[COMM-ORG] foreclosure organizing
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Mon Jul 11 08:45:55 CDT 2011
From: PICO National Network <news at piconetwork.org>
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Over the past two years PICO has been working with allies in the civil
rights and labor movement to break the link between losing your job and
losing your home.
Today, we celebrate another victory on the path to that goal, with the
by the U.S. Treasury to adopt PICO's proposal to require the nation's
largest banks to provide mortgage relief to the millions of homeowners
who have lost their jobs.
Under new federal guidelines
, mortgage servicers will be required to reduce mortgage payments for
eligible unemployed homeowners to affordable levels for up to 12 months.
Unemployed homeowners who are already behind on their mortgages will
also be eligible for help through this "Extended Forbearance" progam.
"It's only fair that the big banks who caused so much job loss in
America extend relief to the millions of families who've lost their jobs
as a result of the financial crisis," said Rev. Lucy Kolin of PICO and
Oakland Community Organizations, in a statement
PICO issued today.
Although our campaign is far from over, we want to recognize all of the
work that you and others have done to get us to this place. For more
than a year-and-a-half, PICO leaders, together with allies including The
Leadership Conference on Civil and Human Rights, National Council of La
Raza, AFL-CIO, Center for Responsible Lending and Americans for
Financial Reform, and Members of Congress have been pressing the Obama
Administration to help homeowners who have lost their jobs avoid
In December 2009, PICO and allies presented the proposal adopted today
in a meeting with senior Treasury officials. Through a series of field
hearings with Treasury in the spring of 2010, PICO consistently lifted
up Extended Forbearance as a low-cost solution that could help millions
of unemployed homeowners who had few other options to save their homes.
In November 2010, homeowners and clergy from PICO met with Treasury
Secretary Timothy Geithner and other senior Treasury officials to urge
them to embrace these proposals. In early June 2011, the New York Times
ran a front page story
featuring PICO's work to advance Extended Forbearance with the
While today's announcement is a major step forward, it will mean little
if Treasury does not follow through on aggressive implementation.
Treasury must be clear with the large banks that failure to swiftly and
aggressively market this new Extended Forbearance program to their
borrowers will result in significant penalties.
In addition, the Obama Administration and other federal and state
leaders - including the 50 state Attorneys General currently in
negotiations with the banks over the foreclosure fraud scandal - must
get serious about reducing the nearly $1 trillion in negative equity
that continues to plague nearly one-quarter of all mortgage holders
nationwide and is dragging down both the housing market and broader
Only then will we be able to restore a level of economic stability for
working and middle-class families.
Over the coming weeks we will provide additional information that you
can share with families who may benefit from these new programs.
PICO National Network
Copyright (c) 2011 PICO
Our address is 110 Maryland Avenue NE, Suite 407, Washington, DC, 20002, US
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