Bail Out the People-Not the Banks!
March for Jobs in Pittsburgh at G20 Summit

IMPLEMENT A TWO-YEAR NATIONAL MORATORIUM
ON FORECLOSURES AND EVICTIONS NOW!
Stop the "Silent Bailout" to the Banks!

Please tell the House and Senate Banking and Finance Committees you want a Two Year Moratorium on All Foreclosures and Evictions of Homeowners and Renters NOW!
Sign the petition below and send it to President Obama, Treasury Secretary Geithner, Housing and Urban Development Secretary Donovan, members of the House and Senate Banking and Finance Committees, the Joint Economic Committee, Congressional leaders, your own Congressional delegation, the Governor of your state, and media representatives!

Complete the following easy steps:

  • Step 1: Enter your contact/signature information
  • Step 2: Edit/tailor our sample letter to send, and
  • Step 3: Send the message!

Sample Text (you will be able to edit it in step 2):

TO: President Obama, all House and Senate finance committee members, governors, Treasury Secretary Geithner, Housing and Urban Development Secretary Donovan, Congressional leaders, and members of the media:

DECLARE A MORATORIUM ON FORECLOSURES AND EVICTIONS!

Stop the “Silent Bailout” to the Banks!

I want a Moratorium on Foreclosures and Evictions of Homeowners and Renters. We are suffering the worst housing crisis since the Great Depression of the 1930's. Everyone is being affected by the foreclosure crisis. Hundreds of thousands are facing eviction from their homes and entire communities are being decimated by abandoned and often vandalized homes which drive down property values. This MORATORIUM will give homeowners a two year period to try to save their homes, while we wait for a real economic recovery with jobs for the millions of unemployed people. The MORATORIUM would also protect renters from evictions if their landlords face foreclosure.

Meanwhile, Fannie Mae, Freddie Mac, and the FHA give a “silent" bailout to the banks on almost every foreclosure.

Today the vast majority of home loans are owned or backed up the federal government through Fannie Mae, Freddie Mac, FHA or other government entities. This means when a home is foreclosed, the government pays off the bank for the full value of the inflated loan, evicts the homeowner from her or his home, and then sells off the home to some investor for half the loan amount or less. The difference between what the government reimburses the banks for the mortgage and the price the home sells for is paid for by the taxpayers.

This silent bailout of the banks which occurs with virtually every foreclosure amounts to $400 billion for Fannie Mae and Freddie Mac backed loans, and hundreds of billions more on FHA properties.

Instead of the government evicting us from our homes, we demand that the government at both the Federal and State levels should declare a Moratorium on Foreclosures and Evictions of Homeowners and Renters, just like the foreclosure moratoriums that were enacted by 25 states during the 1930’s. Instead of the government bailing out the banks by paying off overvalued loans, the government should allow people to stay in their homes with affordable payments based on the real value of the property.

Sincerely,
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posted September 21, 2010

National Moratorium on Foreclosures and Evictions Campaign

Sponsored by:



Moratorium NOW! Coalition to Stop Foreclosures, Evictions and Utility Shutoffs
www.moratorium-mi.org
5920 Second Avenue
Detroit, MI
For further information, call (313-887-4344)

and

BailOutPeople.org
Solidarity Center - 5C
55 West 17th St
New York, NY 10011
For further information call: (212) 633-6646