Judy Biggert Congresswoman - 13th District of Illinois

 
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11/13/2008 12:00:00 AM
U.S. Rep. Judy Biggert (R-IL-13th) Weekly E-Newsletter: November 13, 2008

U.S. Rep. Judy Biggert (R-IL-13th) Weekly E-Newsletter
November 13, 2008


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For more information, please visit http://judybiggert.house.gov/.


In this Week's E-Newsletter:


- This Week in Congress
- Week in Review
- Featured Story
- From the Press Desk
- In Her Own Words
- In the News


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This Week in Congress:


Monday, November 10, 2008 through Friday, November 14, 2008


Congress is out of session this week for district work period.  However, Congresswoman Biggert is Washington to participate in a House Financial Services Committee hearing aimed at ensuring that investors, lenders and mortgage services work together effectively to help troubled homeowners.  See below for her opening statement.


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Week in Review:


Monday, November 3, 2008 through Friday, November 7, 2008


Congress was out of session this week for district work period.


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Featured Story – A Fresh Face for Downtown Plainfield:


Judy (center-right) joins Plainfield Mayor Jim Waldorf as he cuts a ribbon celebrating the opening of the new Lockport Street corridor through downtown Plainfield.  Also pictured left to right are State Senator Linda Holmes, State Representative Tom Cross, Village Trustee Paul Fay, and Village Trustee Jeffrey Dement.


Judy (center-right) joins Plainfield Mayor Jim Waldorf as he cuts a ribbon celebrating the opening of the new Lockport Street corridor through downtown Plainfield.  Also pictured left to right are State Senator Linda Holmes, State Representative Tom Cross, Village Trustee Paul Fay, and Village Trustee Jeffrey Dement.


           Plainfield, IL – Biggert recently joined several local officials to celebrate a major milestone in Plainfield’s efforts to promote economic vibrancy and improve pedestrian convenience in the downtown area.  Until last month, construction had forced the closure of Lockport Street to all west bound traffic between James Street and Route 59.  On October 29th, Biggert marked the reopening of the street to two-way traffic during a ribbon-cutting ceremony attended by village residents and local business owners that operate along the route.  While the street was blocked off, the village added a new water main, rebuilt the street, and made other improvements to advance the Lockport Street Streetscape project.  The project includes enhancements such as expanded sidewalk space for outdoor dining, new crosswalks, added lighting, and additional benches.


           “We're lucky to live in such a beautiful community,” said Biggert.  “Improvements like these help to ensure that our suburban neighborhoods remain the wonderful places they are to live, work, raise a family, or open a new business.”


           To lean more about the Lockport Street Streetscape project, visit http://www.plainfieldstreetscape.com.


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From the Press Desk:
Thursday, October 13, 2008


Notice: No More Inaugural Tickets Available


           Due to the limited number of tickets available and unprecedented levels of demand, U.S. Representative Judy Biggert’s (R-IL-13th) office is no longer accepting requests for tickets to the January 20, 2008 Presidential inauguration ceremonies.  Constituents of the 13th District still wishing to request tickets may wish to contact Senator Durbin at (202) 224-2152 or Senator Obama at (202) 224-2854.


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Friday, October 31, 2008


Biggert Bill to Spare Retirees from Selling in a Down Market


           Downers Grove, IL – U.S. Representative Judy Biggert (R-IL-13th) today announced that she will introduce legislation aimed at helping seniors to ride out the recent economic downturn.  Currently, retirees with 401(k) or IRA plans are forced to regularly withdraw assets from those accounts once they reach the age of 70 and a half.  As a result, many seniors who have recently seen sharp declines in their retirement portfolios are being forced to choose between facing a steep tax penalty or converting assets before the market has had a chance to recover.  Biggert’s bill, the Seniors’ Investment Security Act of 2008 (SISA), would suspend such rules.
  
           “Everyone wants to ‘buy low, sell high’,” said Biggert, Ranking Member of the House Financial Services Financial Institutions and Consumer Credit Subcommittee.  “So this obviously is the worst possible time for the government to be forcing seniors to sell or convert their stocks and mutual funds.”


                                 To read more, click here.


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In Her Own Words:
Wednesday, November 12, 2008


Opening Statement of U.S. Rep. Judy Biggert
House Financial Services Committee
Hearing on “Private Sector Cooperation with Mortgage Modifications -- Ensuring That Investors, Servicers and Lenders Provide Real Help for Troubled Homeowners”
As Prepared for Delivery


I would like to thank Chairman Frank for holding today’s hearing, and I will offer a few quick thoughts so that we can proceed.


First, I’m pleased that the private sector continues to work independently and with government entities to keep qualified homeowners in their homes.  I’m particularly pleased that many of these initiatives don’t involve taxpayer dollars.  However, I remain concerned about the issue of “fairness” when it comes to homeowners who may have lived beyond their means or not saved for a rainy day who are getting a deal versus prudent homeowners who are making their mortgage payments and not getting “a deal” on a mortgage modification.


That aside, it has become increasingly clear that with a little lender and servicer flexibility as well as one-on-one counseling, many American homeowners in trouble can make their mortgage payments, can live within their means, and stay in their homes.  To many of my constituents facing mortgage and other financial troubles, counselors are a critical life-line.  I would like today’s witnesses to offer ideas as to how we can increase troubled borrowers’ access to HUD-certified counselors and increase financial literacy.


Second, FDIC Chairwoman Sheila Bair offered an idea -- to use $50 billion of TARP money to guarantee mortgages.  I would like today’s witnesses to comment on that.  In addition, I would be interested in any reaction to Chairwoman Bair’s statement that “there are questions that remain about implementation” of the new GSE mortgage modification plan, which was announced yesterday. 


Finally, it’s no secret that some industry participants -- represented today by the American Securitization Forum (ASF) and, in part, by the Managed Funds Association (MFA) -- are purportedly stuck between a rock and a hard place.  We will hear testimony that clearly indicates the willingness of the members of ASF and MFA to do whatever possible to keep homeowners in their homes.  The problem is that some industry participants with this “willingness” also hold contractual obligations to investors, which includes our seniors’ with retirement funds and workers with pensions, to maximize the value of troubled mortgage loans. 


Well, as the saying goes, “where there’s a will, there’s a way.”  I would like to hear from today’s witnesses exactly and specifically about how and how quickly the industry can collaborate, put together new guidelines to establish a floor for “net present value,” and ultimately improve the process of mortgage modifications.  It’s important that sooner rather than later the right balance is struck so that:  1) qualified homeowners can stay in their homes; 2) investors clearly understand and accept a mortgage modification process; 3) servicers can obligate sufficient resources to modify mortgages; 4) fraudulent actors are exposed and prosecuted; and 5) underwriting standards are strengthened so that a similar boom and bust cycle is not repeated.


I look forward to hearing from today’s witnesses.  Thank you.


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In the News:
Friday, October 24, 2008


The Naperville Sun
By Paige Winfield


Legislation aims to help homeless kids
Change in law will help agencies better place children


Placing runaway teens in alternative housing will be easier for NCO Youth & Family Services and similar organizations if proposed federal legislation targeting homelessness becomes law, an agency official said.
 
Currently, minors are not considered homeless under the law, making it difficult for the Naperville-based agency to immediately provide them with housing instead of referring them back to their families or to the state.
 
But the proposed changes expand the definition to include those under 18 by the HEARTH (Homeless Emergency Assistance and Rapid Transition to Housing) Act. The change would direct the U.S. Department of Housing and Urban Development to modify its definition of homeless as it applies to children.
 
The new definition allows service agencies to count minors as homeless, giving workers more freedom to place them in transitional housing.
 
Now, NCO staff can place youths in housing where they can receive support needed to reconnect with their families, said Debbie Carr, NCO's director of residential programs.
 
Carr said the new definition makes it significantly easier for the nonprofit group to help kids running away from troubled homes.
 
"Kids on the street, we're (able) to house them," Carr said. "They're stable; they're getting the support they need."
 
The legislation was co-sponsored by U.S. Rep. Judy Biggert, R-Hinsdale. The House passed the bill Oct. 2, and Biggert said it will likely win approval in the Senate next month.
 
Biggert joined the heads of several area homeless and runaway youth organizations Thursday at First United Methodist Church in Downers Grove to mark the partial passage of HEARTH and the success of two related pieces of legislation that she also recently co-sponsored.
 
The Reconnecting Homeless Youth Act is a re-authorization bill that strengthens federal funding for homeless and runaway youths, while another resolution recognizes November as National Runaway Prevention Month. The House approved both measures last month.
 
Homelessness is on the rise, Biggert said, noting that DuPage PADS has seen a 23 percent increase in the number of homeless children whose families sought aid. The economic downturn and growing numbers of foreclosures are putting more children at risk of homelessness, she said.
 
Biggert said she also had a personal reason for working on homelessness legislation.
 
"One of the reasons I got into this was one of my friends ... her child went out on the street, and they never found out what happened," she said. "I always thought, what a terrible thing, to not know what happened to your child."


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If you received this message in error or no longer wish to subscribe, please click here.
For more information, please visit http://judybiggert.house.gov/.

   
       
            
 
Washington, DC Office
1034 Longworth House Office Building
Washington, DC 20515
Phone: 202-225-3515
Fax: 202-225-9420
District Office
6262 South Route 83, Suite 305
Willowbrook, IL 60527
Phone: 630-655-2052
Fax: 630-655-1061
 

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