The Senate Has Opportunity to Save 600,000 Families from Foreclosure

Wade Henderson, president of the Leadership Conference on Civil Rights, made the following statement on the Foreclosure Prevention Act:

“Foreclosure is not a partisan issue. Both Republican and Democratic households face the threat of losing their homes. Whole communities are being wrecked. A few foreclosures can set off a domino effect, leading to a rise in crime, devaluation of surrounding residences, the erosion of the local tax base, and a decline in public services. 

Supporting the Foreclosure Prevention Act (S.2636) and its key provision, the Helping Families Save Their Homes in Bankruptcy Act, will keep some 600,000 families in their homes. Senators Dodd and Shelby must not turn their backs on these families by not including this provision in the Senate bill. 

It is simply unfair – and politically imprudent – to continue to punish responsible families who can afford to pay their mortgages, but not their ballooning interest rates. Meanwhile our government is bailing out irresponsible lenders and kicking hardworking families to the curb. 

As the crisis deepens and foreclosures escalate, it is everyone’s problem. The industry is taking some voluntary steps to reduce foreclosures, and we commend those efforts.  But they have done little, so far, to mitigate the ongoing crisis. It’s not enough.

We need Congress to act. We need our leaders to lead. We need the Senate to include the Helping Families Save Their Homes in Bankruptcy Act in the new bill that will be considered by the Senate this week.”