Subprime Lending Action Alert

From a Center for Responsible Lending Memo at Self-Help:

Dear Reader, If you're reading this message, chances are you've heard of, been affected by or been concerned about predatory lending, and you're certainly aware of the growing subprime disaster. Now—today—you have a chance to make a difference. Congress is actively considering two bills that will help struggling homeowners avoid foreclosure and enact common-sense lending rules to keep the subprime disaster from happening again. Time is short—the bills may be voted on as early as next week—and the lending industry is lobbying hard to dilute or kill these bills. But if enough of us speak up now, we can encourage Congress to halt widespread foreclosures and protect families and local communities. These bills are best chance we have of helping millions of financially-desperate subprime borrowers stay in their homes, prevent losses in property values for all homeowners, and protect future subprime borrowers. These bills must be passed without amendments that would weaken their effectiveness, and without a clause that would prevent states from passing stronger protections in the future. The first bill would allow struggling homeowners to prevent foreclosure and continue paying their mortgage. H.R. 3609 ("Emergency Ownership and Mortgage Equity Protection Act") would give homeowners access to the same bankruptcy relief that people already have for their boats, vacation homes and investment real estate. The second bill, H.R. 3915 "Mortgage Reform and Anti-Predatory Lending Act of 2007"), would establish common-sense standards to prevent the kind of reckless lending that took place in 2005-2006 and now has so many families in danger of losing their homes. Reckless subprime lending is harming everyone—families who lose their homes, all homeowners who lose value in their property, and the economy as a whole. Reasonable bankruptcy relief and common-sense protections will help millions of families that struggle financially. If you want to stand up for homeownership and combat predatory lending, the time is now. Please send both letters today: Take action on H.R. 3609 (extending bankruptcy relief to homeowners). Take action on H.R. 3915 (preventing continuing abusive lending in the subprime market). Mike Calhoun President, Center for Responsible Lending

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