Treasury Secretary Timothy Geithner has introduced a $500 billion plan to buy
up troubled assets but homeowners facing foreclosure have yet to receive
their own bailout. Across the country, lenders practicing financial
entrapment exploited buyers in order to make larger profits on subprime
mortgages. These resulted in entire communities enveloped in the
subsequent housing crisis. In Pacoima, CA, the community believed the
first bailout would ease the housing situation but banks used the money
to dole out bonuses. In response to the dire situation, residents
organized to politically pressure lenders to reach a compromise.
Brave New Foundation invites anyone affected by the crisis to share their
stories at http://fightingforourhomes.com/ to document the impact of the
situation in our communities.
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