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Do ItTell Your Senators: Support the Foreclosure Prevention Act by Will Easton, Activism Manager CREDO Action from Working Assets March 22, 2008 Bailouts for Wall Street...how about for Main Street? If we're to prevent this economic crisis from deepening, low- and moderate-income homeowners need help with mortgage restructuring. Tell your senators to support the Foreclosure Prevention Act. The federal government has stepped in recently with huge bailouts for the big Wall Street firms like Bear Stearns, Lehman Brothers and Goldman Sachs...so where's the help for regular Americans? The financial crisis is now threatening to impact ordinary Americans, as obstinate lenders refuse to renegotiate mortgages, and greater numbers of borrowers are forced into foreclosure -- which impacts everyone's property values. Fortunately, Senate Majority Leader Harry Reid has introduced legislation (S.2636, the "Foreclosure Prevention Act") that will help solve this problem. Tell your senators: Support the Foreclosure Prevention Act. This bill gives bankruptcy judges the power to modify harmful mortgages marketed by subprime lenders in recent years, and would help more than 600,000 families stuck in bad loans keep their homes. It also ramps up resources available to foreclosure counseling services, and permits municipal governments to use tax-exempt bonds to help refinance subprime loans. TEll your senators to support the Foreclosure Prevention Act This legislation won't singlehandedly solve the crisis in the housing markets, but it will deliver targeted assistance to those victimized by predatory lenders, and help break the vicious circle that threatens so many low- and moderate-income neighborhoods. Email this article to a friend |
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