For Immediate Release:

Contact Lauren A. Love

at (773) 256-2718

Pressdepartment@rainbowpush.org or

Corey Johnson at

 (404) 525-5663

jmathis@rainbowpush.org

 

MEDIA STATEMENT
Rev. Jackson and Rainbow PUSH Applaud Citigroup Foreclosure Moratorium

(Atlanta – December 17, 2009)  Today, Citigroup announced that it will suspend foreclosures and evictions for 30 days  - giving a temporary break to approximately 4,000 borrowers during the holiday season. Rainbow PUSH President and Founder, Rev. Jesse L. Jackson, called for just such a moratorium on Monday December 14th during its latest foreclosure relief prayer vigil at the Atlanta Federal Reserve Bank.  “We applaud Citigroup’s sensitivity during the season that teaches that it is  better to give than to receive.” Jackson said. 

“Although we are pleased that Citigroup has decided to grant 4000 homeowners a holiday reprieve, much more still needs to be done to stabilize neighborhoods,”  according to Janice L. Mathis, Rainbow PUSH V.P. based in Atlanta.  “We still need systemic, comprehensive reforms.  Borrowers with good credit are locked out of the capital markets, tenants are not protected, scammers and banks are stripping equity.”   

Consumers did not precipitate the crisis, yet they are bearing more than their fair share of the burdens imposed by it.  Today, Citigroup repaid the federal government and is apparently on its way back to fiscal health.  But America’s consumers face mounting job losses and sinking home equity.

To their credit, many states (Wisconsin, North Carolina, New Jersey, Pennsylvania) and localities are trying to find local solutions.  But the Congress has so far refused to give consumers the one power that could bring the most relief – the right to modify their mortgages.  Consumers find themselves haggling with mortgage companies, constrained by vague modification standards and puny bargaining power.  Bankruptcy reform would level the playing field by giving consumers more leverage.

Rainbow PUSH is supporting reform of Georgia’s foreclosure laws – widely viewed as among the worst in the nation. 

The Rainbow PUSH Coalition is a   progressive organization protecting, defending and expanding civil rights to improve economic and educational opportunity. The organization is headquartered at 930 E. 50th St. in Chicago. For more information about the RainbowPUSH Coalition, please visit the organization’s website, www.rainbowpush.org, or telephone (773) 373-3366.