ACORN Protests Senate Vote Against Families Facing Foreclosure
Washington, DC, April 11, 2008 - ACORN members are disappointed by the Senate’s vote last week to kill a provision that could help 600,000 families facing foreclosure save their homes. Yesterday, the Senate passed the foreclosure bill 84-12.
The Durbin amendment, which was offered to the Foreclosure Prevention Act, would have allowed bankruptcy judges to modify the terms of the mortgages of primary residences to achieve an affordable monthly payment when mortgage servicers refuse or are unable to make such modifications. Bankruptcy judges already have this power for second homes, vacation homes, yachts, and other major purchases, and the Durbin amendment would close the loophole preventing modifications on primary residences. All Senate Republicans and a handful of Senate Democrats voted to table, or kill, the amendment.
"All Senators should have joined the majority of Democratic Senators in assisting hundreds of thousands of families facing the prospect of losing their homes. Instead, the Senate sided with the home builders, Wall Street and the big banks, yet again," said Maude Hurd, National President of ACORN (shown at right). "We are particularly disappointed in those Democrats that talk a good game about helping struggling families, but whose voting records do not match their professed compassion. We get enough of that brand of hypocrisy from the White House.” ACORN is visiting several district Senate offices to voice frustration, including Senators Mark Pryor and Blanche Lincoln in Arkansas, Senator Thomas Carper in Delaware, Senator Claire McCaskill in Missouri, Senator Arlen Specter in Pennsylvania, and Senator Norm Coleman in Minnesota.
“We know that many Senators will send out press releases trumpeting today’s final passage, but the reality is that more families will be threatened with foreclosure the day after this passes than the day before. The ‘Foreclosure Prevention Act’ is a misnomer and an insult to struggling families,” said Hurd. “In 2007, the United States saw 1.3 million properties get hit with foreclosure filings, and every day that goes by sees another 8,000 homes foreclosed upon. Endless words of concern don't pay the mortgage - we need leadership to fight foreclosures, and we are not getting it from the United States Senate.
“ACORN calls upon Congress to side with borrowers and support bankruptcy legislation as it considers additional measures to address the foreclosure crisis. The problem is only going to get worse and only real legislative solutions will begin to solve it,” said Hurd.
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