Oak Creek Mayor Adds Voice To Foreclosure Settlement Debate

Foeckler joins Barrett and Dickert in calling for reversal of mortgage settlement decision.

Oak Creek Mayor Al Foeckler appeared at a press conference Wednesday with the mayors of Milwaukee and Racine urging Gov. Scott Walker to reverse his decision regarding mortgage settlement money, according to a report from Fox 6.

State officials are using some of the $140 million that Wisconsin got as part of a federal settlement to balance the state budget. Foeckler and Mayors Tom Barrett and John Dickert say that violates the spirit of the settlement and won't help the foreclosure problem. 

The settlement is designed to help homeowners who are underwater by relieving some of the principal of their loan.

Walker and Attorney General J.B. Van Hollen argue that using some of the money to offset the state budget shortfall will help keep them from raising taxes and improve residents' buying power.

Oak Creek has seen 226 foreclosures since 2007, according to the story.

Click here for the entire report.

Mark B February 23, 2012 at 04:26 PM
Personally, I can't wait till acting mayor Foeckler is gone. So if the state gave the money to the municipalities rather than to offset the state budget shortfall, wouldn't the state then be compelled to cut the aid to local communities to balance the budget? Pick your poison. And as far as using the settlement to to help homeowners who are underwater by relieving some of the principal of their loan, we already have had programs designed to help people in foreclosure and in 6 months they are still behind and underwater on their mortgages. Why would this settlement be any different? At what point do we decide that perhaps these folks need to get out of a house they can't afford and let the housing market correct itself?
LuvOC February 23, 2012 at 04:38 PM
Ditto Mark! Say this plan helps someone with their payments for 3 or 4 months...what happens in that 5th month? Will they miraculously have enough money to keep making their payments when gas prices and food are likely to keep rising? I have no sympathy for someone who was ignorant enough to believe that if they make $3000 a month, they can afford a $2500 mortgage payment. Most of the refinancing loans now are for loans over 200K....doesn't help the frugal responsible person like us who has less than 75K left to pay. And, lets face it...some of the homeowners will have 2 big screen tvs after they get the bailout and still not have enough to pay their bills. Also, this agreement (to allocate a portion of the settlement) was a PART of the deal...it was not just taken from the settlement as an afterthought. There is a reason we are not cheering on our acting governor, it is the same reason that Tom Michalski lost his bid for mayor and may also lose Alderman. Oak Creek is Red and we would like to have someone who is a responsible steward of our taxes. This would also leave out the person running for clerk who voted in favor of the Ament pension scandal.
Mike in OC February 23, 2012 at 05:05 PM
This is only political grandstanding by the Left...
Logical February 24, 2012 at 12:48 AM
Why is the OC Mayor speaking on behalf of the city on this issue? This doesn't seem appropriate.
Mr.Ed February 24, 2012 at 02:19 PM
Mark B you hit the nail on the head. The sooner Foeckler is gone the better. How much of that money would have ended up on OC? How is it fair to try and assist those underwater on there mortgages now, when 226 in OC already had there homes foreclosed on? Who gets the money and who gets left out in the cold? We give doyle a free pass to RAID multiple funds, including the patient compensation fund, in an attempt to balance the budget and it gets virtually no press. Its about time we focus on getting getting our fiscal house in order, both as a city and as a state. Despite the financial climate, our TEMP mayor seems to think money grows on trees. He doesn't speak for me. Have we learned nothing?
Resident of O.C. Paul February 24, 2012 at 04:52 PM
An INTERIM MAYOR should have no say in such high profile matters only an ELECTED MAYOR should. I can't wait until he is gone.
Bob February 24, 2012 at 05:08 PM
Please, just go away
LuvOC February 24, 2012 at 11:10 PM
Dickert and Foeckler....sounds like a crooked law firm.


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