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Congress Can Remove Legal Barriers to Fixing Distressed Home Loans
If we do nothing, the foreclosure crisis will continue with very little change, and the damage will continue to spread throughout our economy.  However, Congress is now considering legislation that would make a huge difference. 

Both the House and Senate are actively considering bills that would lift the ban that prevents homeowners from getting reasonable loan changes approved and supervised by a court of law.  (The House bill is H.R. 3609, the "Emergency Homeownership and Mortgage Equity Protection Act"; the Senate bill is S2136, "Helping Families Save Their Homes in Backruptcy Act.")  Today court-supervised loan modifications are available to family farmers and to wealthy investors with distressed loans, but not to families who are trying to save their home. 

If Congress does the right thing by passing this legislation, we would prevent about 600,000 foreclosures—that's compared to less than 120,000 loans eligible for streamlined loan modifications under the Treasury's plan.

The health of middle-class communities and our economy as a whole depends on stopping the foreclosure epidemic.  Please, if you haven't already written to your Congressional representative or Senator to ask for support for these two bills, please take a moment to do so now.