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Groups Seek To Roll Back Foreclosures

ACORN Wants Moratorium and Tougher Laws against Predatory Lending

April 24, 2007

Foreclosure • Buying a Home in Foreclosure: What You Need to Know • Mortgage Crisis? Act Now to Avoid Foreclosure • Foreclosure Not Inevitable, Fast Action Needed • Avoiding Foreclosure Takes More Than Hope --- News • Mortgage Group To Step Up Homeowner Aid • Florida Governor Signs Foreclosure Rescue Law • California Busts 'Land Grant' Foreclosure Scam Artists • Foreclosure Filings Up a Record 65% in April • White House Threatens To Veto Anti-Foreclosure Bill • Fed Chief Seeks Greater Effort To Stem Foreclosures • Realtors Frustrated by Banks' Lack of Interest In Short Sales • Bank Of America Tries To Stem Rising Foreclosures • Foreclosure Efforts Lacking, States Find • California Foreclosures Surge 327% • March Foreclosures Up 57% • Homeowners Raiding Retirement Accounts to Avoid Foreclosure • 'House Stealing' Scam Combines Identity Theft, Mortgage Fraud • Foreclosure Filings Up 57 Percent In February • Senate Will Try To Override Veto Of Foreclosure Bill • Foreclosures Up In Most Urban Metros Last Year • ACORN, Countrywide Tweak Subprime Relief Plan • Foreclosure Prevention Efforts Falling Flat • States Fight Foreclosure Rescue Scams • Mayors Warn Homes Could Lose $1.2 Trillion In Value • Foreclosures Spike in More Metro Areas • Searching For Foreclosure Bargains Can Be Costly • September Foreclosures Double Year-Ago Levels • August Foreclosures Up 115% Over Last Year • Foreclosures Continue at Record Levels • Feds Urge Lenders To Help Stave Off Foreclosures • Foreclosures Surge 93 Percent In One Year • New Jersey Man Cited For Exploiting Foreclosure Victims • North Carolina Shutters “We Buy Homes” Scheme • Predatory Lending Bill Back in Congress • Groups Seek To Roll Back Foreclosures • Seniors Bear Brunt Of Predatory Lending • U.S. Foreclosure Rate Surges 47 Percent • Regulators Urge Mortgage Lenders to be Flexible with Homeowners • California Foreclosure Notices at 10-Year High • Bankruptcy Laws Contributing to Foreclosure Epidemic • Realtors: Home Prices May Dip This Year • Civil Rights Groups Want Foreclosure Moratorium

Pressure is building for industry and government officials to stop the wave of home foreclosures spawned by the subprime lending crises. The consumer group ACORN is the latest group to call for a halt in foreclosure proceedings.

Earlier this month, the NAACP and other civil rights groups called for a six-month moratorium on foreclosures that result from subprime loans.

ACORN this week launched what it calls a grassroots campaign to unite homeowners at risk of losing their homes to foreclosure, often due to predatory lending.

ACORN leaders say they hope to bring together thousands of families to win major policy changes from lenders and government officials -- including a one-year moratorium on foreclosures from predatory loans.

"We are going to go door-to-door and family-by-family. We will connect people in danger of foreclosure to sources of help, and we will organize these homeowners to fight back to save their homes from the predatory lenders," said ACORN President Maude Hurd.

Meanwhile, the Governor of Minnesota has signed legislation the group says will provide important new protections for homeowners against predatory loans. Minnesota ACORN leader Paul Satriano celebrated a five-year effort to pass the law, calling it, "a model for states around the country responding to the foreclosure crisis.

Among the major points of the ACORN campaign is a proposal to state attorneys general to seek injunctions to stop foreclosure proceedings caused by predatory loans. The plan also calls for tougher laws against predatory lending.

The group says predatory lending has lead to an epidemic of foreclosures. Last year there were 1.2 million foreclosure filings, a large increase from the 900,000 foreclosures that were filed in 2005. This year, foreclosure filings are expected to reach 1.5 million.

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