Dear Friends, Colleagues and Supporters,
"We were trained to mislead borrowers," says a
mortgage broker in Orange County, California. "There
were people who were club promoters or even drug dealers
that found out it was more profitable to run a mortgage
shop than to do whatever they were doing."
Take a look at our video about the subprime mortgage
lending racket.
On Tuesday, Congress will vote on whether or not to
level the playing field between the banks that caused
the collapse of the housing market and struggling
homeowners. Representative John Conyers has introduced
legislation in the House that authorizes judges to
require banks to reevaluate overpriced mortgages of
bankrupt homeowners.
Sign our petition to let Congress know that you
support Conyers' bill, H.R. 1106. Then,
call your Congressional Representative and ask him
or her to vote for it.
Conyers' proposal is a simple, modest fix that will
help keep hundreds of thousands of families in their
homes. This bill is a win for every homeowner in
America. By helping stem foreclosures, it will help
arrest the decline in home values for everybody, not
just those who are struggling to make payments.
President Obama supports the bill and has called on
Congress to pass it. The banks and the lobbyists that
represent them oppose the bill with a passion.
These are the same banks that started this recession
in the first place by hawking worthless subprime
mortgage loans to naïve or unsuspecting borrowers. Joan
Adams of Irvine, California lost her home to
foreclosure, and is now living out of a motel by the
airport.
"There's no one out there to help," Joan says.
"Billions of dollars to all the banks for bailouts for
something they caused, and yet we're the ones that are
homeless."
The banks have had their handouts. Now it's time for
struggling homeowners to be put first.
Tell your Representative to support H.R. 1106.
Yours,
Robert Greenwald, Leighton Woodhouse, Tara Conley
and the Brave New Foundation team

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