[COMM-ORG] NPA foreclosure organizing
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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
National People's Action
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