Stop the Mortgage Meltdown
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.
Tell me more
Dear [ Decision Maker ],
(Edit Letter Below)
It is important that the final legislation that you support and pass include these key provisions:
** An immediate short-term moratorium on home foreclosures.
** A conversion of the low, "teaser" interest rates on home mortgages to standard 30-year fixed mortgages.
** Expanding Chapter 13 bankruptcy court protection to enable homeowners to shield their primary residence from foreclosure.
The inclusion of these provisions will show that you recognize the pain of working-class Americans.
If the government can see the need to buttress the financial system by facilitating and insuring a transaction between large corporations as it did earlier this year when JP Morgan purchased Bear Stearns, surely lawmakers can enact legislation to help the millions of homeowners who are suffering the most from the collapse of the housing market.
Your leadership is needed to ensure that these provisions are included in the final bill.
Sincerely,
[Your name]
[Your address]
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