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The short explanation of this alert was:

Many working families are finding themselves in trouble with debt—often as a result of predatory lenders. We have a chance to stop these unethical lenders from targeting people who simply can't afford to pay the money back and risk losing their homes.

 

On behalf of Working America and AFL-CIO members, we're asking the top mortgage lenders to commit to the following practices:  

 

• An immediate moratorium on foreclosures associated with all subprime mortgages for the next year;

 

• Conversion of all outstanding subprime loans into conventional 30-year mortgages at fair rates; 

 

• Renounce servicing agreements that reward foreclosure and instead encourage refinancing or other workout strategies; and

 

• Commit to publicly reporting on how many subprime loans these lenders are servicing. How many they have reset, how many have been restructured and how many foreclosures are occurring and where.  

 

Please sign this petition calling on mortgage lenders to take the necessary steps to save thousands of working people from crushing personal debt. 

 

Thank you for your action today.

 

If you would like to view details on this alert, please visit here.