Whoa. Slow down there. This morning’s story, “Burke: City should consider seizing ‘underwater’ homes,” on which an earlier blog posting was based, has been superseded. Its very idea has been erased from the hearts and minds of Ald. Burke and Mayor Emanuel, and surely from those of the aldermanic finance committee which met to do the considering.
There was complete turnaround on the issue, backtracking, by Burke from serious consideration of the move, an exercise of dominant domain. The hearing was “quite informative and [it had been] worthwhile to spend the time learning about what is happening around the country,” he said after it and after retreat by Mayor Emanuel from the fence he was sitting on in the morning story, when he was “still evaluating” the idea, as his press aide told Sun-Times reporter Fran Spielman.
But by early afternoon, the mayor was convinced it was a bad idea:
“The idea of using eminent domain is not one I support,” the mayor said at an unrelated news conference called to showcase CTA improvements and ridership gains
What happened to make him so sure? Maybe or probably the instant opposition, unsurpising after all, from the mortgage industry:
Timothy W. Cameron–managing director of SIFMA Asset Managers Group comprised of securities firms, banks and 30 of the nation’s largest asset managers–argued that the use of eminent domain would “do more than good” [sic] to Chicago.
“The worst harm will be felt by Chicago residents themselves, as they will find it harder or impossible to obtain credit,” Cameron said in a statement distributed to reporters prior to Tuesday’s hearing.
So Spielman’s piece was well timed to quash Ed Burke’s can-you-top-this piece of statism at the local level, alerting industry opposition from deep in the morning’s paper.
The extended new lead online story, “Actor John Cusack addresses foreclosure epidemic at City Hall” — Cusack was there because a friend was pushing the local (eminent domain) solution — seems careful not to be in-Burke’s-face about it, which is not Spielman’s style and would do nothing for her continuing important reportage.
And that, my friends, is my new lead on my morning posting, which you can read here.