OUR CALL TO ACTION:
The Senate has passed bi-partisan compromise legislation that addresses the foreclosure crisis. Please sign our letter to President Bush to support an immediate remedy to millions of American families now facing foreclosure and bankruptcy. The Letter will be used to advocate for relief to Congressional Leaders and President Bush depending on how this Bill and related efforts evolve. The letter will read as follows:
"Dear President Bush:
We are writing to request your support for the bi-partisan legislation passed on May 20, 2008 by the Senate to provide a remedy to millions of Americans Facing bankruptcy and foreclosure.
THE PROBLEM:
For many Americans, particularly Latinos, the American Dream of owning a home soon will become a nightmare. Analysts warn that as many as 2 million families will lose their homes in the next 2 years - that's 20,000 families every week. Many of these families are Latino since ethnic communities were a principal target of predatory lenders.
THE IMPACT ON LATINOS AND LOW INCOME CONSUMERS:
Latinos Were Targeted for Subprime Loans: While Latinos comprise 14.8% of the United States population, they made up more than 21% of the subprime mortgage market in 2006. And just a year earlier, a Federal Reserve study of HMDA data showed that 46% of Hispanics took out “higher-priced loans,” compared to 17% of Whites.
Latinos Are Paying Disproportionate Cost of Subprime Collapse: Latino borrowers are more than 3.5 times more likely to get higher cost loans than Whites. Surveys conducted by Fannie Mae and Freddie Mac showed that as many as one-third to one-half of Hispanic borrowers who had obtained subprime loans actually qualified for prime loans.
African Americans and Low-Income Persons Also Were Targets: Latinos are not alone in this crisis. The other groups victimized by predatory lenders included a large number of African American and low-income persons, including the elderly.
THIS CRISIS WILL IMPACT OTHER AMERICAN FAMILIES:
Even for those that are fortunate enough not to face a foreclosure or bankruptcy, the price of their home likely will drop as a result of the foreclosure crisis. Analysts anticipate that over the next 2 years about 40 million of your neighbors will see their home values decline due to projected foreclosures.
On behalf of the 42 million Hispanic consumers for whom we advocate, our members and the 140 organizations represented by The Green Agenda Coalition, we respectfully urge your support for this important Bill to provide an immediate remedy for ordinary Americans whose American cream may become a nightmare. This must not be allowed to happen in America.
Sincerely,
Signatures List Attached
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