People’s Bailout Coalition

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As stadium bill gets lawmakers’ attention,‘People’s Hearing’ takes on housing crisis


GOP denies formal hearing on suspending home foreclosures

News Analysis

By Mel Reeves

Contributing Writer


Last week, on the same day that the Minnesota legislature held its public hearing on whether the Minnesota Vikings football team should have a new stadium built with the help of public funds, a housing hearing of another type was being held. This one dealt with the very real problem of the foreclosure crisis. However unlike the stadium hearing, the hearing on the bill to institute a two-year moratorium on foreclosures was given no formal approval by GOP leadership, forcing the sponsoring legislators, State Representative Karen Clark (DFL-Minneapolis) and State Senator Scott Dibble (DFL- Minneapolis), along with the People’s Bailout Coalition, to hold a “People’s Hearing.”

“For the past few years, so many of our community members have faced devastation from the terrible effects of our unstable housing market — the foreclosure of their homes,” said State Representative Clark at a March 15 press conference announcing a bill seeking a two-year moratorium on  foreclosures in the state. Clark said she wanted to give those struggling a chance “to tell their story, a story unfortunately that is too familiar for so many around the state.”

The bill sponsored by Clark and Dibble, HF 1886/SF 1521, seeks to freeze for two years foreclosures of owner-occupied properties. During this moratorium, homeowners would be required to continue their current mortgage payments or pay 41 percent of their incomes, whichever is less. Continue Reading →

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