Washington, DC—(ENEWSPF)—June 1, 2012. This month’s dismal jobs numbers reinforce the urgent need for the Obama Administration and Congress to take action now to revive the housing market and economy by pushing for a reset of underwater mortgages to current market value.
Principal reduction would not only help struggling homeowners get back on their feet, it would stabilize home prices for everyone, pump billions of dollars back into the economy and create jobs. http://www.newbottomline.com/underwater_mortgages_and_1_million_jobs
The New Bottom Line calls on President Obama to fire FHFA Acting Director Ed DeMarco and nominate a permanent replacement who will order Fannie Mae and Freddie Mac to reset underwater mortgages to fair market value. Fannie Mae and Freddie Mac control half the mortgages in the country. With this action, millions of homeowners and our national economy would be strengthened and moved into a more stable and prosperous future.
The New Bottom Line (NBL) is a growing movement fueled by a coalition of community organizations, congregations, and individuals working together to challenge established big bank interests on behalf of struggling and middle-class communities. Together, we are working to restructure Wall Street to help American families build wealth, close the country’s growing income gap and advance a vision for how our economy can better serve the many rather than the few. Coalition members include PICO National Network, National People’s Action (NPA), Alliance for a Just Society, the Right the City Alliance, and dozens of state and local organizations from around the country. www.newbottomline.com