DIY Credit and Debt Management Blog

I got this email this morning from Americans For Fairness in Lending. We can take action for change.

In the aftermath of reckless subprime lending, our nation's economy is in serious trouble. This week the Senate will vote on a new bill that would prevent unnecessary foreclosures and stabilize the housing market. Please take a moment now to tell your Senators to support this bill – call toll-free 1-800-580-5739 to be connected with them. Here’s a sample message:

I understand that the Senate will vote this week on Senator Reid's "Foreclosure Prevention Act of 2008," S. 2636. This is a time to stand up for homeowners and support sustainable mortgages. Please help restore confidence in our economy by giving your full support to this bill.

Please act today

• AFFIL Partners have set up a toll-free hotline so you can call your Senators and tell them to support S. 2636 – just call toll-free 1-800-580-5739 to be connected with your Senators. Every call counts, so make sure to call now!
• Forward this email to your friends and co-workers.
• We expect a vote this week, so act now!
  
• Visit the Center for Responsible Lending for more information or to email your Senators. (Keep in mind that calls will have much more impact!)

Why

• Foreclosure rates are rapidly increasing, and experts agree that, without sensible policy changes, the problem will get worse during the remainder of this decade.
• Voluntary lender efforts are making only the slightest dent in the problem. Loan servicers simply don't have the resources to cope with the magnitude of the problem.
• It isn’t fair that people can modify loans if they run into trouble paying for their second homes, their yachts, their investment properties, or their small businesses – but not their primary residences.
• It also isn't fair that mortgage lenders can get assistance from courts when they get in trouble, but homeowners do not have that option.
• By lifting the ban on court-supervised loan modifications for qualified homeowners, this bill could enable 600,000 families nationwide keep their homes.
• Without this remedy, massive foreclosures will continue to weaken the entire economy.

Background

Previously we asked you to support a foreclosure prevention bill proposed by Senator Durbin. That bill was recently rolled into this new bill, Senator Reid's "Foreclosure Prevention Act of 2008" (S. 2636), which is a broader proposal for minimizing damage caused by abusive subprime loans and strengthening the housing market.

We will keep you posted on the results. Thank you for your support!

Best regards,

Sarah Byrnes

Campaign Manager, AFFIL



Wishing you Financial Security!

We are Debt Warriors!