Jackson: Banks Have a Responsibility to Bail Out Struggling Homeowners

Jackson: Banks Have a Responsibility to Bail Out Struggling Homeowners

Published February 11, 2008

Posted Nov. 30, 2007 – In this new era of civil rights marches, the Rev. Jesse Jackson says he will lead a stomp up Wall Street next month to protest a U.S. financial system that would allow the masses to suffer in the festering mortgage mess.

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Daily, foreclosures across the United States pile up, triggered largely by the widespread issuance of late-blooming high-interest loans. And, as report after report confirms, Black Americans are the ones who are feeling the brunt of the so-called “sub-prime” loan crises.

The NAACP has launched a class-action suit, targeting unscrupulous mortgage lenders who issued loans to many unwitting borrowers, who learned the hard way that unbelievably low introductory interest rates should not have been believed. In many instances, once the initial rates expired after a year or so, borrowers were strapped with payments that were too much to bear, and they lost their homes.

Jackson wants the banking industry to jump in to help rescue drowning homeowners. "We want the City Council to pass a resolution to convene lenders to agree to freeze or have a moratorium on foreclosures and renegotiate and restructure and not repossess," he said.

Should banks take some responsibility in helping struggling homeowners? Click "Discuss Now" to post your comment.

Written by BET-Staff


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