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Home Foreclosure Crisis can be Stopped! Support S. 2636 in the Senate Vote

Target: U.S. Senate
Sponsored by: AARP

Thanks to years of reckless and abusive lending practices, foreclosure rates are skyrocketing. This nationwide crisis threatens some of America's most vulnerable citizens, their neighborhoods and entire communities, and our national economy.

The Senate will vote soon on the Foreclosure Prevention Act (S. 2636). If passed, this commonsense solution will allow victims of abusive lending who are facing foreclosures to stay in their homes while they work through the bankruptcy courts to repay the debt.

By passing the Foreclosure Prevention Act, we'll not only be helping over 600,000 families stand up to abusive lending companies, but we'll be helping entire communities facing lower property values, and the economy overall.

Urge your Senator to support S. 2636, the Foreclosure Prevention Act, today.

deadline: Ongoing...
goal: 20,000

34,004
signatures!

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Dear Senator [Name],

I am supportive of S. 2636, the Foreclosure Prevention Act, and in particular want to emphasize our support for Title IV, which would allow families in bankruptcy to modify their home mortgages through the courts. This provision is a commonsense solution that will help families save their homes without any cost to the U.S. Treasury, while making sure that lenders recover at least what they would have in foreclosure.

Abusive lending practices and slumping real estate markets are causing hundreds of thousands of American families to lose their homes to foreclosure. As devastating as foreclosures have been to date, the worst is yet to come. Foreclosures are expected to accelerate dramatically during 2008, when interest rates are scheduled to rise on a large number of loans.

This nationwide crisis affects not only individual families, but neighborhoods, entire communities, and our national economy. One solution to this serious problem is to give people on the brink of losing their homes more flexibility to restructure their loans in bankruptcy. This solution would not let people "off the hook" in paying their full mortgages; it would simply allow them to work with a judge to figure out how to pay what they owe while staying in their homes. The bankruptcy safety net that permits loan modification to save a yacht, vacation home, commercial real estate or family farm currently is not an option for a family seeking to save a primary residence. In a manner that is both fair and also urgently needed, S. 2636 would eliminate this inequity in the treatment of American homeowners.

It should be understood that the narrowly crafted remedy contained in S. 2636 does not reopen the Bankruptcy Act of 2005. Rather, it addresses 1978 bankruptcy legislation that excludes loans for primary residences from those loans that may be modified in a Chapter 13 bankruptcy. At that time, mortgage loans were nearly all fixed-interest rate instruments with low loan-to-value ratios and were rarely themselves the source of a family's financial distress. This is no longer the case. Preventing the modification of home loans for primary residences makes no sense in an age of subprime exploding ARMs where the mortgage itself causes financial crisis.

While the various voluntary programs that the industry has announced in recent weeks and months are a welcome acknowledgement of the magnitude of the situation, they do nothing to negate the urgent need for this legislation.

[Your comment here]

I applaud you and your colleagues for addressing the foreclosure crisis with the urgency it deserves. I support the court-supervised modification section of S. 2636 and urge speedy passage of this urgently needed reform.

Sincerely,
[Your name]
[Your address]

We signed the “Home Foreclosure Crisis can be Stopped! Support S. 2636 in the Senate Vote” petition!

# 33,950:

7:18 pm PDT, Apr 29, Beatriz Mazuera, Florida
Please do somthing to syop this cruelty families without home thanks Beatriz

# 33,949:

4:53 pm PDT, Apr 29, Rebecca McCartt, Oregon

# 33,948:

1:57 pm PDT, Apr 29, Jen Willis, California
Protect Americans and their pets! I support S2636, the Foreclosure Prevention Act. The common family deserves the same government support as Bears and Stearn in this economic trying time. Protect and defend is every Americans right as a citizen. Please spend some our budget here at home where it is needed so our citzens may have shelter. Well-being is a provision that the state and federal government can not ignore. Take it out of your own pay checks if you must. Sell the White House China, cut weapon funding but provide for the citizens that make of the land of this country. Thank you very much for your kind time and attention to this matte.

# 33,947:

7:28 pm PDT, Apr 28, Lori Weiner, California

# 33,946:

6:21 pm PDT, Apr 28, Alexis Lometz, New Jersey
We must protect Americans from foreclosure and homeless-ness now.

# 33,945:

5:31 pm PDT, Apr 28, Cathy Whitt, Maryland

# 33,944:

3:36 pm PDT, Apr 28, Mike McCann, California

# 33,943:

12:03 pm PDT, Apr 28, Odette Rickert, Hawaii

# 33,942:

8:43 pm PDT, Apr 27, Heather Hodges, Michigan

# 33,941:

5:44 pm PDT, Apr 27, Sondra McFadden, Mississippi
Please help the animals.

# 33,940:

11:39 am PDT, Apr 27, Christine Haese, Arizona

# 33,939:

9:11 am PDT, Apr 27, C T, Oregon

# 33,938:

10:51 pm PDT, Apr 26, Jennifer Bennett, Maryland
I know how it feels wondering if you'll lose your home and it's not fun. Some of us in this world live paycheck to paycheck and if we lose our job and takes us a week to find a new one it's very hard to catch up.

# 33,937:

4:23 pm PDT, Apr 26, Dyanna Gough, Arizona

# 33,936:

1:35 pm PDT, Apr 26, Elias Isa Harb, Ohio
It is this madness (war) that has placed our society in a downward recession and has made hard working American families loose their homes. It appears that there is a HUSH and DENIAL in Washington as well as changing the subject and never wishing to discuss this topic. " Never can a foreign body live permanently in the Arab world, no matter how much support it recieves from the outside world, as long as it wishes to stay foreign. Survival would be a very low percentage should it prolong the war and stay as an invader. The conclusion or its outcome will result in the U.S.'s economical collapse and hunger....The U.S. was never invaded nor attacked by another foreign country nor did the U.S. ever declare war on a country. The U.S. declared war on an Organization ( group of people ) who reside all over the world and do not claim to be from one particular country. This suicide mission which our government has taken our American soldiers on has got to come to an end. This is not a war. Trying to restore order in a country with a population of 25 million people and using only 150,000 troops is basically suicidal. Just look at the results of this madness so far....This is why I support the S. 2636 Foreclosure Prevention Act and support Title IV....

# 33,935:

1:34 am PDT, Apr 26, Amy Buckmaster, Ohio

# 33,934:

2:43 pm PDT, Apr 25, Carrie Schiff, Illinois

# 33,933:

1:26 pm PDT, Apr 25, Laura Ross, North Carolina

# 33,932:

6:02 am PDT, Apr 25, Vanessa Sandy, West Virginia

# 33,931:

6:21 pm PDT, Apr 24, Greta Guarton, New York

# 33,930:

5:47 pm PDT, Apr 24, Sharon Borrege, California

# 33,929:

8:47 am PDT, Apr 24, Dottie Byers, Maryland
Because it is the job of the government to protect its citizens from those who are taking advantage of the foreclosure situation. The foreclosure crisis has had many consequences in the economy as well as personally for the mortgage holder. Ned Gramlich tried to warn Greenspan of this several years ago. Among personal consequences is that many aspects of a person's life are put aside, including their pets. They are unintended consequences.

# 33,928:

3:16 am PDT, Apr 24, M Kemp, Tennessee

# 33,927:

12:58 pm PDT, Apr 23, Ana Rincon, Arizona

# 33,926:

11:41 am PDT, Apr 23, Name not displayed, Florida

# 33,925:

8:39 pm PDT, Apr 22, Name not displayed, New York

# 33,924:

5:09 pm PDT, Apr 22, Amber Cappello, West Virginia

# 33,923:

11:13 am PDT, Apr 22, Name not displayed, New Jersey

# 33,922:

4:44 pm PDT, Apr 21, Scott Davis, South Carolina

# 33,921:

2:20 pm PDT, Apr 21, Carol Harris, Iowa

# 33,920:

2:10 pm PDT, Apr 21, Anita Hohl, Kansas

# 33,919:

11:45 am PDT, Apr 21, Ana Mendes, Portugal

# 33,918:

9:29 am PDT, Apr 21, KYMBERLY MOORE, Illinois

# 33,917:

8:08 am PDT, Apr 21, Lisa Kelley-Musco, Florida

# 33,916:

7:16 pm PDT, Apr 20, Lawrence Dalessio, New York

# 33,915:

5:57 pm PDT, Apr 20, Karen Walker, Missouri

# 33,914:

3:25 pm PDT, Apr 20, Pat Pickren, Florida

# 33,913:

8:40 am PDT, Apr 20, Victoria Allen, New York

# 33,912:

8:22 am PDT, Apr 20, Name not displayed, Massachusetts

# 33,911:

10:29 pm PDT, Apr 19, Jerry Costley, Utah
I believe that individuals should be accountable for financial risks that they knowingly take and should have to accept those consequences without the benefit of government bailouts. However, in this case the government clearly failed to do their job of policing lenders who engaged in deceptive practices, often to sell lending "products" that would provide them with higher profit while full knowing the results would be disastrous for he deceived borrowers. Given that the government felt that policing such practices had no place on a pro-business administration, we owe it to the victims of these unpoliced, deceptive practices to enact legislation that will allow them to stay in their homes. For once, lets protect the victims, no the perpetrators.

# 33,910:

10:11 pm PDT, Apr 19, Nancy Okita, Illinois

# 33,909:

6:27 pm PDT, Apr 19, Cynthia Parker, Virginia

# 33,908:

4:45 pm PDT, Apr 19, Elizabeth Beals, Colorado

# 33,907:

4:43 pm PDT, Apr 19, Brian Tipton, Virginia
So, to help the economy, you'll punish the victims and reward the people responsible? Smart thinking, guys

# 33,906:

4:04 pm PDT, Apr 19, Kaila Parmalee, South Carolina

# 33,905:

12:40 pm PDT, Apr 19, Diani Tirado, New York
Helping these families will contain the damage done to them, their households and communities. You cannot make funds available to do this for Bear Stearns but neglect average citizens.

# 33,904:

10:21 am PDT, Apr 19, Joan Sadowski, Massachusetts

# 33,903:

7:43 am PDT, Apr 19, Name not displayed, Massachusetts

# 33,902:

12:05 am PDT, Apr 19, Julia Tawyea, Pennsylvania

# 33,901:

9:54 pm PDT, Apr 18, Lisa Flint, Washington

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