Congressman Steve Kagen (D-Appleton) says the House and Senate are looking at ways in which those facing foreclosure can bring down the minimum payment on their mortgages. In a conference call to reporters Wednesday morning, Kagen says a lack of proper oversight is one reason for the housing slump and number of foreclosures.
"We have to also try to do our best to guarantee affordable rental properties as well as people to stay in their homes and renegotiate their principle."
Kagen says the House is looking to produce a bill within the next couple of weeks that will allow people to buy back foreclosed properties.
The Appleton Democrat notes that as home values decline, so do real estate property taxes. This means local governments may have less money to fund essential services like fire and police.