Save Local Principal Reduction

Save Local Principal Reduction

Don’t block a local foreclosure fix. Oppose T-HUD bill, Section 233.

 

I am writing to you to ask you to vote no on the T-HUD funding bill and speak out against Section 233, that bans the Federal Housing Administration from backing any mortgages that were refinanced via the eminent domain process.

This provision, in Section 233 is a blatant attempt to prevent local cities from enacting common-sense programs designed to stem the continuing flood of foreclosures in hard hit communities around the country, especially those composed of a majority of people of color.

Please speak out on the floor of the House of Representatives against this attempt by Wall Street bankers to stop local communities from exerting some control over what happens in their own back yards. Wall Street bankers aren’t concerned about these homeowners. They are concerned that someone other than them will have some power in making choices about what kind of economy we create.

Please vote “NO” on the T-HUD bill and oppose Section 233, the ban on refinancing mortgages fixed with the help of eminent domain.

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