[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 can’t give back 
a little of what they have taken, it’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
United States
National People's Action

Randy Stoecker

e-mail:  rstoecker at wisc.edu

Department of Community and Environmental Sociology
350 Agricultural Hall
1450 Linden Drive
Madison, Wisconsin

Tel: (608) 890-0764
Fax: (608) 262-6022

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