[Announce] Treasury should adopt FDIC's foreclosure plan without delay

[COMM-ORG announcements]

From:
"PICO National Network" <news at piconetwork.org>


November 14, 2008

Faith leaders urge Treasury to adopt FDIC's foreclosure plan
without delay

Today, FDIC Chairwoman Sheila Bair announced details of a
proposal to the U.S. Treasury to slow the rising tide of
foreclosures, keep people in their homes and put a floor on
falling property values. PICO National Network urges the
Treasury to "take its head out of the sand" and adopt the
common-sense approach being proposed by the FDIC.

The FDIC's proposal to Treasury aims to use $24.4 billion in
bailout money to provide incentives to banks to negotiate with
homeowners and get their monthly payments down to 31% of their
income. It also guarantees that, if a homeowner would fall
behind on the modified loan, the federal government would cover
half the loss to the bank. The plan is expected to help 2.2
million homeowners renegotiate their loans.

PICO, a national network of 53 faith-based community
organizations, is urging the Treasury to quickly adopt a set of
proposals to stop preventable foreclosures, including those
proposed by Chairwoman Bair. "The Treasury has turned a blind
eye to the mortgage crisis facing our communities," said Rev.
Lucy Kolin, of PICO National Network, "we cannot stand by and
watch Secretary Paulson bail out bank after bank without
addressing the root cause of this crisis."

On Tuesday, November 18 at 11:00 a.m., clergy and faith leaders
from across the country will gather in front of the Treasury
Building to hold a prayer service to increase public pressure on
the Treasury to adopt "solution as big as the problem" to the
foreclosure crisis. Afterwards, they will deliver a letter to
Secretary Paulson signed by 500 clergy members nationwide asking
the Treasury to use the powers and resources in the $700
billion bailout bill to keep families from losing their homes.

For more information on this event, or to learn about PICO's
National Campaign to Stop Preventable Foreclosures, visit
http://ga3.org/ct/zp_svVd17YUR/
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