Congress has already given billions of dollars to the banking industry. But it has not yet passed relief for the millions of Americans who are losing their homes. Experts predict that one in six homeowners with a mortgage will be foreclosed on over the next four years.
The way to help these Americans is to give bankruptcy judges the power to restructure mortgage loans. The banking industry has spent an exorbitant amount of money lobbying Congress to keep judges from getting that power.
Unfortunately, the bankers are well on their way to winning this fight. On March 5, the House passed a compromised bill to provide mortgage relief for Americans in trouble. While this bill did include provisions to allow judges to change the terms of mortgages in bankruptcies, it also added onerous conditions for homeowners at the behest of banking industry lobbyists.
Now the bill is in the Senate — and we don't know whether Sen. Specter will vote with Americans in need or with the banking industry.
In the Senate, even votes that would usually be considered safe are wavering on this issue. We cannot afford to let the Senate cave to special interests — not when millions of Americans are losing their homes. Sen. Specter could go either way, so we need you to weigh in — and to get your family, friends and neighbors involved if you can.
Click here to tell Sen. Specter not to cave to the banking industry. Americans in crisis are counting on you.
Thank you for working to build a better world.
Kate Stayman-London,
Campaign Manager CREDO Action
from Working Assets
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