What Leaders Are Saying About Bailout Plan


Center for Responsible Lending
September 23, 2008

A Sample of What Leaders Are Saying …

Wall Street aggressively marketed loans that were damaging, deceptive, and led to the worst foreclosure epidemic in decades.  The government's so-called solution bails out the very companies that were behind this crisis, but does absolutely nothing to help people stay in their homes.  This country is facing the greatest lost of wealth since the Great Depression and Congress needs to step up for ordinary citizens." 

-  Reverend Jesse L. Jackson, Founder/President Rainbow Push Coalition

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Government regulators were blind while mortgage lenders and investors went on a reckless and deceptive lending spree; now Washington only has eyes for Wall Street.  Meanwhile, our communities are struggling, and the entire nation will suffer from myriad negative effects from massive foreclosures.   We need a solution for all Americans, not for companies that caused this crisis in the first place."

-  Julian Bond, Chairman National Association for the Advancement of Colored People

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The provisions in the Senate and House bills that permit home owners to seek targeted court-supervised restructuring of their loans as a last resort will prove to be the only significant, direct benefit to the middle class in the $700 billion bailout program.

Martin Eakes, CEO of Self-Help and the Center for Responsible Lending

 

For more information: Kathleen Day at (202) 349-1871 or kathleen.day@responsiblelending.org; Sharon Reuss at (919) 313-8527 or sharon.reuss@responsiblelending.org; or Ginna Green at (510) 379-5513 or ginna.green@responsiblelending.org.

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About the Center for Responsible Lending

The Center for Responsible Lending is a nonprofit, nonpartisan research and policy organization dedicated to protecting homeownership and family wealth by working to eliminate abusive financial practices. CRL is affiliated with Self-Help, one of the nation's largest community development financial institutions.