FDR Saved Homeowners from Foreclosure, Will We Listen?

15 de may de 2007

<body><div id="article"><tr><td height="28" valign="middle" width="184"></td><td valign="middle" width="185"></td></tr><h1>FDR Saved Homeowners from Foreclosure, Will We Listen?</h1><p>May 15 (EIRNS)--A coalition of 115 California consumer groups, including legal aid groups, housing counseling services and economic rights advocates, has sent a letter to six major mortgage lenders, urging them to suspend foreclosures on home loans for the next six months, and to find ways to keep borrowers from losing their homes. According to the letter, sent to the CEOs of Countrywide Financial Corp., Wells Fargo & Co., Citigroup Inc., Washington Mutual Inc., Bank of America Corp. and Merrill Lynch, if the mortgage lenders don't act, hundreds of thousands of Californians who took on risky loans could lose their homes.</p><p>While this is the right intent, that is, to keep people in their homes, this approach is somewhat like asking the fox in the henhouse to be nice to the chickens.</p><p>As Lyndon LaRouche has stressed, the federal government needs to step in quickly and freeze all existing mortgages, so to keep people in their homes. Only the federal government is in a position to do this, and act as an effective barrier between the financial institutions and the general welfare of the public.</p></div></body>