Homeowner fears

bkrueger — Fri, 10 Aug 2007 14:49:25 -0400

Immigration and homeland security were hot issues on the menu today as U.S. Rep. Bob Etheridge met with constituents over lunch in Johnston County.

But Etheridge, a Lillington Democrat, also fielded questions about an issue closer to home from members of the Greater Cleveland Area Chamber of Commerce — a plunging stock market brought on by fears about homeowners who can't pay their mortgages, reports Jesse DeConto.

"Do they have a plan for it to not turn the economy totally upside down if this becomes more widespread?" asked Sandra Rhodes, who owns the Cleveland School Animal Hospital.

Rhodes said a customer recently asked for relief from her veterinary bill because she had just lost her home to foreclosure.

"Anytime somebody loses their home, all of us should be concerned," Etheridge replied.

Etheridge said the Federal Reserve has both the resources and the authority to pour money into the economy to stave off a deep recession.

"It's a big economy, and it's a strong economy, and I think we'll be okay," he said.

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Homeowner fears