Time to stop the Bank Entitlement "No Millionaire Left Behind" Program
Housing is a Right
Today the federal government, through its takeover of Fannie Mae and Freddie Mac along with the Federal Housing Authority, owns at least 75 of all mortgage loans. ever, rather than utilizing this federal takeover of the housing market to benefit homeowners and renters, the federal government is continuing to bail out the banks, paying the banks full value for the fraudulent and predatory loans which they created, and then throwing millions of homeowners into the streets.
It’s time for the federal government to bail out the people and not the banks. President Obama should immediately declare a two year moratorium on all foreclosures and evictions, during which times the loans could be renegotiated to their real value, with the banks eating the losses for the fraud they practiced. Rather than selling off government owned housing to investors and sharks, the government should train our youth to rebuild these homes and reoccupy them with the millions of homeless and unemployed.
Fight or Starve
In the 1930’s, as direct result of the mass struggles of the unemployed and unions, 25 states implemented Moratoriums on Foreclosures. The Michigan Moratorium Act outlawed foreclosures for 5 years. In addition, the federal WPA, Works Progress Administration, put 8 million people to work, building schools, highways, bridges and dams which are still functioning today. It was people hitting the streets in the millions that won these victories. It’s time to revive that movement to guarantee our rights to jobs and housing, and to demand that President Obama represent the workers and poor who elected him, not the billionaires, bankers and generals who are setting policy today.