Dold Shares Solutions to Aid Housing Market

Though certainty in the economy remains a cornerstone of message, he recognizes the need to stimulate the housing market as part of the nation’s overall recovery. 

Speaking to a group of more than 25 members of the Tuesday at , Dold tried to soothe some of the members' concerns over the lack of a federal budget, deficit spending and economic turmoil in Europe. 

“Either we can solve the crisis ourselves in a bipartisan manner or our creditors are going to do it for us,” Dold said referring to the bulk of American debt securities held by foreign concerns, particularly China. 

Earlier:

When Charlie O’Hara asked Dold about the current problems in the European economy, he gave the Congressman the opportunity to illustrate his point. 

“In Italy they can’t print Lira anymore,” Dold said referring to the fact most of Europe now uses the Euro as its currency. “Now you have Germans telling Italians how to live their lives.” Dold made it clear he wants Americans to resolve their own problems together. 

After the meeting, Dold told Patch he knows the must accelerate from its current state for the economy to make a solid recovery. 

Dold said he does not want to see the federal government mandate solutions for people whose homes are under water—a phrase describing a homeowner who owes more on a mortgage than the property is worth—but wants to see regulations allowing a solution. 

,” Dold said. “One size fits all for large banks and the smallest community banks won’t work.” 

If a homeowner is making mortgage payments on time and the property is underwater Dold feels the lender and property owner should have discretion preventing the requirement of the homeowner being forced to reduce the mortgage to reestablish equity. 

“It’s hard to ask the individual to put more money into the home he may not have or be able to spend,” Dold said. “If he’s making the payments it may be the best thing to do,” he added, referring to allowing the property owner to let the loan remain as is. 

Dold also indicated he is not opposed to legislation that would allow a federal bankruptcy judge to afford a Chapter 7 individual debtor the same right to rewrite a mortgage currently existing for a Chapter 11 business debtor. 

“I’d take a look at it,” Dold said. “It can’t be mandated but if the bank takes a look and thinks the current debtor is [the banker's] best option he should be able to do it.” 

Two of the people in the audience were Bob Dold and Judy Dold, Dold’s parents. The senior Dold operates the family business the Congressman left when he took office in January. 

Mrs. Dold specifically asked her son what he had done to help create jobs. The Congressman talked about two job fairs he had held including one August 18 in Lake Forest.

“We brought out only employers who are hiring,” Dold said. “If they weren’t hiring we told them they could come to another event but not this one. Many of the employers got to meet some highly qualified candidates.” 

Though it may have sounded like Mrs. Dold was putting her son on the spot, she was behaving like a pleased parent. 

“I’m very proud of what he has done,” Mrs. Dold said. “He has really done something.”

Stay tuned to Patch for more on the story.