Washington, DC (PRWEB) May 23, 2008
USHAA and The Green Agenda Coalition express strong support for the compromise legislation approved Tuesday by the Senate Banking Committee to rescue homeowners drowning in the foreclosure Tsunami with government-supported mortgages. The compromise Bill creates an affordable housing fund financed by Freddie Mac and Fannie Mae. The fund would provide relief of approximately $500 million in the first year.
The Senate compromise legislation mirrors one that passed earlier in the House. Under both Bills, lenders would agree to reduce the principal on at risk loans to reflect market value. Borrowers then would be able to replace onerous adjustable-rate loans with fixed-rate, government insured loans.
"We commend Senator Christopher J. Dodd, Chairman of the Banking, Housing and Urban Affairs Committee, and Senator Richard C. Shelby, the senior Republican on the banking committee, for a job well done," stated Luis J. Diaz, USHAA President and CEO. "This bi-partisan Bill evidences the fact that our legislature has the ability to place the welfare of ordinary Americans above politics and special interests," added Alex Garcia, Chairman of The Green Agenda Coalition.
We urge President George W. Bush to pass the compromise legislation as it will evidence his support for Latinos, minorities and other Americans. "This is not about rewarding speculators and lenders; it's about preserving the American dream for millions of ordinary citizens - many of them Hispanic and African American victims of predatory lenders - that are now caught in this Tsunami without a life jacket," explained Mr. Diaz.
SO WHAT CAN YOU DO? Click here to support our letter campaign to President Bush in support of this legislative effort. You can also use the Speak Out tool we provide on the website to write President Bush directly.
About USHAA: The United States Hispanic Advocacy Association ("USHAA") is the premier economic advocacy non-profit leveraging Hispanic purchasing power to provide effective advocacy, meaningful benefits and education programs to its members. We help ensure that Latinos receive economic benefits commensurate with their contributions to the American economy.
About The Green Agenda Coalition: The Green Agenda Coalition, formerly the TriState Minority Community Reinvestment Coalition, is an East Coast-based multi-racial and multi-ethnic coalition of more than 140 organizations in the U.S. focused on economic advocacy, including without limitation, The Greenlining Institure, the Florida Minority Community Reinvestment Coalition, the New York State Federation of Hispanic Chambers of Commerce, USHAA, TELACU and other leading advocates. TGAC is led by its Chairman, Alex Garcia, RA, AICP, and Al Pina from FMCRC, who serves as Vice-Chairman.
Attn: Ms. Luz Cardenas
Two Penn Center Plaza
Philadelphia, PA 19102