Detroit homeowner Belva Davis speaking to a community rally on the northwest side. A senior couple was threatened with foreclosure and was supported by the Moratorium NOW! Coalition. (Photo: Abayomi Azikiwe)
Originally uploaded by Pan-African News Wire File Photos
http://www.moratorium-mi.org
For Immediate Release
Contact: Jerome Goldberg 313-319-0870
STATE’S HARDEST HIT HOMEOWNER PROGRAM SABOTAGED BY BIGGEST BANKS
IT’S TIME FOR GOVERNOR TO DECLARE A MORATORIUM ON FORECLOSURES IN MICHIGAN
Today Governor Granholm confirmed that the State’s Helping Hardest Hit Homeowners program supposed to provide $350 million in relief to thousands of unemployed homeowners facing foreclosure and eviction, is being sabotaged by the major banks unwillingness to participate in the program. The Governor’s pitiful response to this outrage was to call on the unemployed to call their lenders.
It’s overdue for the Governor to take real action to defend homeowners in Michigan. The Governor has the authority under the law to declare a State of Economic Emergency and place a Moratorium on Foreclosures in Michigan. Such a moratorium existed for five years in the 1930’s and was upheld as constitutional by the Michigan and U.S. Supreme courts.
When the Hardest Hit Homeowners Program was first announced, every major anti-foreclosure organization raised that a better use of the funds would be to use them to help homeowners losing their homes due to foreclosure and eviction buy them back at their true value, rather than funneling the funds through the banks who have sabotaged every loan modification program that has been announced on the federal and state level. Unfortunately, MSHDA’s response was to say all federal aid was be handed over to the banks, dooming the program to the failure it has become.
For more information on this program, the moratorium call, or the fight against foreclosures generally contact the Moratorium Now! Coalition at 313-319-0870.
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