[courtesy of California Progress Report]

By J. Mijin Cha
Policy Specialist
Progressive States Network

Not surprisingly, the Bush Administration's proposal for fixing the subprime lending crisis is an industry-led deal that involves completely voluntary actions to fix the current crisis and will ultimately help only a few of the millions of people who have either lost or are in danger of losing their homes. With absolute failure at the federal level, it is again up to states to step in. In two recent editorial pieces, the executive directors of the Progressive States Network and the Drum Major Institute called on New York Governor Spitzer to impose a six-month moratorium on foreclosures to stop the rapidly increasing rate of home loss, a policy all governors should enact. A moratorium would give lenders incentive to restructure loans on fair terms and fight back against the Wall-street backed predatory lenders.

[courtesy of The California Majority Report]

This morning, the US Conference of Mayors, who are meeting in Los Angeles, passed a resolution calling for the expedited withdrawal of troops from Iraq.  A source on the scene says that things got rather heated.  Apparently, Fresno Mayor and former "In the Heat of the Night" actor, Alan Autry (R) resigned from the Conference and walked out of the meeting.