Foreclosure Alert! Write Your Legislator

Help California's working families avoid home foreclosure!

For all workers, home ownership is a cornerstone of economic security. But the rise in predatory mortgage lending and the collapse in the housing market have left many working families in California on the brink of disaster.

Whether facing foreclosure or a devastating loss in the value of one's home, California families are among the hardest hit in the nation. Foreclosures in California increased six-fold between 2006 and 2007.

As union members, we fight hard to win good contracts so we can provide a better life for our families. Owning a home that we can pass on to our children is part of the American Dream that we believe in and fight for.

Write a letter and urge your legislator to support lending reform legislation.

SB 1137 (Perata) would provide immediate assistance to those at risk of foreclosure, and AB 1830 (Pieu) would establish new standards to prevent families from being victimized by predatory mortgage lending.

Send a letter today, and help protect the homes of all working Californians.

Tell me more

Talking Points

Owning a home that we can pass on to our children is part of the American Dream that we believe in and fight for. But the rise in predatory mortgage lending and the collapse in the housing market have left many working families in California on the brink of disaster.

Whether facing foreclosure or a devastating loss in the value of one's homes, California families are among the hardest hit in the nation. In 2006, there were 12,672 foreclosures; in 2007, that number jumped to 84,375, a six-fold increase.

When a home is foreclosed upon, the impact goes far beyond the individual homeowner. Tenants often get little notice, forcing many into homelessness. Surrounding home values plummet, especially when foreclosed upon homes remain vacant and abandoned.

Subject:

Dear [ Decision Maker ],

(Edit Letter Below)

I am writing in support of SB 1137 (Perata) and AB 1830 (Lieu), two bills that would help stop the foreclosure free-fall and protect the dream of home ownership for working families in California.

For all workers, home ownership is a cornerstone of economic security.  As union members, we fight hard to win good contracts so we can provide a better life for our families. Owning a home that we can pass on to our children is part of the American Dream that we believe in and fight for.  But the sense of security once represented by home ownership is fading fast.  The rise in predatory mortgage lending and the collapse in the housing market have left many working families in California on the brink of disaster.

Whether facing foreclosure or a devastating loss in the value of one?s homes, California families are among the hardest hit in the nation.  In 2006, there were 12,672 foreclosures; in 2007, that number jumped to 84,375, a six-fold increase. When a home is foreclosed upon, the impact goes far beyond the individual homeowner. Tenants often get little notice, forcing many into homelessness. Surrounding home values plummet, especially when foreclosed upon homes remain vacant and abandoned.

I urge you to support these two bills to help relieve working families from the foreclosure crunch:

SB 1137 (Perata) would provide immediate assistance to those at risk of foreclosure by requiring: (1) lenders must give homeowners more notice that their interest rate is set to go up and discuss options with borrowers before moving to foreclose; (2) lenders must provide notice in the same language used to establish the loan; (3) lenders must provide more notice to tenants before a foreclosure; and (4) banks that foreclose on a property must maintain it to prevent blight in the community.

AB 1830 (Lieu) would establish new standards to prevent families from being victimized by predatory mortgage lending. Specifically, it would prohibit some of the most abusive lending practices, such as ?high cost? loans that contain pre-payment penalties or require large lump sum payments in addition to the regular monthly payments. It would also prohibit lenders from making ?high cost? loans unless the lender believes the borrower can actually afford to re-pay the loan. In addition, the bill prohibits lenders from getting kick-backs for certain loan arrangements and would impose new penalties on violators of this new regulatory scheme.

Unless we act now to aid borrowers and prevent ongoing predatory lending, the foreclosure free-fall is only expected to intensify. More and more working families will see their dreams destroyed by foreclosure, with drastic repercussions on the state and local economies. For those reasons, I urge you to support SB 1137 and AB 1830 when they come before you.

Sincerely,
[Your name]
[Your address]

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