Tag Archives: Ethnicity

Mel Watt: Enact “Principal Reduction”


Mel Watt has the power to lift FHFA’s ban on principal reduction without Congressional approval.
Millions of households are at risk of foreclosure.

'Mel Watt during public hearing

Tell FHFA Director Mel Watt to help keep struggling families in their homes:

Join Us

Since the start of the 2008 recession, an estimated 10 million American households have been foreclosed, evicted, or displaced and millions more are still at risk.1 The brutal housing crisis hit Black people especially hard,2 but now there’s a new opportunity to roll back years of destructive federal housing policy, repair the housing finance market, and help struggling homeowners stay in their homes.

Former North Carolina Congressman Mel Watt was recently confirmed as a top federal housing regulator and director of the Federal Housing Finance Agency (FHFA). He could help millions of households avoid unnecessary foreclosures by lifting the FHFA’s restriction on a loan modification process known as “principal reduction,”3 — lowering the amount owed to current market value to decrease monthly payments.4 This would stabilize local economies by putting millions of dollars back into the hands of homeowners, giving cities more reliable property tax revenues, and ensuring lenders have fewer delinquent loans. But he won’t act unless enough of us raise our voices and demand that he make it a priority.

Please join us in demanding FHFA Director Mel Watt suspend all evictions and foreclosures by Fannie Mae and Freddie Mac until his administration reviews and changes key policies, including lifting the Federal Housing Finance Agency’s restriction on principal reduction. It only takes a moment.

Since the start of the housing crisis, Black households have lost 53 percent of their wealth,5 retirement accounts have shrunk,6 and the worst underwater areas continue to be disproportionately located in Black communities. The FHFA was created in 2008 to help homeowners and stabilize the real estate market and the economy — but it has done little to help. Instead the agency has consistently refused to let government-backed lenders Fannie Mae and Freddie Mac reduce the principal owed on homes weighed down by “underwater” mortgages,7 meaning they now owe more on their mortgages than their homes are worth. If Fannie and Freddie were authorized to make loan modifications such as principal reduction, homeowners could expect lower monthly mortgage payments, making it far more likely that they could avoid foreclosure and eviction.8 At least 8 state Attorneys General and 45 Members of the House of Representatives have called for principal reduction and harshly criticized the FHFA’s inaction.9

Before his appointment as director of the FHFA, Watt served as a North Carolina congressman for more than two decades, where he tirelessly advocated for struggling homeowners, co-sponsored mortgage reform and anti-predatory lending legislation and promoted affordable housing. Watt was also a member of the Congressional Black Caucus (CBC), serving as the group’s chairman from 2005-2006.10 In fact, in 2012 Watt was among a group of CBC members and other progressive lawmakers that sent President Barack Obama a letter urging him to enact principal reduction and provide assistance to underwater borrowers.11 Now that he has the power to mitigate widespread suffering in Black communities caused by the housing crisis, we must remind him of his past support for principal reduction and that failure to take action will stain his legacy.

Mel Watt is uniquely positioned to take bold action to address the nation’s underwater mortgage epidemic — and he doesn’t even need Congressional approval to act.12 But in his first major speech since his appointment, Watt made no commitment and he only indicated that the FHFA was “studying principal reduction right now” in response to a direct question.13 Without intervention from the FHFA and Mel Watt, we will continue to see our communities blighted, unable to recover, and suffering devastating economic impacts from this unchecked foreclosure crisis.14

Join us in demanding FHFA Director Mel Watt issue a moratorium on foreclosures and evictions, lift the restriction on principal reduction, keep families in their homes and end unnecessary suffering in our communities. And when you do, please ask your friends and family to do the same.

Thanks and Peace,

–Rashad, Matt, Arisha, Aimée, Jamar and the rest of the ColorOfChange.org team
May 28th, 2014

Help support our work. ColorOfChange.org is powered by YOU—your energy and dollars. We take no money from lobbyists or large corporations that don’t share our values, and our tiny staff ensures your contributions go a long way.

References

1. “10 Million Americans Have Had Their Homes Taken Away by the Banks — Often at the Point of a Gun,” AlterNet, 08-01-13
http://act.colorofchange.org/go/3479?t=7&akid=3412.1174326.jGfCGm

2. “The Great Eviction: Black America and the Toll of the Foreclosure Crisis,” Mother Jones, 08-01-13
http://act.colorofchange.org/go/3481?t=9&akid=3412.1174326.jGfCGm

3. “What Is Mel Watt Waiting For?,” Huffington Post, 05-13-14
http://act.colorofchange.org/go/3482?t=11&akid=3412.1174326.jGfCGm

4. “What Housing Recovery?,” New York Times, 5-8-14
http://act.colorofchange.org/go/3485?t=13&akid=3412.1174326.jGfCGm

5. “Wealth Gaps Rise to Record Highs Between Whites, Blacks, Hispanics,” Pew Research, 07-26-11
http://act.colorofchange.org/go/3497?t=15&akid=3412.1174326.jGfCGm

6. “Foreclosure crisis not over for minorities,” CBS News, 06-25-13
http://act.colorofchange.org/go/3496?t=17&akid=3412.1174326.jGfCGm

7. “Liberal advocates want Obama to dump FHFA’s DeMarco,” Washington Post, 03-12-12
http://act.colorofchange.org/go/3483?t=19&akid=3412.1174326.jGfCGm

8. “A Major Lift for Fannie and Freddie,” NY Times, 05-13-14
http://act.colorofchange.org/go/3484?t=21&akid=3412.1174326.jGfCGm

9. See reference 3.

10. “Obama to Nominate Mel Watt to Head FHFA,” The Root, 05-01-13
http://act.colorofchange.org/go/3489?t=23&akid=3412.1174326.jGfCGm

11. “House Democrats press for homeowner help in ‘fiscal cliff’ deal,” The Hill, 02-11-12
http://act.colorofchange.org/go/3490?t=25&akid=3412.1174326.jGfCGm

12. “What Housing Recovery?,” NY Times, 05-08-14
http://act.colorofchange.org/go/3485?t=27&akid=3412.1174326.jGfCGm

13. “Fannie Mae, Freddie Mac won’t reduce loan limits, regulator says,” LA Times, 05-13-14
http://act.colorofchange.org/go/3487?t=29&akid=3412.1174326.jGfCGm

14. “Underwater America: How the So-Called Housing ‘Recovery’ Is Bypassing Many American Communities,” (.pdf), The Haas Institute for a Fair and Inclusive Society, 05-01-14
http://act.colorofchange.org/go/3498?t=31&akid=3412.1174326.jGfCGm

830 dead manatees


 Toxic algae and reckless tourists are threatening endangered Florida manatees.

Sign the petition: Tell Fish and Wildlife to protect these gentle creatures!

Take Action!

Eye on the Amazon: IN PICTURES – Meet the Zápara


Earth Day, every day

Oil? Not in Our Dreams
Meet the Zápara

As AW partner and fearless leader of the Zápara Women’s Assoc. Gloria Ushigua travels to the UN Permanent Forum on Indigenous Issues to ask that the Zápara be protected, we bring you a glimpse of the only nationality in Ecuador declared a UNESCO cultural patrimony.

The Zápara were once one of the largest indigenous groups in the Ecuadorian Amazon. But by the 1980s anthropologists deemed them extinct, an entire culture erased in less than a century by disease, violence, persecution and assimilation. What most didn’t know was that some 200 Zápara remained hidden in the dense jungle…

View more photos and read the rest on Eye on the Amazon »

Senate Expected to Vote on Wind Energy Policy – Please Reach Out!


2ebe4-gulfwindsunset

Aaron Severn
Director, Grassroots Advocacy & Federal Legislative Affairs
American Wind Energy Association

 

I wanted to make sure that you saw my e-mail from last week (below).  I told you that we were expecting the U.S. Senate to vote on wind energy policy.  That still is a possibility, but the bill stalled today on a procedural vote.  Our Senators will have another opportunity to advance this bill as soon as next week.

Your Senators need to hear from you right away.  Please write in and urge them to support The EXPIRE Act. 

This bill proposes to extend a host of expired and expiring tax provisions, including the renewable energy production tax credit (PTC) and investment tax credit (ITC).  The extension would let wind energy developers qualify for the tax credits if they start construction on their wind projects by the end of 2015.

I’ve drafted a template note for you – just click here, enter your address, personalize the note, and send it along.  It won’t take long.

Thanks for taking action at this important time!  I sincerely appreciate your support.  I will be in touch again soon.

Best regards,
Aaron

Begin forwarded message:

From: Aaron Severn <grassroots@awea.org>
Date: Tuesday May 6, 2014
Subject: Senate Expected to Vote on Wind Energy Policy – Please Reach Out!

 

I wanted to let you know that the full Senate is expected to vote on the EXPIRE Act as early as next week, and I encourage you to urge your Senators to support this bill.

The EXPIRE Act proposes to extend a host of expired and expiring tax provisions, including the renewable energy production tax credit (PTC) and investment tax credit (ITC).  The extension would let wind energy developers qualify for the tax credits if they start construction on their wind projects by the end of 2015.

The PTC and ITC have been successful policies, and it’s crucial that they be extended.  In a period of relative policy stability, between 2005 and 2012, with the credits being seamlessly extended, the wind industry:

  • Experienced an average annual growth rate of 31%
  • Added the vast majority of all wind power capacity in the U.S. today; and
  • Channeled $105 billion of private investment into the U.S. economy.

These credits were allowed to expire at the end of 2013, though.  Leading up to this expiration, new wind installations came to a halt, resulting in a:

  • 92% drop in new wind projects (1,087 megawatts in 2013, compared to 13,131 in 2012)
  • Corresponding drop in investment ($2 billion in 2013, compared to $25 billion in 2012); and
  • Loss of thousands of manufacturing jobs.

I urge you to share this information with your Senators – and even better, let them know why it matters to you.  Please let them know why you want the U.S. to get more and more of its electricity from wind power, and that you need their support in order to make that happen.

I’ve drafted a template note for you – just click here, enter your address, personalize the note, and send it along.  It won’t take long.

Thanks for taking action at this important time!  I sincerely appreciate your support.  I will update you on the outcome of this vote.

Best regards,
Aaron

Aaron Severn
Director, Grassroots Advocacy & Federal Legislative Affairs
American Wind Energy Association

P.S.  Interested to know more about the PTC?  Visit this page.

 

Going Global


By

Fast Food Workers Strike In 150 U.S. Cities And Worldwide

 

Every worker deserves fair wages and the right to organize. That’s why fast food workers have united today to participate in the most widespread strike in the history of the fast food industry. All in all, employees of fast food restaurants in 150 cities across the United States are taking the risk of walking off the job to demand higher pay, better treatment at work, and the opportunity for those who work hard to get ahead. The movement has also gone global, with protesters on six different continents as part of the worldwide “Low Pay Is Not OK” campaign.

Think Progress takes a look back at how their cause grew from a handful of people to a globe-spanning movement. The fast food strikes began on November 29, 2012. By the next August, strikers walked out in 60 cities. In December 2013, a little over a year after the first strike, a record-breaking 100 cities participated. And today, we are at a new record of 150. Take a look below — and head here to see the map in motion.

fastfoodglobal2

These workers are standing up for a cause that all of us can get behind. Our economy is simply not working for most Americans. While wealth at the top has kept going up and up and up, middle- and working-class families now have less, and this has thrown our entire economy off kilter. A strong middle class is the real engine of the economy. An economy that grows from the middle class out is an economy that works for everyone, not just the wealthy few.

The push to raise the minimum wage comes from the same set of beliefs: a person working full-time in America should not live in poverty. But many Republicans in Congress have remained staunchly opposed to raising the federal minimum wage to $10.10. Instead of voting to give Americans who work hard a better opportunity to get ahead, they have sided with the one percent and the special interests.

The tide could be changing, however. First, conservative leaders and former officeholders Rick Santorum and Tim Pawlenty said their fellow party members “should support reasonable increases to the minimum wage.” Then 2012 Republican presidential candidate Mitt Romney agreed, telling a television audience that “we ought to raise it.”

Additionally, major low-wage employers have recently come out in favor of an increase. The CEO of Subway, the biggest fast food chain in the world, said his company would not object: “I’m not concerned. Over the years, I’ve seen so many of these wage increases. I think it’s normal.” And just today, Wal-Mart, which had previously maintained a “neutral” position on a wage increase, announced that it is “not opposed.”

BOTTOM LINE: The momentum to stand up for workers and fair pay is spreading at the grassroots and in corner offices. Fast food workers across the United States and the world are striking today to stand up for the principle that if you work hard, you should get ahead. At the same time, more and more of conservatives’ supposed anti-worker allies — top Republicans and the big retail companies they claim would be hurt — are announcing their support for a minimum wage increase.