In response to bankruptcy reform measures permitting restructuring or deferment of home mortgages being dropped from the Senate’s foreclosure compromise bill 15 civil rights, consumer and housing groups – Center for Responsible Lending, Leadership Conference on Civil Rights, ACORN, American Federation of Labor and Congress of Industrial Organizations, Consumer Action, Consumer Federation of America, Consumers Union, Lawyers’ Committee for Civil Rights Under Law, NAACP Legal Defense & Educational Fund, Inc., National Association of Consumer Advocates (NACA), National Association of Consumer Bankruptcy Attorneys, National Association of Neighborhoods, National Community Reinvestment Coalition, National Council of La Raza, National Fair Housing Alliance – issued a joint statement condemning the eviscerated bill:
Sadly, as long as policymakers rely on inadequate voluntary measures, we will continue to see foreclosures tear down communities and wipe out the most important source of financial security that most Americans have. Twenty thousand homeowners with subprime loans are losing their homes every week. It is not too late to do the right thing. We urge both the Senate and the House to take fast action to lift the ban that now holds homeowners hostage to voluntary relief from their loan servicers and investors that may never come.”
Call your representatives. Take action at the Center for Responsible Lending.