Coalition of faith-based groups has foreclosures on its plate
November 28th, 2008, 4:53 pm by Barb CotterSome people say that religious organizations care more about financial matters than helping people in need. Here’s a tale that tells us the two realms aren’t mutually exclusive.
According to a story in the Washington Post, a national coalition of faith-based organizations is trying to get the federal government to come up with a more streamlined approach for handling troubled mortgages. The goal: Keep more owners in their homes.
“Families are losing their homes and they’re on the street, and that’s just morally wrong,” the Post quoted Mary Rabon, a member of the Kansas affiliate of PICO National Network, an alliance of 1,000 U.S. congregations based in Oakland, Calif.
PICO is short for People Improving Communities Through Organizing, and a couple hundred members gathered in D.C. recently to meet with federal officials and pray outside the Treasury Building.
According to the Post, the plan supported by PICO would stipulate that ”every bank that accepts taxpayer bailout money would be required to accept the same set of loan-modification procedures, setting payments to no more than 34 percent of borrowers’ incomes and, in some cases, reducing principles to reflect falling property values.”
Funding for the program would come from the $700 billion bailout fund.
Now, let’s see if their proposal has a prayer among lawmakers.




