[COMM-ORG] NPA foreclosure organizing

Discussion list for COMM-ORG colist at comm-org.wisc.edu
Mon Dec 20 10:04:17 CST 2010

  From: Showdown in America <showdown at npa-us.org>


The lead Attorney General of the 50-state foreclosure investigation, 
Iowa's Tom Miller, told homeowners at risk of foreclosure today that 
there will be criminal prosecutions against big bank executives who 
broke the law.

Miller also agreed that principal reductions, loan modifications, and 
compensation for defrauded homeowners are necessary to clean up the 
mortgage mess created by the big banks.

"One of the main tools needs to be principal reductions, just like in 
the farm crisis in the 1980s. There should be some kind of compensation 
system for people who have been harmed. And the foreclosure process 
should stop while loan modifications begin. To have a race between 
foreclosures and modifications to see which happens first is insane."

The meeting was attended by more than 100 people from 15 states 
representing community, faith, and labor organizations, foreclosure 
victims and struggling homeowners from across the country.

"We are very pleased with how this meeting turned out and now our 
expectations are higher than ever," said Deacon Mike McCarthy, an Iowa 
Citizens for Community Improvement (Iowa CCI) member from Des Moines, IA.

"Attorney General Miller made it clear that he sees this investigation 
as a chance to clean up the foreclosure crisis that has ransacked our 
communities for over three years now and continues to push down housing 
values for everyone," said Gina Gates, with PACT-PICO in San Jose, 

The group is staging protests this afternoon at the Wells Fargo Home 
Mortgage headquarters in West Des Moines and at branch of Bank of 
America in Des Moines to highlight the massive bonuses that bank 
executives will receive this month while millions of homeowners face 


Showdown in America is a national bank accountability campaign of 
National People's Action (NPA) - a Network of community power 
organizations from across the country that work to advance a national 
economic and racial justice agenda.

810 N. Milwaukee Ave.
Chicago, IL 60642
United States
National People's Action

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