PICO foreclosure organizing

Discussion list for COMM-ORG colist at comm-org.wisc.edu
Fri Oct 24 12:53:50 CDT 2008

From: "Gordon Whitman, PICO National Network" <gwhitman at piconetwork.org>

Dear Friends,

On Monday, October 27 more than 500 people will meet with Wells
Fargo Bank, Bank of America, the FDIC, and state and local
officials in Antioch, California to negotiate a systematic
approach to the foreclosure crisis. Faith communities from 18
cities across the United States will participate in person and
by live webcast and phone in this National Town Hall Meeting,
held at Holy Rosary Parish, 21 East 15th Street, Antioch, CA and
live at http://ga3.org/ct/r1_svVd1KYuN/.

The event kicks of a national campaign to press lenders and the
U.S. Treasury to replace a failed case-by-case approach to the
foreclosure crisis, with a new model of broad-based loan
modification. While the Treasury has invested billions of tax
dollars in stabilizing banks, it has failed to tackle the root
cause of the financial crisis - the rising tide of foreclosures
and rapidly falling property values. PICO is asking the Treasury
to require than any bank it invests in adopt protocols that
systematically modify the mortgages of families facing
foreclosure. Under these protocols that were piloted successful
by the FDIC families would see their payments reduced to 34
percent of monthly income so that they can get back on track
with their mortgages.

In connection with Monday night's Town Hall Meeting, PICO and
the Contra Costa Interfaith Supporting Community Organization
are releasing a new report entitled "TOO BIG TO FAIL: How mass
loan modification can save millions of families from foreclosure
and put a floor on falling property values"
(http://ga3.org/ct/4p_svVd1KYuM/). The report makes specific
recommendations for what local communities, federal regulators
and banks can do to stem the tide of foreclosures.

On November 17-19 PICO leaders from across the United States
will travel to Washington, DC to meet with FDIC and Treasury
officials and members of Congress to press for mass loan
modification and policies to combat the rising number of vacant
foreclosed homes. Working closely with many other organizations
PICO plans to continue to raise up a religious voice on the
foreclosure crisis and to press lenders and federal regulators
until we get a solution for our communities that is as big as
the crisis we face.

We encourage you to participate in the meeting by watching it on
the web. The meeting is being held in a community that has been
devastated by foreclosures, where one of three homes is in some
stage in the foreclosure process. Families who are facing
foreclosure and those who have been able to save their homes
will talk about the impact of foreclosure on their lives and
their communities.


Gordon Whitman, Director of Policy and Communications
PICO National Network

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