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Contact Congress: How Many Need to be Homeless Before You Act?

How many people need to become homeless before Congress acts to help regular folks? Because unscrupulous, unethical business practices deserve a sharp rebuke:

Women borrowers are overrepresented in the subprime lending market…Across the economic spectrum, women receive less favorable terms than similarly situated men on home purchase, refinance, and home improvement loans….

Elderly women are prime targets of refinance and home improvement subprime lenders….Rising property taxes and medical expenses make older women on fixed incomes particularly susceptible to lenders who promise money for necessary repairs, but instead exact huge fees and charge inflated interest rates….

A former loan officer testified about how she marketed subprime mortgages: "If someone appeared uneducated, inarticulate, was a minority, or was particularly old or young, I would try to include all the [additional costs] CitiFinancial offered."

Single mothers have a tough enough time as it is. And don’t get me started on racial discrimination or the disgusting gall it takes to take advantage of an elderly woman on a miniscule fixed income.

If banks cannot be shamed into renegotiating terms with these folks? And if scammers cannot be shut down before more people get hurt?

Then perhaps cramdown is the only way to prevent fleeced borrowers from becoming homeless.

Call your Representative and ask how many people need to be homeless before struggling homeowners get their attention.

And we’ve got tools to help you put even more pressure on members of Congress:

We’re asking you to do two things:

Write a letter to the editor of your local papers (just enter your zip code) saying you expect your Member of Congress to represent you, not the banks, and you’ll be watching to see if they oppose Tauscher and her bank lobbyist cronies.

Sign a petition to Nancy Pelosi telling her not to "buckle" to pressure from bank lobbyists working through greedy corporatist Members of Congress, and to act swiftly to give judges the authority they need to write down mortgages. The banks must take responsibility for their own bad judgment; taxpayers shouldn’t be expected to pick up the tab.

Report back and let us know what they say!

Christy Hardin SmithCommunity

Contact Congress: How Many Need To Be Homeless Before You Act?

How many people need to become homeless before Congress acts to help regular folks? Because unscrupulous, unethical business practices deserve a sharp rebuke:

Women borrowers are overrepresented in the subprime lending market…Across the economic spectrum, women receive less favorable terms than similarly situated men on home purchase, refinance, and home improvement loans….

Elderly women are prime targets of refinance and home improvement subprime lenders….Rising property taxes and medical expenses make older women on fixed incomes particularly susceptible to lenders who promise money for necessary repairs, but instead exact huge fees and charge inflated interest rates….

A former loan officer testified about how she marketed subprime mortgages: "If someone appeared uneducated, inarticulate, was a minority, or was particularly old or young, I would try to include all the [additional costs] CitiFinancial offered."

Single mothers have a tough enough time as it is. And don’t get me started on racial discrimination or the disgusting gall it takes to take advantage of an elderly woman on a miniscule fixed income.

If banks cannot be shamed into renegotiating terms with these folks? And if scammers cannot be shut down before more people get hurt?

Then perhaps cramdown is the only way to prevent fleeced borrowers from becoming homeless.

Call your Representative and ask how many people need to be homeless before struggling homeowners get their attention.  

And we’ve got tools to help you put even more pressure on members of Congress:

We’re asking you to do two things: 

Write a letter to the editor of your local papers (just enter your zip code) saying you expect your Member of Congress to represent you, not the banks, and you’ll be watching to see if they oppose Tauscher and her bank lobbyist cronies.

Sign a petition to Nancy Pelosi telling her not to "buckle" to pressure from bank lobbyists working through greedy corporatist Members of Congress, and to act swiftly to give judges the authority they need to write down mortgages.  The banks must take responsibility for their own bad judgment; taxpayers shouldn’t be expected to pick up the tab.

Report back and let us know what they say!

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Christy Hardin Smith

Christy Hardin Smith

Christy is a "recovering" attorney, who earned her undergraduate degree at Smith College, in American Studies and Government, concentrating in American Foreign Policy. She then went on to graduate studies at the University of Pennsylvania in the field of political science and international relations/security studies, before attending law school at the College of Law at West Virginia University, where she was Associate Editor of the Law Review. Christy was a partner in her own firm for several years, where she practiced in a number of areas including criminal defense, child abuse and neglect representation, domestic law, civil litigation, and she was an attorney for a small municipality, before switching hats to become a state prosecutor. Christy has extensive trial experience, and has worked for years both in and out of the court system to improve the lives of at risk children.

Email: reddhedd AT firedoglake DOT com