News and Events

“The failure of today’s vote is a recognition that the American public will not sit idly by while Congress passes a bill that bails out Wall Street while leaving working families behind. While it is critical that Congress acts quickly to address the financial crisis, the failed proposal would not have worked because it did not adequately address the underlying problem dragging down the economy: home foreclosures.  The portion of the bill that related to preventing home foreclosures was woefully inadequate, and not deserving of Congressional support. Congress now has the opportunity to enact a comprehensive solution to the foreclosure crisis — a more efficient and equitable way of boosting the economy.”

Proposed compromise leaves door open for another bailout down the road by not addressing home foreclosures and irresponsible lending practices.

The National Community Reinvestment Coalition (NCRC) today called on Congress to address the financial crisis in a way that both stems foreclosures and avoids future crises by purging reckless and irresponsible lending practices. Addressing first the underlying problem of home foreclosures would be a more efficient and equitable use of taxpayer money than the liquidity-only approach advocated by the Administration.