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Published: December 2008

Road to economic recovery must include help for Main Street

Coalition: Mortgage

Consumer Action joined a coalition of civil rights, faith-based, housing, and grassroots organizations in signing a letter urging more remedies for Main Street in any forthcoming economic recovery plan.

You too can sign this letter! View and sign a copy of the letter on NCRC's website Below is a summary of the letter:

America is in need of a new direction regarding the financial crisis and road to economic recovery.  A failure to provide adequate regulatory protections against market misbehavior is the overwhelming cause of the crisis, and the result has been millions of home foreclosures across America that has crippled the financial system and triggered a potentially deep and protracted recession.  The effects the current crisis can be felt at every level, in nearly every community across America.

Putting the country on a sound financial path is essential to creating a balanced and sustainable economy that serves the needs of all Americans.  The immediate steps necessary include the following:

Contain the current foreclosure crisis and enhance consumer protections.

• Require the US Treasury Department to pursue a meaningful broad-scale loan modification program that would make loans entering foreclosure affordable in the long-term.  
• Reform the bankruptcy code to allow for the modification of debt on a primary residence. This would allow up to 600,000 families to avoid foreclosure at no cost to the taxpayer. 
• Purge the unfair and deceptive or otherwise predatory lending practices that led to the current crisis.  

Promote infrastructure projects that create jobs and vibrant communities.

• Invest in the nations deteriorating and under maintained infrastructure as the key approach to expanding employment.  
• Promote neighborhood stabilization by investing in areas that have the greatest employment needs and have been most heavily damaged by the foreclosure crisis. 

Provide targeted financial assistance.

• Approve a temporary increase in food stamp benefits (Supplemental Food Assistance Program) to help immediately those in need, while providing immediate cash infusion to the economy. 
• Make funds available to state governments to support needed social services.

Lead Organization

National Community Reinvestment Coalition

Other Organizations

USAction

More Information

www.roadtoeconomicrecovery.org

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