Ad Hoc Committee on Housing

Moving forward. Council Resolution 00-02918.

The enabling resolution would provide for a final report to be provided to the Village Council on or before January 22, 2008, at which time the Ad Hoc Committee’s work would conclude unless further extended by action of the Village Council.

Copies of the individual recommendations of Commissioners as the Ad Hoc Committee’s composition have not been attached because several were verbally received.”

The size of the committee will be eleven people, will have a specific make up,and will be chaired and co-chaired by council members. Unless my ears deceived me (and they did not) Neustadt and Durkin volunteered to be on the committee several weeks ago. Both good choices: Geoff Neustadt and his wife lived through the nightmare of finding a home they could afford here in Downers Grove where they both work. Sean Durkin works for a bank that has a housing assitance program for it’s employees, and also has access to (public) financial information, organized so it can quickly be brought into the discussion. Between the two they have a reasonable perpective and can bring usefull information and insight to the process.


Word to the naysayers…

Government “interferes” in housing substantially already. The home loan tax exemption is just one example.

Bernanke is directly intervening to fend off a meltdown of the mortgage industry due to banks, via wall street and sub prime and Alt-A lenders, moved $2.5 trillion of questionable mortgage backed securities onto,among others, private and public pension funds. Can you say Bear Stearns?

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