Previously we have asked you to support a foreclosure prevention bill proposed by Senator Durbin.  That bill was recently rolled into Senator Reid's "Foreclosure Prevention Act of 2008" (S. 2636), which is a broader proposal for minimizing damage caused by abusive subprime loans and strengthening the housing market.

Dear [ Decision Maker ] ,

I am writing because I am deeply concerned about the epidemic of home foreclosures that is devastating families, neighborhoods and our entire economy. Voluntary actions by loan companies are not sufficient to address the magnitude of the foreclosure problem, which is projected to get even worse. Please prevent hundreds of thousands of foreclosures and provide a vital boost to our economy by supporting the "Foreclosure Prevention Act of 2008" (S. 2636).

Since regulators are using public funds to bail out Wall Street firms, it is hard to understand why we wouldn't implement a tax-free plan to prevent foreclosures that hurt families and damage the economy. A key part of S. 2636 would lift the ban that now prevents homeowners from getting court-supervised loan modifications. This would not excuse anyone from paying for their home, but would simply give judges the authority to alter unaffordable loans to make payments manageable.

Allowing loans to be modified through the courts would impose no cost on the U.S. Treasury, and it would strengthen the entire economy by helping hundreds of thousands of homeowners avoid foreclosure-- foreclosures that hurt us all.

I understand that the Senate will vote on S. 2636 very soon. This is a time to stand up for homeowners and support sustainable mortgages. Please help restore confidence in our economy by giving your full support to this bill.

Thank you for your consideration.

Sincerely,

Campaign Launched:
March 28, 2008