foreclosure crisis

Dear matthew,

With millions of Americans losing their homes in the worst foreclosure crisis in memory, Senate Democrats are springing into action.

Republicans, on the other hand are starting another filibuster.

We have new legislation designed to rush federal assistance to people devastated by the mortgage crisis, but our opponents are once again standing in the way of progress. Now, I need your help to tell the Republicans that it's time to do the right thing.

We need to help hard-working American homeowners, who are watching their home values fall with every foreclosure - for many of them, that's their children's college tuition and their retirement savings disappearing before their eyes.

Click here to tell Senate Republicans to stop filibustering the Foreclosure Prevention Act. Too many American families are suffering and they need our help.

Republican economic failures caused this crisis in the first place. They did away with government oversight and removed any accountability from the private sector, and then they acted surprised when Countrywide became this year's Enron.

Now our economy is on the very brink of recession and foreclosure rates have nearly doubled in the last year. Over 2 million Americans are at risk for losing their home and losing their grip on the American Dream. We can't afford to sit around and wait for these issues to sort themselves out.

Democrats have a plan to address this crisis.

• We would immediately authorize an additional $200 million for housing counselors who can help keep a half-million at-risk families in their homes.

• Our plan would $4 billion to help local communities hardest hit by foreclosures buy back and rehab empty houses, so that property values in the surrounding neighborhoods don't plummet further.

• We would also let homeowners who are forced into bankruptcy get their mortgages modified to reflect their lower home value, just like bankruptcy courts can modify loans for vacation homes and yachts.

• Finally, Senate Democrats would amend the Truth in Lending Act to require simplified disclosures of interest rates and payments, helping working families avoid foreclosures in the future.

Republicans are planning to filibuster this vital legislation as early as 2:30 PM today, so we need to act fast. Join the DSCC today as we tell our opponents it's time to stand up for the middle class.

Click here to tell Senate Republicans to stop filibustering the Foreclosure Prevention Act. Too many American families are suffering and they need our help.

These foreclosures hurt all of us. They damage the economy in a downward spiral of falling home values and decreased tax bases.

Worse, they put our friends and neighbors out of their homes. It's not right, so Senate Democrats are standing up against it. Republicans are standing in our way.

Please take action today.

Sincerely,

Chuck Schumer