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Coalition of Consumer Groups Calls for Foreclosure Moratorium.
San Francisco -- Under the umbrella of the California Reinvestment Coalition, 150 community and consumer organizations recently called on some of the country's largest mortgage lenders "to declare a temporary moratorium and direct homeowners to financial solutions that will allow them to keep their homes" across the state of California.
In a company release, CRC warned that as housing prices decline, "the foreclosure crisis will escalate." Established to advocate for equal access to financing for low-income and minority communities, CRC represents over 245 nonprofit organizations and public agencies statewide.
"Many California homeowners are facing foreclosure because they were misled by unscrupulous mortgage brokers and lenders," said CRC associate director Kevin Stein. "We are asking the largest lenders in the state to take leadership so that families can keep their homes and California's economy won't suffer."
CRC said it has sent letters to the chief executive officers of Bank of America, Citibank, Countrywide Home Loans, Merrill Lynch, Washington Mutual and Wells Fargo.
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Source: HighBeam Research, Coalition of Consumer Groups Calls for Foreclosure Moratorium.