Patch published a story about Gov. Quinn announcing state plans to put $40 million toward a new foreclosure initiative. Cook County Board President Toni Preckwinkle also promised to put $10 million toward the project.

Ward Four Ald. Josh Deabel sent me an email explaining his position on the initiative, as well as its price tag.

Here's what he had to say.

A Different Take

First, no doubt that something needs to be done to try to tackle the foreclosure problem in Chicago Heights. I have been talking about and dealing with that since day one.

As just about everyone knows... the housing collapse was caused by poor policy and extreme mismanagement of government run programs such as Freddie Mac and Fannie Mae. To this end, another government run and largely funded program is not the best answer.

A program that is not funded by the government but a program, such as possibly auctioning the homes on the open market, makes the best financial sense. It will not require much funding by government and will put people in the business in charge, not government, which can possibly lead to patronage and other political favors.

Most of all where is this funding coming from for this program? Ten million dollars from a county that is at least 315 million in debt (if not more), and most sadly, $40 million from a state that is 65 billion in the red, dead last of the 50 states for being in the worst financial shape and bond rating. The state already can't pay it's bills (local school district's for one....) and that is after doubling our state income taxes!  So in essence Chicago Heights will pay out of its own pocket one way or another for these types of programs.

Bottom line is: It was a poorly run government that led to this problem. What makes you think things are going to change?

Give true business investment the tools to help fix our housing crisis, proper oversight of borrowing, and let's make sure we don't go down the same path twice!

Ald. Deabel's opinions do not reflect those of Chicago Heights Patch.