Wall Street Must Refocus Attention on Keeping Families in Their Homes

Americans Across the Country to Take Action, Demand Wall Street Provide Proof of Ownership

Statement of National People's Action (NPA), PICO National Network, Industrial Areas Foundation (IAF) Southeast Region, Alliance of Californians for Community Empowerment (ACCE) , Northwest Federation of Community Organizations (NWFCO), and the Service Employees International Union (SEIU) on the latest news of Wall Street's harmful foreclosure practices:

It is unconscionable that Wall Street banks continue to use a corrupt and fraudulent procedure to flood the housing market with illegal foreclosures that are throwing millions of American families out of their homes. It's the latest example of a predatory industry that continues to devastate families already hit hard by the economic crisis caused by Wall Street and the big banks.

"The revelations that banks are auto-penning away the American Dream of home ownership--and that Wall Street cannot prove they own the homes they are snatching away--is not an isolated problem in a small number of states. It is a national crisis.

"On behalf of the 3.5 million hardworking mothers and fathers, clergy, homeowners and foreclosure victims in our collective organizations, we call on Wall Street banks to freeze foreclosures in all 50 states. Wall Street must refocus their energy and resources to help families keep their homes, agree to principal write-downs and negotiate mortgage modifications for the millions of Americans facing foreclosure so we can stabilize the housing market and put America back to work.

"Banks must provide proof of ownership before taking any action against a homeowner. Over the next month, Americans from every corner of the country will flood banks with calls and swarm branches to demand that they freeze all foreclosure actions until they can show proof of ownership and have put in place new policies to prevent foreclosures."

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