HUD chief calls McCain’s mortgage plan a ‘grave concern’

In a town hall meeting in Seattle Monday evening, Department of Housing and Urban Development secretary Steve Preston said John McCain’s mortgage proposal is an issue of “grave concern.” McCain’s plan for the housing decline includes the government possibly buying up troubled mortgages and paying the difference between principal balance and the home’s new lowered value as a result of the housing crash.

“I have a very grave concern about that,” Preston said, according to the Seattle Post-Intelligencer.

Sign of the day: An undecided voter?

Spotted in South Minneapolis this morning: this handmade yard sign for McCain-Obama. Is it an expression of an undecided voter? Wishful thinking? A brainteaser? A peaceful compromise? As for what this sign means, we’re undecided, too. But we’re pretty sure…

Mortgage woes might hurt John Kline’s reelection chances

Foreclosures are rising rapidly in John Kline’s 2nd Congressional District, where counties like Le Sueur and Carver saw foreclosures spike by more than 140 percent last year. Most of the district is experiencing a foreclosure rate that surpasses the national average, and the numbers are expected to rise this year. With the economy in a slump and a consistent record of voting against foreclosure prevention and help, is Kline’s reelection in jeopardy?

Sign season: God punishes McCain-Palin sign stealers

For weeks in Powderhorn Park there stood a lone McCain-Palin sign in a yard on 16th Avenue. It abutted an Obama-Biden sign, nearly touching its tip as if the property line were the red-state-blue-state divide. Along a street with…

Another Bachmann liability: Mortgage troubles abound in her district

Even before her Friday Hardball debacle, Michele Bachmann faced a challenge back home that’s been little-noted but may pose difficulties for the first-term incumbent: the impact of the mortgage crisis in her suburban and rural district.

Credit card defaults rise, consumer debt spikes 75 percent

Got credit card debt? You’re not alone. According to a recent report, consumer credit card debt has increased 75 percent since 1999 while wages have remained flat and savings rates have declined to their worst since the Great Depression. Already banks are hoarding cash in preparation for what analysts say is the next great crisis.

Is ‘Joe the Plumber’ really an investor?

A sleuth over at Democratic Undeground uncovered some dirt on the token hard-working American Joe “the Plumber” Wurzelbacher (pictured) from last night’s debate. It looks like McCain’s poor buddy is actually an investor, according to this

Design of the times: Obama ‘Hope’ poster gets a life of its own

While there are plenty of memorable images in this presidential campaign that are still jockeying to be the Most Significant, a design by artist Shepard Fairey has, quite literally, changed the face of presidential campaigns. His now-famous “Hope” and…

When it comes to negative equity, the Twin Cities are seriously under water

A story last week by the Wall Street Journal reveals a growing and troubling trend: One in six homeowners are under water, or living in a home in which they owe more than it’s worth. In the Twin Cities the economic picture is even more dismal. Minneapolis and St. Paul rank fifth in the nation’s most in-debt households, meaning that area homeowners have less equity in their homes–and are more in debt–than the national average.

Subprime targets: Why everything pundits and politicians are telling you about the CRA is wrong

Conservative columnists, pundits, bankers, and politicians like Minnesota’s own Michele Bachmann have taken to blaming the subprime fallout and subsequent credit crisis on the Carter-era Community Reinvestment Act. But housing and civil-rights experts say they’re just plain wrong. And if Minneapolis doesn’t take steps to fix the problem soon, things will get a lot worse.