Our economy is on the very brink of recession and foreclosure rates have nearly doubled in the last year. Over 2 million Americans are at risk of losing their homes and losing their grip on the American Dream. Yet Senate Republicans are doing nothing to address the foreclosure crisis.
These foreclosures hurt us all. They damage an already teetering economy in a downward spiral of falling home values and decreased tax bases, and they put our friends and neighbors out of their homes.
We can't afford to sit around and wait for these issues to sort themselves out.
We, the undersigned, urge Senate Republicans to stop delaying the Democrats' efforts to prevent foreclosures.
Democrats have united around a few core principles that should be a part of any plan to address this critical issue:
- We would rush emergency federal foreclosure prevention resources to nonprofit housing groups that are on the frontlines, fighting to keep families in their homes.
- Our plan would provide even more funding to city and state agencies working to help borrowers save their houses.
- Senate Democrats would enact tough new government oversight to end predatory lending.
- Finally, our plan would provide new assistance to creditworthy homeowners who need help refinancing now, before they get caught in the mortgage crunch.
These common sense solutions aren't radical, they're just what's necessary.
We won't accept any more delays. Americans are losing their homes and they need help.