Bailouts for Wall Street...what about Main Street?

Tell Your Senators: Support the Foreclosure Prevention Act Bailouts for Wall Street...how about for Main Street? If we're to prevent this economic crisis from deepening, low- and moderate-income homeowners need help with mortgage restructuring. Tell your senators to support the Foreclosure Prevention Act. The federal government has stepped in recently with huge bailouts for the big Wall Street firms like Bear Stearns, Lehman Brothers and Goldman Sachs...so where's the help for regular Americans? The financial crisis is now threatening to impact ordinary Americans, as obstinate lenders refuse to renegotiate mortgages, and greater numbers of borrowers are forced into foreclosure -- which impacts everyone's property values. Fortunately, Senate Majority Leader Harry Reid has introduced legislation (S.2636, the "Foreclosure Prevention Act") that will help solve this problem. Tell your senators: Support the Foreclosure Prevention Act. This bill gives bankruptcy judges the power to modify harmful mortgages marketed by subprime lenders in recent years, and would help more than 600,000 families stuck in bad loans keep their homes. It also ramps up resources available to foreclosure counseling services, and permits municipal governments to use tax-exempt bonds to help refinance subprime loans. Click here to ask your senators to support this bill. This legislation won't singlehandedly solve the crisis in the housing markets, but it will deliver targeted assistance to those victimized by predatory lenders, and help break the vicious circle that threatens so many low- and moderate-income neighborhoods. Click here to take action. Thank you for working to build a better world. Will Easton, Activism Manager CREDO Action from Working Assets

Seattle Residents Can Get $5,000 Loan to Pay Their Mortgage

In January 2008, the mayor of Seattle Greg Nickels started a new initiative to help Seattle families. Low-income families that are facing foreclosure can be eligible for a $5,000 loan. Seattle has $200,000 set aside for these special loans. The loan is combined with mortgage counseling from two local agencies: Urban League (www.urbanleague.org) and Solid Ground Mortgage Hotline (http://www.solid-ground.org/Pages/Default.aspx; 206-461-3200).