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Mar 10, 2009

This week, we have a chance to do something about our plummeting home values and get real help for struggling families at no cost to taxpayers. The Senate is expected to vote on a bill that will let homeowners facing bankruptcy restructure their mortgage payments -- as they can already do with other kinds of debt -- in order to stay in their homes. Waves of foreclosure bring down everyone's values.

We have real momentum. The House just passed the measure last week. But many of the big lending institutions and banks are fighting it tooth and nail. These are the same lenders who’ve gotten billions in taxpayer bailouts for making bad loans in the first place!

Tell your Senators to support a strong mortgage modification bill!

This proposal won’t cost taxpayers one cent, and it won’t let homeowners off the hook. Rather, it gives them a chance to stay in their homes while continuing to pay their mortgage.

Right now, bankruptcy courts can modify loans for commercial real estate, vacation homes, yachts and luxury cars. But families on the verge of losing their only house don't get the same options to restructure their loan. The bill would let bankruptcy judges modify mortgages for a primary residence, encouraging lenders to work with homeowners first to restructure loans before foreclosing.

So far, the largely voluntary efforts to get banks to restructure home mortgages aren't working, despite huge infusions of taxpayer cash. And some of those financial institutions who got us into the mortgage mess are trying to weaken the bill before the vote!

Tell your Senator to stand up for struggling families, and pass a strong bill!

Foreclosed homes destroy neighborhood values, and further hurt our economy at a time when it needs real help. This bill won’t help speculators or those trying to make a fast buck. It helps hard-working homeowners who may have been lured into predatory loans, suffered economic hardships, or who are overwhelmed by medical expenses, save their homes from foreclosure. And it costs no taxpayer money.

Let’s get our economy back on track with common-sense fixes. After you take action, please forward this on to friends and family so they can lend their voice to this important effort to save our home values.

Sincerely,

Pam Banks
DefendYourDollars.org
A project of Consumers Union
1101 17th Street NW, Suite 500
Washington, DC 20036

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Posted: Mar 10, 2009 6:56pm

 

 
 
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Good H.
, 1, 1 child
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