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 working Californians, we fight hard to 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. That dream is in jeopardy for millions of California families, so we must act now.

Write a letter and urge your legislator to support legislation to address the foreclosure free-fall.

AB 1830 (Lieu) would provide immediate assistance to those at risk of foreclosure, by establishing new standards to prevent families from being victimized by predatory mortgage lending.

Complete the form to send a letter today, and help protect the homes of all working Californians.

Tell me more

Talking Points

California's working families have been hit hard by the foreclosure free-fall, and it is only getting worst.

Unless we act now, by 2010, one in 20 California homes will be foreclosed upon, with devastating effects on our families and our economy.

AB 1830 (Lieu) would prohibit some of the most abusive lending practices to protect families from being steered into risky loans so that brokers can make a bigger profit.

Protecting the dream of home ownership is an essential part of the fight to secure the middle-class.

Subject:

Dear [ Decision Maker ],

(Edit Letter Below)

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

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. California cities will lose over four billon in revenue and we are already seeing the impact on the state budget.

I urge you to support AB 1830 (Lieu) to help protect families and stabilize the  housing market.

AB 1830 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. It would also prohibit lenders from making 'high cost' loans unless the lender believes the borrower can actually afford to re-pay the loan.

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 AB 1830 when it comes before you.

Sincerely,
[Your name]
[Your address]

Take Action on this Issue

Send this message to:

Your Assemblyperson (if you live in California)
cc: Assembly Member Ted Lieu
cc: California Assembly Committee on Banking and Finance (if you live in California)

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