Philadelphia Citizens Protest Bush’s Foreclosure Alliance

The citizens of Philadelphia banded together on Tuesday to protest the work of the Bush administration’s newly established “Hope Now Alliance”, a partnership between prmonent mortgage lenders, bankers and the U.S. treasury department aimed at easing the rate of foreclosure.

Criticizing the formation of the committee as too little of an effort, the Philadelphia Foreclosure Crisis Committee picketed a forum on homeowner preservation held in the city by the Alliance, calling for a more substantial response to the problem.

Another complaint of the alliance was its ineffectiveness at reaching people that need it. With so many people vying for its services, many get left out. The foreclosure scenario in Philadelphia is especially worrisome, as the percentage of homes under sub-prime mortgages in the area had increased from 20% in 2004 to almost 40% by the end of 2007.

This protest shows that many citizens consider current policies by the Bush administration to be inept, which is interesting considering that the Senate is this week deciding the final provisions of the long awaited Foreclosure Prevention Act. While the Bush administration advocates that education and counseling is the answer to the foreclosure problem, critics say that there need to be provisions in place that will waive portions of homeowner debt, a move the Bush administration is set against.

Related Links:

• Philadelphia Foreclosure Homes
• Pittsburgh Foreclosure Homes
• Pennsylvania Foreclosure Homes
• Foreclosures

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