Petition to End Predatory Lending Practices

From Working America, AFL-CIO:

Dear Friend,

If you aren’t feeling it, you probably know someone who is.

Debt is hitting many of us hard. The effect of the mounting debt crisis on working families has been serious—almost half of our members report they know someone who has faced housing foreclosure. And many working people are faced with losing their homes. This is due, in no small part, to the predatory practices of mortgage companies.

When given the opportunity to change their practices, these lenders have proven time and again that they care more about profits than the livelihoods of their customers — working people like you and me.

That’s why Working America is joining the AFL-CIO to fight back. Sign the petition calling on mortgage companies to stop the predatory actions pushing many working families further and further into debt.

Last month, we created a petition targeting the U.S. Treasury, and more than 19,210 online letters already have been sent by Working America members.

Now we’re calling on the top six mortgage lenders—Citibank, Chase, Washington Mutual, Countrywide, Wells Fargo and Bank of America—to end their predatory practices against working people.

We’re asking these lenders to change their practices in the following four ways:

• A moratorium on foreclosures;
• Conversion of outstanding loans at fair rates;
• Change to servicing agreements that encourage refinancing over foreclosure; and
• Far more transparency from lenders around their policies and practices.

These steps are urgent, bold and necessary to end the practices that predatory lenders continue to use against working people. That's why it's critical to act now.

So please, don’t wait another moment. Stand up for the working families who risk losing their homes by making sure these mortgage lenders hear from you today.

Thanks for acting,

Working America, AFL-CIO

This is the BFM Action Center blog. Blogging For Michigan is a progressive blog that features news and commentary on Michigan politics, policy, and social issues. Visit us at www.bloggingformichigan.com.