Wednesday, April 11, 2007

Lobbyists Mobilize To Demand Mortgage Bailout

"Activists" and "civil rights groups" blame business for lending people money and threaten lawsuits to avenge "victims."

Quoted from

"We've heard one heartbreaking story after another of borrowers with limited incomes being sold mortgages they could not afford," Sen. Sherrod Brown, D-Ohio, said at a briefing on Capitol Hill.

"We want to send out hope to the victims of the subprime lending crisis," said Bruce Marks, NACA's chief executive.

Activist and community groups are stepping up efforts to aid homeowners affected by the housing market's woes. They argue that banks and mortgage brokers_not borrowers_bear most of the blame for the industry's problems.

Last week, civil rights groups called for a six-month moratorium on foreclosures resulting from high-risk loans given to people with shaky credit, arguing that lenders could face lawsuits if they don't help borrowers.

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