Thursday, March 19, 2009

NC Coalition for Responsible Lending: ACTION Alert

NC Coalition Action Alert

Coalition Supporters,
We're going to have a much harder fight in the Senate than in the House.
Neither Senator Burr nor Senator Hagan have agreed to support S61 which includes court supervised loan modifications for distressed families who meet strict criteria.
We do not know when the vote will take place, but we do know they need to hear from as many North Carolinans as possible!
Please take a minute to call or fax our NC Senators today. And forward this email to your membership or email list and ask them to contact Senators Burr and Hagan also!
Senator Richard Burr (202) 224-3154, Fax 202-228-2981 Senator Kay Hagan (202) 224-6342, Fax 202-228-2563
See the alert below for talking points.
Please let us know if you have any questions or need additional information.
Thanks for your support,
Susan Lupton, 919-313-8521Lisa Pittman, 919-313-8526

CRL Action Alert

Will the Senate Allow Families to Fail?

While you read this, a foreclosure will start for about seven more families: a new filing every 13 seconds. Since January 1, by our conservative count, nearly half a million foreclosures have been initiated.
How many more can we take?
Until this epidemic is stopped, every day we will have more disrupted lives. More homeless children. More seniors who can't sell their homes. More declines in property values, resulting in fewer dollars for safe streets, education, and basic community services.
Foreclosures affect not only families on the edge, but also families who are paying their mortgage on time. This year alone, 73 million people who just happen to live near a foreclosed property will lose thousands of dollars in their home value--on average, $6,000 per family.
An Essential Part of the Solution
Last week, despite intense opposition from companies that have been getting bailouts, the House of Representatives put the economic stability of America's families first by passing a bill that would allow court-supervised loan modifications for distressed homeowners who meet strict criteria. This is an essential component of the Administration's housing stabilization plan. It would provide a strong incentive for lenders to modify mortgages, and also provide a needed backstop for homeowners in cases where the lender refuses to modify, or where the homeowner needs alternative relief to keep their home.
Press Release: House Takes Vital Action to Stop Foreclosures
The House bill amounts to an opportunity for all of us, since analysts believe this court relief would prevent almost two million foreclosures. Combined with other remedies from the Administration, this would be an essential part of rebuilding our battered economy.
The Senate is considering this measure, and may take key actions as early as next week. They need to hear from concerned people in their communities, now and throughout their deliberation process.
Take Action
Tell our Senators we can't take any more foreclosures. The financial services industry has received plenty of help while ordinary people struggle. Urge your Senators to add their voices and votes to the bill passed by the House.
Talking Points
Foreclosures are getting worse, not better, and already 73 million families who are NOT in foreclosure have lost billions of dollars as property values drop at an alarming rate.
Allowing struggling homeowners to seek relief through the courts, as a last resort, creates a TAX-FREE option for preventing almost TWO MILLION foreclosures.
This policy targets those who need it most. High-income homeowners will not qualify, and participants must show that they have tried to work with their lender.
This will be good for lenders, too. Judges would be able to modify loans only when lenders would get more money through the modification than they would in foreclosures.
To be effective, this legislation must apply to all existing loans. Most at-risk loans today are not subprime loans.
This legislation has broad support, including that of Citigroup, one of America's largest mortgage lenders, and many economists and financial experts.
Keeping people in their homes is the best way we can stabilize the economy now and restore confidence in the housing market.
Contact your senator today.
If you prefer to call, the Senate switchboard can connect you to your Senators:
(202) 224-3121
Thank you for your support!

About the Center for Responsible LendingThe Center for Responsible Lending is a nonprofit, nonpartisan research and policy organization dedicated to protecting homeownership and family wealth by working to eliminate abusive financial practices. CRL is affiliated with Self-Help, one of the nation's largest community development lenders.
Copyright 2007 Center for Responsible Lending. All Rights Reserved.

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