Alliance To End The Foreclosure Crisis Launched

Seven consumer and civil rights groups have joined together to create the Alliance to End the Foreclosure Crisis, which supports H.R.3609 (The Emergency Home Ownership and Mortgage Equity Protection Act) and S.2136 (The Helping Families Save Their Homes in Bankruptcy Act).

Group members include the Center for Responsible Lending; Consumer Federation of America; Leadership Conference on Civil Rights; National Association of Consumer Advocates; National Association of Consumer Bankruptcy Attorneys; National Consumer Law Center (on behalf of clients); Jack Kemp, former Department of Housing and Urban Development secretary and former U.S. Congressman; and Wade Henderson, president and CEO of the Leadership Conference on Civil Rights.

According to the alliance, H.R.3609 ‘will not increase interest rates, negatively affect secondary markets, or lead to abuses. The compromise House bill is now limited to existing loans only. This removes any concerns that could reasonably be raised about the bill's impact on the cost or availability of future credit.’

The group also considers current voluntary loan modification efforts ‘woefully insufficient’ and believes passage of the House bill will encourage greater modification, as well as prevent foreclosure.

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