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.

Sample Letter for Campaign

Dear [ Decision Maker ] ,

More than 2 million American families face possible home foreclosure as a result of the subprime crisis, which greatly threatens the health of our economy. As a member of Working America, I urge your company to do everything it can to keep people in their homes through a temporary moratorium on foreclosures combined with a comprehensive loan-restructuring program.

We strongly urge your company 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 how many subprime loans your company is servicing, how many have reset, how many have been restructured and how many foreclosures are occurring and where.

Working America believes these steps will help prevent the dramatic escalation in defaults and foreclosures displacing working families, protect shareholder value and avoid widespread job loss.

This crisis not only threatens the solvency of our financial institutions but also jeopardizes millions of hard-working people. Yet Wall Street refuses to address the crisis and gives record bonuses to the very people whose conduct threatens to strip millions of working people of their homes and drive our country into recession.

I urge your company to step forward and meet this challenge for the good of your shareholders, homeowners and the U.S. economy.

Sincerely,

Campaign Launched:
January 18, 2008