MEDIA RELEASE
www.acorn.org
For Immediate RELEASE: MAY 8, 2008
Contact: Damaris Uranga, Community Organizer
772.4662 office * 781.1315 fax
ACORN DELIVERS SPINE TO FEDERAL RESERVE
El Paso TX- ACORN is working to help the Federal Reserve to stand up to the pressure of the banking industry by providing a much needed spine. Instead of caving in to the demands of the banks, we are asking the Federal Reserve to limit predatory lending practices and respect the “Homeownership and Equity Act” which protects homeowners from predatory lending.
The United States is facing the worst foreclosure crisis since the great depression, and this has been largely fueled by predatory lending. The Federal Reserve has the responsibility to protect homeowners not lenders!
The Federal Reserve should ban “Yield Spread Premium” which provides kickbacks to mortgage brokers who put people into higher interest rates. The Federal Reserve should to everything in its power prevent predatory lending practices.
On the 8th of May, ACORN offices will visit Federal Reserve branches, Washington Mutual offices, and other targets across the country which have contributed to the current foreclosure crisis.
“The Federal Reserve should act in the interest of homeowners to avoid foreclosures rather than the banks” stated ACORN Raul Amaya.
TIME: 10:30 AM
DATE: MAY 8, 2008
LOCATION: EP BRANCH, FEDERAL RESERVE BANK OF DALLAS
301 E. MAIN, EL PASO TX
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ACORN is the nation's largest community organization of low-and moderate-income families, with over 350,000 member families organized into 800 neighborhood chapters in over 100 cities across the country. Since 1970 ACORN has taken action and won victories on issues of concern to our members, including better housing for first time homebuyers and tenants, living wages for low-wage workers, more investment in our communities from banks and governments, and better public schools.
More Information: Press Release
