Tell Congress to Bail Out Main Street, Not Just Wall Street
Call your Members of Congress now on ACORN's Toll-Free Hotline: 1-866-888-9292
This week, President Bush is asking Congress to spend hundreds of billions of tax dollars bailing out Wall Street's largest companies. These are the companies whose risky and predatory lending practices fueled the current foreclosure crisis and resulting economic downturn. Meanwhile, this bailout provides absolutely no benefit to American taxpayers, who are footing the bill, or to distressed homeowners who are losing their homes and struggling to pay their bills.
ACORN members urge Congress to protect the millions of American homeowners who are facing foreclosure before they bail out the shareholders of big banks.
“The Bush plan calls for spending at least 700 billion taxpayer dollars to bail out Treasury Secretary Paulson’s former colleagues on Wall Street, who fueled the current crisis, but does not devote a single penny to rescue American homeowners who were victimized by the predatory lending of these same institutions,” said Maude Hurd, President of ACORN.
ACORN members are calling on Congress to:
• Require Automatic Modifications for Distressed Homeowners. Any financial institution that participates in the federal bailout must provide automatic affordable loan modifications to homeowners facing foreclosure, structured along the lines of the loan modification program recently enacted by the FDIC.
• Amend the Bankruptcy Law. We must allow homeowners to restructure their mortgages in bankruptcy court and save their homes, just like wealthy Americans can with vacation homes and yachts.
• Re-regulate the Industry. Any financial institution that benefits from the bailout must in return provide public benefit by investing in low- and moderate-income communities through an updated Community Reinvestment Act. Further, Wall Street should agree to comply with new regulations over disclosure, capital requirements, conflicts of interest, market manipulation, and true protections for borrowers from predatory lenders.
• Robust Oversight from Congress. The Treasury Department should be required to report at least monthly on its work, and CEO compensation should be strictly limited until justified by performance.
Call and email your Senators and Congressional representative and ask them to support homeowners, not just stockholders.
Call your Members of Congress on ACORN's Toll-Free Hotline: 1-866-888-9292