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WASHINGTON, DC – Nonprofit Groups led by Home Free-USA and Mabuhay Alliance held a "Wake-Up Call" protest rally on Wednesday in front of the Department of the Treasury to demand that concrete and effective steps be taken to help ailing homeowners around the nation in foreclosure proceedings or on the verge of foreclosure.
Holding protest signs stating "Save Main Street Not Wall Street," "Goldman Sachs Donate $5B to Stop Foreclosure," "Sec. Geithner, Help Homeowners Not Billionaires!" and "Itigil ang Foreclosures," among others, the protesters held a short press briefing in front of the Treasury building and presented a Magna Carta Bill of Rights for Homeowners which they said should be instituted immediately.
Among the items in the Magna Carta are (1) a one-year foreclosure moratorium for unemployed and underemployed homeowners, and those who display evidence of predatory lending issues; (2) substantial mandatory principal reductions where home prices in an area have substantially decreased; (3) enactment of Senator Durbin’s Bankruptcy reform provisions to create an equal playing field for homeowners; (4) servicers be required to halt the foreclosure process after submission of modification packages from homeowners or HUD-approved nonprofits; (5) ability of homeowners facing foreclosure to remain in their homes as tenants for up to five years at fair market value rents with nonprofit organizations positioned as property owners and credit restoration agents for these homeowners; and (6) allocation of 1% of the $137B in unused TARP funds to HUD-approved counseling intermediaries and their affiliates who are on the ground fighting foreclosures, accelerating permanent modifications, limiting the work of servicers and providing long-term solutions, behavior modification strategies and financial structure to homeowners overcome by the foreclosure crisis.
According to Robert Gnaizda, consultant to both Home Free-USA and Mabuhay Alliance, it was important to hold the protest in front of the Treasury building for a number of reasons.
"First, the treasury has $210B that they can give to help homeowners. Second, the Treasury has the power to force the banks to make mandatory principal reductions to keep people in their homes. Third, the Treasury has the authority to force the banks to allow homeowners to become tenants at a fair market rental rate. Fourth, Treasury has bailed out all the major banks… they’ve given over $200 billion dollars and nothing has gone to the homeowners. For Asian Americans, less than $1 million dollars has been allocated to prevent foreclosures," he stated, adding that it will take more time and protests in many areas around the nation before the appropriate authorities can take action on the issues surrounding foreclosure.
Faith Bautista of Mabuhay Alliance agreed with Gnaizda’s assessment on who has the power to help the homeowners today.
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