2 thoughts on “Economic crisis in Britain

  1. SIGN THE ONLINE
    PETITION!

    TELL
    THE NEW CONSERVATOR OF FANNY MAE AND FREDDIE MAC, THE TREASURY
    SECRETARY AND THE HOUSE AND SENATE BANKING AND FINANCE COMMITTEES:

    MORATORIUM ON FORECLOSURES AND EVICTIONS NOW!


    The government has just taken
    over Fanny Mae and Freddy Mac, which control over half of the mortgages
    in the U.S.!
    SIGN THE ONLINE
    PETITION
    demanding the Feds implement an IMMEDIATE MORATORIUM ON
    FORECLOSURES AND EVICTIONS, NOW!

    To:
    Federal Housing Finance Agency Director and Conservator for Fanny Mae
    and Freddy Mac James Lockhart
    CC:
    President Bush, Treasury Secretary Paulson, members of the House and
    Senate Banking and Finance Committees, Congressional leaders, and
    members of the media

    Dear Director Lockhart,
    As one who
    is deeply concerned that we are currently experiencing the greatest
    home foreclosure crisis since the Great Depression, I call upon you as
    the appointed conservator of Fannie Mae and Freddie Mac to Declare an
    Emergency Federal Moratorium on home foreclosures.
    The
    takeover of Fannie Mae and Freddie Mac by the federal government is a
    de facto declaration of a State of Emergency by the federal government,
    brought on by the foreclosure epidemic.
    The
    federal government now holds or insures the majority of the country’s
    mortgages. Under current U.S. law, when there is a federal declaration
    of a State of Emergency, there is an automatic mandatory 90 day
    Moratorium on Foreclosures on all FHA-insured homes. This mandatory
    Moratorium on Foreclosures is outlined in the U.S. Department of
    Housing and Urban Development (HUD) Handbook 4330.1 REV-5 and also in
    the HUD Mortgagee Letter 2005-33, dated August 31, 2005. Most recently,
    a Moratorium on Foreclosures was implemented in areas affected by
    Hurricane Gustav. The 90 day foreclosure moratoriums have often been
    extended until the crisis subsides.
    Likewise, the first action of the Federal Housing
    Finance Agency
    (FHFA), the agency set up to take over and/or insure all Fannie Mae and
    Freddie Mac mortgages, should be to automatically impose a moratorium
    on foreclosures of mortgages held or insured by this new agency.
    Such
    an action, mandated under federal law, would ensure that the benefits
    of the takeover extend to the real victims of this crisis, the
    homeowners entering foreclosure nationwide.

    On
    September 17 and September 20, homeowners and activists will be
    demonstrating in Michigan, California and Massachusetts in support of
    legislation or executive action at the state level which would enact an
    emergency moratorium on home foreclosures. However, clearly it would be
    preferable for a moratorium on foreclosures to be enacted on a national
    basis. All three demonstrations will be raising the demand for a
    national, federal moratorium on foreclosures.
    If the
    U.S. government can bail out Wall Street banks and take over the two
    largest mortgage institutions, which will cost taxpayers hundreds of
    billions of dollars and put the U.S. government in more or less direct
    control of the entire mortgage industry, why can’t it stop between
    8,000 and 9,000 families from losing their homes to foreclosures every
    single day?
    As you
    know, the foreclosure crisis has long since reached beyond its original
    subprime mortgage holders. Today almost 10% of all who hold mortgages
    are threatened with foreclosures.
    The
    legislation that Congress passed this summer merely promises help to
    those lenders who voluntarily agree to re-negotiate mortgages. This
    measure will only save a relatively few homes.
    It’s
    highly doubtful that any of the bankers that are being bailed out by
    the government were ever in danger of literally losing the roof under
    which they and their families sleep. Instead it is ordinary working
    people who are finding out daily what it is like to lose that roof.

    <!–
    Dear member of the House and Senate Banking and Finance Committee:

    I call on Congress to enact an immediate emergency moratorium on home foreclosures and evictions. Moreover, until the Mortgage Bankers Association agrees to an immediate moratorium on home foreclosures and evictions, I call on members of Congress to refuse to meet with representatives of the MBA during the Association’s scheduled lobbying day on Thursday, April 17.

    People from across the country who are facing the prospect of losing their homes will be demonstrating in front of the Mortgage Bankers Association’s annual policy conference in Washington D.C. on April 16, to demand that the Association formally endorse a call for such a moratorium.

    The speedy, expensive, and extraordinary action that the Federal Reserve Bank took in response to the Bears Stearns crisis a few days ago is, in reality, tantamount to a government-enacted moratorium on bank failures.

    Congress has its own

    proposals for bringing relief to people at risk of losing their home. However, none of the proposals are as sweeping, immediate and effective as a moratorium.

    The Fed’s action required no legislation, no hearings, no studies, no half measures, and no time lag. Why is it, then, that a similar moratorium on home foreclosures and evictions cannot be enacted to stop the largest number of home foreclosures since the Depression of the 1930s?

    By refusing to meet with representatives of the MBA on April 17, you will be helping the mortgage banking industry wake up to the fact that they can no longer avoid, ignore, or continue to resist the popular and human demand that they simply stop evicting families from their homes.
    –>I
    say enough is enough. I urge you and all others to act on behalf of the
    people and enact a moratorium now on all foreclosures.
    Sincerely,
    (Your signature will be
    appended here based on the
    contact information you enter)
     

    Sign
    the Petition

    JOIN
    THE PROTEST!
    September
    17 & September 20

    Moratorium on Foreclosures and Evictions Actions
    Lansing, MI | Los Angeles, CA | Boston, MA

    March on the State Capitol in
    Lansing, MI to demand
    PASSAGE OF SB 1306 for a 2 YEAR MORATORIUM ON FORECLOSURES AND
    EVICTIONS in MICHIGAN!
    Wednesday, Sept 17, 11 AM, State Capitol, Lansing
    Buses from Detroit 9 am

    Moratorium NOW! Coalition to Stop Foreclosures and Evictions
    c/o Central United Methodist Church, 4th floor, 23 E. Adams, Detroit,
    MI 48226
    For a bus seat or to share a ride, call (313) 887-4344
    Email: moratorium@moratorium-mi.org
    Website: http://www.moratorium-mi.org
    Download flyer

    Los Angeles Labor/Community
    Protest to Stop Foreclosures and Evictions and Save Our HOmes
    Wednesday Sept 17th 2008
    12 NOON
    Downtown Los Angeles Federal Building
    300 N Los Angeles Street

    Join
    SEIU Local 721, Neighborhood Council Block Associations, Hermandad
    Mexicano Nacional, South Asian Network, BAYAN-USA, International Action
    Center and others

    Demand
    that the US Government:

    Declare a State
    of Economic Emergency in California
    Immediately Order
    a Two-Year Moratorium on All Foreclosures in Los Angeles and throughout
    California

    In
    the second quarter of 2008, foreclosures in
    California hit record levels, increasing 261% from one year before.
    Default filings rose 124.9% from the previous year, indicating that the
    worst is yet to come. In Los Angeles County 3.7% of all homes are in
    foreclosure. Because of the foreclosure epidemic, property values are
    in a free fall. Home prices in Los Angeles have declined 23.4%.
    Thousands are
    being evicted with no notice. With the recent bailout and
    takeover of Freddie and Fannie to the tune of $200 billion dollars the
    government now controls 75% of all mortgages. That $200 billion dollars
    was stolen from the workers and this lays the basis for a demand for a
    national moratorium on all foreclosures.

    NO MORE LOSS OF
    HOMES – COME AND JOIN THE PROTEST – UNITED WE CAN WIN
    Called by Labor/Community Coalition to Stop Foreclosures and
    Evictions
    Contact: (310) 677-6407

    Boston Rally and March to
    Demand Gov. Declare an Economic State of Emergency

    Saturday,
    Sept 20
    12 noon
    at Countrywide/Bank of America
    811 Massachusetts Ave, South End
    March to South Bay Prison, NStar, and South Bay BoA

    Governor
    Deval Patrick,
    We Demand that
    you Declare a State of Emergency, Now!

    Stop Utility
    Shutoffs & Restore Services Immediately!
    Declare a
    Moratorium on Foreclosures & Evictions!

    Roll Back Food
    & Fuel Prices!

    The Winter of
    2008 is predicted to be very severe. This will be
    no natural disaster, but a life-threatening crisis made in government
    and corporate boardrooms. We will not stand by as people freeze or go
    without lights, while NSTAR ($7.8B in assets), National Grid and the
    Oil Companies make $$ billions more in profits. $150 million more a day
    goes to the Iraq war. We need to bring this money back to our
    communities, now!
    The government
    has just taken over the largest mortgage banks in
    the world, Fannie Mae and Freddie Mac, which have overseen millions of
    families evicted from their homes. The government must not be in the
    business of foreclosing and evicting us from our homes. Responsible
    government must now use its power to declare a State of Emergency, and
    immediately halt all foreclosures and evictions!
    This economic
    crisis brings with it a rise in violence against
    people of color, women, and lesbian/gay/bi/trans people who are
    scapegoated in an attempt to divert attention away from greedy
    corporations and banks. Poor and working families are struggling with
    housing, jobs, gas prices, healthcare, and feeding our children. Youth
    need education and good union jobs, not police roundups and more jails.
    Discrimination against people with CORI should be outlawed.

    Heat, Housing, Jobs,
    Food and Fuel are a Human Right!
    Together we have the
    power to build a movement to turn this unnatural disaster around!
    download
    flyer & “Economic State of Emergency” petition

    For more info: (617)
    522-6626 http://www.iacboston.org/WFN

    Women’s Fightback Network / F.I.S.T / International Action Center
    284 Amory Street,
    Jamaica Plain, MA 02130

    DONATE

    http://www.stopforeclosuresandevictions.org/donate.shtml

    CONTACT US –
    http://www.stopforeclosuresandevictions.org/cmnt.shtml




    Contact:

    The
    Ad Hoc National Network
    to

    Stop Foreclosures

    & Evictions


    A
    fast growing network of activists
    organizing in
    22 states  in every region of the
    country.

    www.STOPForeclosuresAndEvictions.org   
    212-633-6646

     Atlanta 404-622-7517 *

    Baltimore
    410-218-4835
    Boston
    617-522-662
    * Buffalo
    716-604-9515

    Charlotte,
    NC
    704-492-5226

    * Cleveland
    216-531-4004
    Detroit
    313-319-0870
    * Los
    Angeles
    323-936-7266 Miami
    786-985-9048 * New
    York 212-633-6646 Philadelphia
    215-724-1618 * Raleigh, NC
    919-264-0201

    Washington,
    DC
    202-821-3686

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