One every 13 seconds.
That's how many families are losing their homes to foreclosure. More than 8 million families are at risk.
And, this is no accident. In Brave New Foundation's provocative new film on the housing crisis, a California mortgage broker admits on tape that he was "trained to mislead borrowers" and get them into the most expensive loans.
President Obama knows that we need to tackle this crisis head on--that putting hardworking families out on the street doesn't just hurt them, but drags down housing prices across the board and keeps our entire economy in a rut.
In February, President Obama announced a plan of action, and asked Congress to send him legislation allowing bankruptcy judges to modify the terms of troubled mortgages. The House of Representatives is answering Obama's call, and will vote on the proposal tomorrow.
Judges already have this power for boats, cars, and investments--just not for people's primary homes. Experts estimate that this common-sense solution could save nearly 2 million homes.
But, the very people who got us into this mess are fighting President Obama's efforts to get us out. Even though Citigroup and other big lenders who once opposed allowing bankruptcy judges to help have come around, the Mortgage Bankers Association won't budge.
We need to tell the Mortgage Bankers Association to back off.
Telling the bankers what we think will also send a strong message to our elected leaders: we want action to save our homes now. This is critical because while we expect the measure to pass the House today, Republicans are likely to try to block Obama's proposal in the Senate.
Visit www.ProgresssiveFuture.org/HousingCrisis to view Brave New Foundation's short film and send a message to the Mortgage Bankers' Association.