Stop the Home Foreclosure Crisis!
Please urge your senators to vote for S. 2636, the Foreclosure Prevention Act of 2008. Act NOW because the Senate is expected to vote by the end of this week.
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The slowing economy combined with reckless lending practices have resulted in a home foreclosure crisis of epic proportions. By 2009, conservative estimates suggest that three million homeowners will have lost their residences.
Passing this important legislation will enable homeowners in some cases to refinance their mortgages and to stay in their homes while they work through the bankruptcy courts to pay off outstanding debt.
A vote for S.2636 is not only a vote to help families facing foreclosures, but is also a vote to help communities experiencing declines in property values, and a vote that addresses the crippling economic recession.
By the end of this week, the Senate will vote on the Foreclosure Prevention Act. Please use our sample message or compose your own statement in favor of S.2636 and send it to your senators today.
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In late 2006, the U.S. housing bubble burst, resulting in higher default rates on "subprime" and adjustable rate mortgages (ARM). Traditionally higher-risk borrowers who did not qualify for the best market interest rates because of their income bracket or credit history found themselves in a position to purchase a home ? many for the first time - and did so with the assistance of lenders offering "creative" home loans. A significant number of those buyers ? women, minorities, and the self-employed ?where not properly or fully informed that their mortgage payments would more than double during the life of their contract agreement.
As a result of these questionable lending practices, over two million homeowners have already lost their family homes. Estimates suggest that as the adjustable mortgage rates continue to climb, up to three million additional families may lose their homes.
Democrats have proposed legislation to counter the effects of what has become a housing crisis of monumental proportions and its recessionary effects on the economy. The Foreclosure Prevention Act (S. 2636) would allow victims of abusive lending to renegotiate their mortgages and to stay in their homes while they work through the bankruptcy courts to repay the debt. The legislation would also provide emergency funds to states and local governments to redevelop abandoned and foreclosed homes and well as provide for other important changes in home loan industry practices.
Unfortunately, George W. Bush has vowed to veto this important legislation, suggesting that his stimulus package of $300-$1200 rebates to individual taxpayers should be sufficient to help struggling families stay in their homes and buoy the economy.
Please send a brief message to your senators urging them to vote in favor of the Foreclosure Prevention Act (S. 2636). Our sample message emphasizes your support of Title IV, which enables families who have declared bankruptcy to modify their home mortgages through the courts.
Take action NOW