Are you a resident of Illinois’ 6th Congressional District who’s having difficulty paying a mortgage with an exorbitant interest rate? Think your Congressman, Peter Roskam, cares and wants to help? Guess again.

Yesterday (5/1/2008) the House Financial Services Committee sent a bill to the House floor to help mortgage holders in danger of foreclosure. The bill, H.R. 5830: FHA Housing Stabilization and Homeownership Retention Act of 2008, makes up to $300 billion in federally insured loans available to allow mortgage holders in danger of foreclosure to refinance at more affordable fixed rates over 30 years. All penalties related to delinquency and/or early payment of the existing mortgage are waived and lenders are required to reduce the principal balances. As many as 1.5 million homeowners may be assisted if the bill becomes law. Opposition is expected from Republicans in the Senate and from President Bush.

Peter Roskam, who holds a seat on the House Financial Services Committee, voted against the bill in Committee, attempting to prevent it from being sent to the full house for a vote. Roskam receives a large percentage of campaign contributions from the financial services and real estate industries, and by his vote, has signaled his intent to continue to work to advance the interests of that sector rather than attend to the needs of homeowners in his district.

Residents of the 6th District should contact Representative Roskam and urge him to stop attempting to block Democratic efforts to help homeowners in trouble. Roskam can be reached at his Washington office at (202) 225-4561 or in Bloomingdale at (630) 893-9670.