TThe AFL-CIO welcomes the decision by JP Morgan Chase to temporarily halt processing home foreclosures, and we call on the rest of the banking industry to declare a nationwide moratorium on home foreclosures. Millions of working families are on the precipice of losing their homes, and we must stop the avalanche of foreclosures if we are going to save our communities from further economic harm.
In rallies and town hall meetings across the country, union members have demanded that the banks pursue alternatives to foreclosure such as modifying homeowners’ mortgages to more affordable levels. The banks must also stop abusive practices such as the use of “robo-signers” to process thousands of home foreclosures each month without properly reviewing the files associated with each home.
Unemployment is the leading cause of foreclosure, and millions of homeowners have lost their jobs because of the financial crisis and economic recession. Foreclosures hurt the property values of neighborhoods, the credit ratings of homeowners, and the possibility of an economic recovery. The same banks that caused the financial crisis must now do the right thing and stop home foreclosures.
Statement by AFL-CIO Executive Vice President Arlene Holt Baker on
JP Morgan Chase’s Moratorium on Home Foreclosures
September 30, 2010
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