There really is no place like home. Rich, poor or in between, for most of us, our homes are a lot more than brick and mortar and a payment coupon every month, they help make us part of a community and give us a sense of security and pride of ownership. Owning a home has long been part of the American dream, but this year the dreams of a million people may turn into nightmares as they lose the place where they raise their children, welcome friends, sink most of their hard earned money and time into, and find comfort at the end of a long work day. It's easy enough for some rich guy like John McCain to blame the crisis on the American people instead of focusing on the predatory lending practices of mortgage companies. He's probably got enough money to pay for his house many times over, and he's not known to be big on compassion. But some of us regular people are still trying to pay ours off, and sinking most of our paychecks into our house payments.

U.S. Home Defaults, Foreclosures Rise 60% in February

March 13 (Bloomberg) -- U.S. home foreclosure filings jumped 60 percent and bank seizures more than doubled in February as rates on adjustable mortgages rose and property owners were unable to sell or refinance amid falling prices...

More than 223,000 properties were in some stage of default, or 1 in every 557 U.S. households, Irvine, California-based RealtyTrac Inc., a seller of foreclosure data, said today in a statement...

Foreclosure filings are likely to be ``explosive'' in May and June as more payments jump, after remaining at current levels this month and next, Rick Sharga, executive vice president of RealtyTrac, said in an interview. There may be between 750,000 and 1 million bank repossessions in 2008. Bank seizures rose 110 percent in February from a year ago, he said...

Economists are forecasting the U.S. housing slump will push the economy into a recession this year and there are no signs housing will recover in 2008. U.S. sales of new and existing homes probably will fall to 5 million this year, down 33 percent from the all-time high of 7.46 million in 2005, before rising to 5.23 million in 2009, Freddie Mac said in a March 3 forecast.

There are some people who, unlike Sen. McCain, understand what homeownership means to working Americans and to the overall health of our economy. Sentor Kerry attended Boston Mayor Tom Menino's foreclosure seminar yesterday, where mortgage company representatives and homeowners met to try to restructure loans and attend financial workshops, and where the Mayor and the Senator attempted to offer some relief and support to people struggling to hold on to their homes.

Senator Kerry also proposed legislation with Senator Smith (R-OR) recently to help people keep their homes, and vowed to keep fighting despite the Republican roadblock.

Kerry-Smith provision will help keep low-income families in their homes Washington, D.C. – Senator John Kerry expressed strong disappointment today when Senate Republicans blocked progress on legislation designed to stem foreclosures and address the housing crisis in America. Kerry vowed to continue his efforts to keep families in their homes and ease the skyrocketing rate of foreclosure across the country. Kerry urged the Senate Finance Committee to keep pursuing the goals of their proposal to address the subprime mortgage crisis. Roughly 2.5 million mortgages were in default in the third quarter of 2007 – a 40 percent increase from 2005.

In 2008, Massachusetts is again on a pace to have a record number of foreclosures. In 2007, mortgage companies foreclosed on more than 7,500 homes in Massachusetts, almost nine times the number in 2005 and almost three times the number in 2006. The foreclosure rates of five Massachusetts metro areas rank in the nation’s top 100 – Worcester (#35), Springfield (#47), Essex County (#53), Boston/Quincy (#59) and Cambridge/Newton/Framingham (#65).

“This legislation would provide targeted relief to families who need it most, and we must not allow Republican obstruction to stop the Senate from acting on common sense,” said John Kerry. "This is a critical moment for families who may soon lose their homes, and Washington needs to be part of finding solutions that will help people avoid foreclosure. In spite of today's roadblock, we will keep pushing until this bill is enacted into law and help is on the way.”

Senator Kerry and Senator Gordon Smith began working on a bill in December to stop the spread of foreclosures by providing options to obtain safe, fair mortgages. Under current law, state and local governments may issue bonds to finance new mortgage loans to first-time homebuyers. The Kerry- Smith provision would temporarily expand the use of this program to include refinancing of subprime loans.

According to a recent report by the Joint Economic Committee, the number of subprime foreclosures in Oregon will total 12,600 by the end of 2009. Mortgages in delinquency in Oregon rose by nearly 50 percent between 2005 and the end of 2007. Nationwide, it is estimated that Smith’s proposal would lead to roughly 80,000 fair, secure, new loans according to the National Council of State Housing Agencies.

Dr. David Seiders, Chief Economist of the National Association of Home Builders, spoke favorably of the Kerry- Smith provision at today’s Finance Committee hearing. The Finance Committee passed the provision last month with overwhelming bipartisan support as part of the economic stimulus package, though it was not included in the package that was signed into law.

The mortgage crisis has also taken center stage in the presidential contest, and rightly so. Both Obama and Clinton have offered plans to address foreclosures. McCain, who admits knowing little about the economy (and it shows), has nothing, falling back on what Rachel Maddow calls the "I'm a dummy strategy".

I canvassed for Barack Obama yesterday, and there was a common theme. Most of the people I spoke with had the same concerns. They'll vote for the person who will bring back jobs, help them get healthcare, and keep them in their homes. As one very observant Obama supporter who lives in a neighborhood with rising crime rates and high unemployment told me, "If you want to keep crime down, bring our jobs back. Most people will do what they have to do to feed their families."

Senator McCain and the Roadblock Republicans just don't get that it really is the economy, stupid.

Heads up! JK is on 'This Week' today, debating my Gov., Big Ed Rendell.
Go get 'em, Senator!

Also on the show is Joe 'Zell' Lieberman, at which point I will turn off the TV.