Support for Investigation of Mortgage Crisis

CCISCO and the PICO National Network released the following statement in response to President Obama’s announcement last night to launch a joint investigation into the mortgage crisis:

As clergy and faith leaders on the front lines of what has come to feel like a never-ending housing crisis, we applaud President Obama’s announcement last night that he will be launching a federal investigation into the abusive lending and packaging of risky mortgages that led to the crisis.

This is a positive development for the millions of families whose lives have been affected by the reckless conduct of the nation’s largest banks, and for the thousands of everyday people who organized and fought to make last night’s announcement happen. We commend the leadership and courage of Attorneys General Schneiderman, Harris, Biden and others who have continued to demand a stronger settlement and launched their own investigations into the banks.

We will continue to organize to make sure that this investigation holds those responsible for the economic crisis accountable and provides meaningful relief for homeowners commensurate with the scale of the misconduct.

This is the first step towards reaching the broader goal of $300 billion in principal reduction and an additional $50 billion in restitution for those who have lost their homes, especially targeted to the hardest-hit communities. We also need the President to act immediately to make sure that Fannie Mae and Freddie Mac stop standing in the way of reducing underwater mortgage debt. Only with these pieces in place will we begin to see the housing market, our economy, and our communities make a lasting recovery.

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The Contra Costa Interfaith Supporting Community Organization (CCISCO) is a federation of 25 religious congregations, 7 different denominations, representing 35,000 families in Contra Costa County. CCISCO is an active member of the PICO National Network and the New Bottom Line Campaign (www.newbottomline.com)

PICO National Network is the largest grassroots, faith-based organizing network in the United States. PICO works with 1,000 religious congregations in more than 200 cities and towns through a network of 48 member federations and 10 state networks. More information at www.piconetwork.org.

CCISCO
202 G St., Suite 1 – Mailing: P. O. Box 883
Antioch, CA 94509
P: (925) 779-9302
F: (925) 779-9303
www.ccisco.org

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