[COMM-ORG] NPA statement on halting of foreclosures
Discussion list for COMM-ORG
colist at comm-org.wisc.edu
Sat Oct 9 11:03:37 CDT 2010
From: National People's Action <npa at npa-us.org>
Read the email here:
October 4th, 2010
National People's Action is pleased that Bank of America will delay
foreclosures until they investigate whether they rushed the foreclosure
process to leave countless families homeless. It is unfortunate that
this action came only at the threat of legal action. Bank of America,
Chase and GMAC have been caught lying, and we expect more to come.
The moratoriums, while they are a good thing for those in affected
states, don't address the true extent of the foreclosure emergency and
the fact that big banks, Fannie Mae and Freddie Mac aren't doing what
they need to do to stop the bleeding.
National People's Action recommends that the moratoriums be put in place
nationwide until big banks come up with a plan for principal reductions
that reflect the real market and keep families in their homes. They need
to come up with long-term forbearance plans for people suffering through
one of the most pernicious unemployment crisis in our nation's history.
In addition, big banks need to go into the mortgage modification process
with good faith and do real, permanent and affordable workouts to
stabilize the housing market, economy and the millions of communities
that they are devastating.
As recipients of bailout dollars, it is their obligation to assist the
communities they have bankrupted. And if the big banks canâ€™t give back
a little of what they have taken, itâ€™s time to consider moving our
money to banks that can.
National People's Action (NPA) is a Network of community power
organizations from across the country that work to advance a national
economic and racial justice agenda. NPA has over 200 organizers working
to unite everyday people in cities, towns, and rural communities
throughout the United States.
810 N. Milwaukee Ave.
Chicago, IL 60642
National People's Action
e-mail: rstoecker at wisc.edu
Department of Community and Environmental Sociology
350 Agricultural Hall
1450 Linden Drive
Tel: (608) 890-0764
Fax: (608) 262-6022
More information about the Colist