Members of the Moratorium Now! Coalition to Stop Foreclosures and Evictions demonstrate at Detroit City Hall on Oct. 10, 2008. (Photo: Alan Pollock).
Originally uploaded by Pan-African News Wire File Photos
Press Statement
Tuesday, Oct. 14, 2008
Event: Moratorium Now! Demands Freeze on Foreclosures
Obama's Call for 90-Day Halt Must Be Implemented
Contact: Moratorium Now Coalition to Stop Foreclsoures &
Evictions, 313.671.3715, 887.4344
E-mail: [email protected]
URL: http://www.moratorium-mi.org
Senator Obama's Call for 90-Day Moratorium Must Be Implemented Now! Moratorium Now! Calls for Passage of SB 1306, Imposing a Two-Year Halt to Foreclosures and Evictions
Sen. Barack Obama, the Democratic presidential candidate, called for a 90-day moratorium on foreclosures in a speech delivered in Toledo, OH on October 13. The Moratorium Now! Coalition to Stop Foreclosures and Evictions has been calling for a freeze on home seizures by the banks for several months. We support the immediate passage of SB 1306 which would impose a two-year moratorium on foreclosures in Michigan.
The bailing out of the financial institutions, including the banks and investment firms is being carried out with taxpayer dollars, while no plans are advanced by the Bush administration and Congress to assist homeowners and renters who face eviction and economic ruin every day. Our main slogan is: "Bailout People, Not Banks!"
Earlier this month Congress voted to hand over at least $700 billion to Wall Street. The defense budget is over $600 billion, outstripping all other military spending throughout the world combined. At the same time the government is taking taxpayer dollars to purchase shares in financial institutions in an effort to shore up their failed policies. Yet there are still no local, state or federal initiatives to provide a moratorium on foreclosures and evictions, a jobs program and funding for other social needs.
The Moratorium Now! Coalition to Stop Foreclosures and Evictions is calling for a citywide demonstration on Monday, Oct. 27 beginning at the Spirit of Detroit outside the CAYMC on Woodward at Jefferson at Noon. We will be demanding that Interim Mayor Cockrel immediately declare a "State of Economic Emergency" in Detroit so that he can apply to Gov. Granholm for an automatic moratorium on foreclosures and other assistance.
We have delivered two letters to Interim Mayor Cockrel outlining our request. We are demanding speedy action on this economic crisis that is worsening daily in the city of Detroit.
On Oct. 27, marchers will walk through the financial district calling for a halt to foreclosures. It is the failed policies of the financial interests that has resulted in the collapse of millions of households throughout Michigan and the United States.
We strongly feel that the tax dollars taken from the people must not be sent to the Wall Street bankers who created this crisis, but it should be utilized to provide housing, energy guarantees, quality education, jobs and health care to the millions affected by the present economic crisis.
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