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The short explanation of this alert was:

Some corporate chief executives have taken home millions of dollars by encouraging lending practices that may result in real estate foreclosures.  These lending practices include loans with low down payments and low, “teaser” interest rates that balloon after a short period so that mortgages become unaffordable. 

 

We need to take action to help homeowners and to limit the economic fallout from these lending practices.

 

Now is the time to let lawmakers know what provisions they must include in legislation to ensure it eases the financial stress of the millions of homeowners who were encouraged to take on these risky mortgages.  Working America believes that any legislation that Congress passes must include the following provisions:

 

• An immediate short-term moratorium on home foreclosures.

 

• A conversion of the low, ”teaser” interest rates on home loans to the standard 30-year fixed mortgage.

 

• Expanding Chapter 13 bankruptcy court protection to enable homeowners to shield their primary residences from foreclosures.

 

Please send a message to your senators and representative today to urge them to include these critical provisions in the legislation Congress passes.

 

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