[COMM-ORG] Kansas City Joins PICO's National Campaign to Stop Preventable Foreclosures

[Discussion list for COMM-ORG]

From: "Tim Lilienthal, PICO National Network" <tlilienthal at piconetwork.org>


Tuesday, November 11, 2008

Kansas City Faith Leaders join National Campaign to Urge
Treasury to Stop Preventable Foreclosures

Yesterday, more than 75 faith leaders and community supporters
from PICO affiliate Communities Creating Opportunity (CCO) in
Kansas City, MO gathered near the Federal Reserve Bank in
downtown Kansas City to urge the U.S. Treasury to implement
broad-based, systematic loan modification program to stop
unnecessary foreclosures.

To watch media coverage of the event, or to read CCO/PICO's
joint research report "A Response that Makes Economic Sense:
Systematic Home Loan Modification," visit
http://ga3.org/ct/R1_svVd1gYUM/

CCO organized the event in conjunction with PICO's nationwide
campaign calling on banks, federal regulators, and state and
local officials to establish a systemic approach to the
foreclosure crisis, including:

1. Requiring banks that receive tax payer investment from the
Treasury to adopt loan modification protocols that set monthly
payments at 34 percent of income, and where necessary reduce
principal to reflect current property values.
2. Using the powers granted by the bailout legislation to
guarantee loans that are modified, in order to create an
economic incentive for investors to agree to new loan terms.
3. Applying systematic loan modification protocols to troubled
loans purchased by the federal government as part of the bailout
program.
4. Working with cities and non-profits to renovate and sell
vacant bank-owned foreclosed homes.

On November 17-18, over 200 PICO clergy and congregation members
will travel to Washington, D.C. to meet with Treasury and FDIC
officials and House Financial Services Chair Barney Frank to
press for broad-based loan modification that could save as many
as one million families from foreclosure. In early December, CCO
member congregation True Vine Baptist Church will host a town
hall meeting to continue pressing local, state, and federal
officials for a more systematic solution to the foreclosure
crisis in Kansas City.

"We must stop the bleeding," said Fr. Ernie Davis, a CCO clergy
member. "It makes economic and moral sense to move forward to
proactively decrease the over 1 in 20 mortgage foreclosures in
Kansas City. Case by case is not enough. We need a systematic
solution that deals with this systemic problem."
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