AFFIL and Partners reiterate support for judicial loan modifications
(April 29, 2009) AFFIL signed on to this letter (PDF) asking the Senate to approve an amendment to the Helping Families Save Their Homes Act. Here’s an excerpt:
The undersigned consumer, civil rights, labor, faith-based, housing, financial, and community organizations representing tens of millions of Americans strongly urge you to vote for the foreclosure prevention amendment that will be offered by Senator Durbin when the full Senate takes up the House-passed housing bill (“Helping Families Save Their Homes Act”) later this week. Our organizations long have supported legislation to empower bankruptcy judges to modify mortgages on primary residences so as to provide the “stick” financially strapped homeowners desperately need to get their lenders to work with them to prevent avoidable foreclosures. Absent this stick, all the voluntary programs that have been put in place during the last 18 months have failed to produce the modifications necessary to save American families and repair the faltering housing market.