Millions of Americans have already lost their homes - and experts predict one out of every six homeowners with a mortgage will be foreclosed on over the next four years. These numbers are a shocking reflection of the depth of this economic crisis.
Billions upon billions of dollars have been given to the banking industry. But we have not yet passed relief for the millions of Americans who are losing their homes as a result of unsound and unsavory behavior in the mortgage industry.
The way to help these Americans is to give bankruptcy judges the power to restructure mortgage loans. The banking industry has spent an exorbitant amount of money lobbying Congress to keep judges from getting that power.
The bankers are well on their way to winning this fight. On March 5, the House passed a compromised bill to provide regular Americans mortgage relief. While this bill did include provisions to allow judges to change the terms of mortgages in bankruptcies, it also added onerous conditions for homeowners at the behest of banking industry lobbyists.
Now the bill goes to the Senate where we must pass a bill that offers foreclosure relief to victims of the broadening economic crisis. In the Senate, even votes that would usually be considered safe are wavering on this issue. We cannot afford to let the Senate cave in to special interests - not when millions of Americans are losing their homes.
Sign this petition today to tell your senators not to cave to the banking industry and to vote in favor of effective mortgage relief that helps mainstreet, not Wall Street.