[COMM-ORG] PICO foreclosure organizing

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Sat Nov 20 15:02:16 CST 2010


  From: Tim Lilienthal <news at piconetwork.org>



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FOR IMMEDIATE RELEASE

November 16, 2010

Contact: Tim Lilienthal, PICO, 413-537-0631

Poll shows: public supports requiring lenders to do more to help
borrowers stay in their homes, believes elected officials, should be
tougher on banks and mortgage lenders

Americans for Financial Reform today released results of a November poll

http://www.piconetwork.org/admin/documents/files/MemoAFROmnibusf2_111510.pdf 


conducted by Lake Research Partners showing that:

- Voters support requiring financial institutions to work with
homeowners to renegotiate mortgages. This support extends across party
and ideological lines, including majority support from self-identified
Tea Party voters, and to every region of the country. In all 75% support
requiring renegotiation.

- Voters believe that elected officials are doing too little to prevent
foreclosures, and have not been tough enough on banks and mortgage
lenders who violate rules or break the law. 72% say elected officials
have not been tough enough.

- Voters believe that home foreclosures are an important issue. 90%
believe it is either very or somewhat important.

With 1.2 million foreclosures filed already in the first half of 2010, 1
in 7 borrowers delinquent or already in foreclosure, and the looming
danger that - if nothing different is done &ndash; as many as 13 million
Americans will lose their homes to foreclosure, it is not surprising
that public opinion strongly supports a change. People correctly hold
the biggest Wall Street banks responsible for the financial and economic
crisis, and now they are both experiencing first hand and hearing more
and more about irregularities and illegalities in the servicing,
foreclosure, and securitization process. The public wants more to be
done to prevent foreclosures, and they support requiring lenders to
modify mortgages so that more borrowers are able to pay their bills and
stay in their homes.

The verdict is clear. The American people want leaders in Washington to
use the full extent of their power to hold the nation's biggest banks
accountable for keeping families in their homes," said Rev. Dr. Mario
Howell of PICO National Network . "People of all beliefs & persuasions
know that we are all in this boat together, and that continuing to allow
banks to needlessly foreclose on millions of families will only drive
down housing values further and hold back economic recovery for
everyone."

"Requiring modifications and stopping preventable foreclosures is the
right thing to do for the economy, for homeowners, for communities, and
in many cases for investors too. Financial institutions, policy makers
and regulators should take heed of the strong public support for such a
mandate, and for holding the biggest banks and servicers accountable. "
said Lisa Donner, Executive Director of Americans for Financial Reform.

"There's no question that Americans are tired of the double standard in
which the big banks always win and hardworking families always lose,"
said Nancy Zirkin, Executive Vice President for Policy of The Leadership
Conference on Civil and Human Rights. "Policymakers can no longer ignore
the need to take drastic measures to deal with the massive foreclosure
problem that imperils our economy. Homeowners taken for a ride by
fraudulent lenders, a disproportionate number of them involving Latino
and African-American families, should have every opportunity to hold on
to their homes."

Last week PICO leaders met with Treasury Secretary Timothy Geithner and
delivered the message to the administration that the current approach to
the foreclosure crisis is not working. PICO in conjunction with our
allies released a 5-step memo

http://www.piconetwork.org/admin/documents/files/Five-steps-the-Administration-can-take-to-prevent-foreclosures-and-stabilize-the-housing-market.pdf 


calling for a new approach to foreclosure.

###

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