 |
|
|
 |
|
|
|
|
Subprime Loan Crisis Grows
Millions Face Foreclosure
Our Demand:
Restructure Loans — Don’t Repossess Homes
A Call to Action from Rev. Jesse Jackson
An economic tsunami is coming at us. We are witnessing the early squalls. Stocks are down. Gas prices are up. Financial houses are writing off billions in losses. The dollar has steadily declined. The head of the Federal Reserve warns that the economy will continue to slow.
At the center of the gathering storm is the bursting of the housing bubble, and a spreading credit squeeze. Over a million homes in foreclosure this year; another two million threatened next year. Housing prices down generally. The inventory of unsold houses reaching near record levels. Countless homeowners face eviction while their neighbors experience a drop in property values. Tax bases shrink and public services are curtailed.
At the center of the gathering storm is the bursting of the housing bubble, and a spreading credit squeeze. Over a million homes in foreclosure this year; another two million threatened next year. Housing prices down generally. The inventory of unsold houses reaching near record levels. Countless homeowners face eviction while their neighbors experience a drop in property values. Tax bases shrink and public services are curtailed.
The National Association for Business Economics warns: “The combined threat of subprime loan defaults and excessive indebtedness has supplanted terrorism and the Middle East as the biggest short-term threat to the U.S. economy.”
This economic squeeze has been driven by a white collar crime wave in which BILLIONS of dollars were made and lost in real estate speculation in “subprime” loans by the biggest banks, hedge funds and mortgage companies in our country. Millions of Americans were suckered into taking loans they couldn’t afford and now face foreclosure. So far, no one has been prosecuted. Obscenely, the people responsible want the Federal Reserve to bail them out!
It’s time to tell the truth and fight back. These companies, which have now written off BILLIONS of dollars, have set no funds aside for their victims--homeowners--nor have they offered to restructure loans so people can stay in their homes.
It’s time to put economic justice on the agenda. First, we have to demand a restructuring of mortgages so people can stay in their homes. We want Congress to act to protect homeowners and consumers, and not just protect Wall Street by bailing-out the financial institutions.
Then there must be a full investigation and criminal prosecutions where warranted.
We have to stand up for our neighbors and save our communities. We need to defend ourselves from more economic pain. We need to fight back. We need you to help.
Join us on Wall Street December 10th or plan a demonstration in your own community. It’s time to fight back. The message for our financial intitutions and policymakers is clear:
Restructure Loans, Don’t Reposses Homes!
Together we can make it happen. |
|
|
|
|
