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Foreclosure Advocates March on Washington

October 23rd, 2008

In the 1960s activists marched for civil rights and to protest the Vietnam War. Now its the foreclosure crisis.

Community activist group Pico National Network is marshalling faith-based organizations and housing advocates for what it's calling a national town hall meeting in Antioch, Calif. on Monday Oct. 27.

There they'll meet with representatives of Wells Fargo Bank, Bank of America, the FDIC, and state and local officials to press for an end to foreclosures. On Nov. 17 the group will descend on Washington to meet with legislators and officials there.

Citing stats that say some 2.2 million people could lose their homes in the coming year as their toxic mortage rates jump, Pico's leaders want a national policiy to renegotiate mortgage loans rather than foreclose. The program would resemble what the FDIC has been doing with IndyMac.

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