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06.22.2009 1:47 pm

McCaskill brings reverse mortgage hearing to U. City

St. Louis Post-Dispatch
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McCaskill

McCaskill

Missouri U.S. Sen. Claire McCaskill will lead her next Senate hearing in front of a home crowd.

McCaskill will host a “field hearing” of the Senate Special Committee on Aging in University City a week from today.

The topic: Reverse mortgages, which has drawn volumes of criticism from McCaskill.

A reverse mortgage allows homeowners over the age of 62 to borrow money, essentially, against their home. The loan gets paid back when the borrower sells or dies, and the house defaults to the lender.

However, McCaskill — who has a close relationship with her 81-year-old mother — has warned the loans could be a potential financial hazard to senior citizens.

McCaskill has sponsored legislation that would put stricter regulations on reverse mortgages, including encouraging financial counseling.

The hearing will be 9 a.m. Monday at the Ochs Senior Center on 975 Pennsylvania Avenue. Congressional hearings are typically open to the public, though seating could be limited.

10 comments

Comments are closed.

Oh, sure…McCaskill endorses more “nanny state” legislation trying to protect 80 year old grandmothers from being swindled by mortgage lenders and bankers who already swindled her deceased husband’s pension benefits…

Maybe if Grandma had lived a more self-disciplined and rightous life, she wouldn’t have to depend on government all the time.

— Garrison
2:24 pm June 22nd, 2009

Maybe if Grandma had lived a more self-disciplined and rightous life, she wouldn’t have to depend on government all the time.
— Garrison
2:24 pm June 22nd, 2009

Wow, you are starting to get it!! Maybe Claire can protect us from all of the “potential financial hazards” like say my home being reassessed higher this year despite a nationwide slump in home prices.

McCaskill’s relationship with her mother is irrelevant to this story, but nice touch there Jake. The good Senator should send you a check for your useful contributions to her ongoing campaign.

— Amazedbythelunacy
2:35 pm June 22nd, 2009

Wow, guys. You’re right. Obviously, the problem with the current financial system is the little old ladies who just need to buck up and deal with it, not the giant corporations who are trying to screw them out of their last dime (literally). Charming. Tell your grandma I said hi.

— i'm shaking my head
3:18 pm June 22nd, 2009

shakin yer head, if you can’t see exactly what this is that Claire is doing, then there probably isn’t any help for you.

Reverse Mortgages (and the abuse) don’t even register on the radar of problems we face as a society, yet Claire will trot out there and say she “fought” against the evil bankers trying to steal little old ladies money through “misleading mortgage schemes.”

Bet $100 the previous wording is almost used verbatim in Claire’s next campaign or she’ll get Carnahan on board and she can use it 2010.

A much bigger issue of financial thievery is taking place all across our area. Homes are being reassessed at higher values, thus higher taxes, yet every day we hear that home prices are plunging. Which is it?

— Amazedbythelunacy
4:02 pm June 22nd, 2009

Amazed, I certainly hope that you are appealing your higher home appraised value. It is not very difficult. You can do it yourself. Dooley needs to go!

— A CENTRIST
4:48 pm June 22nd, 2009

Our girl Claire will talk about ANYTHING to keep from talking about or even holding hearings on the illegally fired Inspectors General

Obama is up to 3 now…

How about it Claire!?!

— tsquare
7:40 pm June 22nd, 2009

You critics of what she’s doing about reverse mortgages are a bunch of idiotic morons. Most of you probably never had a mortgage so how can you comment and criticize?

— Mensa_Underground
10:30 am June 23rd, 2009

Reverse mortgages are some of the biggest cons around. These reverse mortgages have truly hurt many. Now, where are the BBB and all the Attorney Generals and other politicians, where do they stand and why not the outcry? Oops, they are in the mortgage companies and banks back pockets.

— D. Walker
2:21 pm June 23rd, 2009

Please have Senator McCaskill (or the reporter) check her/his facts. When the borrower sells or dies, the home does NOT “default to the lender”. Most of the criticism reverse mortgages receive are based on misinformation, as is so in this case.

— r magee
8:01 am June 24th, 2009

Well…that’s good to know r-mgee. I’ll talk to my 80 year old father.
He can take out a reverse mortgage… and when he dies I’ll have the money and the house.

— Garrison
8:41 am June 24th, 2009