Friday, September 12, 2008

Michigan Moratorium Now! Coalition to Demonstrate at State Capital Sept. 17

For Immediate Release

Media Advisory

Event: Moratorium Now! at State Capital, Sept. 17, 1100am
March on Lansing to Demand Hearing on SB 1306!
Contact: Moratorium Now! Coalition to Stop Foreclosures &
Evictions; CUM Church, 23 East Adams, 4th Floor
Phone: 313.887.4344

Moratorium Now! Coalition Will March on State Capital Sept. 17 to Demand Hearings on SB 1306--Bill Would Impose a Two Year Halt to Home Foreclosures and Evictions

Organizers for the Moratorium Now! Coalition to Stop Foreclosures and Evictions will be taking people to Lansing on Wednesday, Sept. 17 to hold a public hearing demanding the immediate passage of Senate Bill 1306, which would impose a halt to foreclosures for two years in the state of Michigan.

This bill, which was introduced by State Senator Hansen Clarke during the Spring, has languished in the Banking and Financial Services Committee because of the refusal of the Chair, Randy Richardville, to hold hearings and move the legislation forward.

The recent federal government takeover of Fannie Mae and Freddie Mac clearly illustrates the depths of the crisis with $5 trillion in mortgage value under threat of total collapse. The impact of this failure, coupled with the crisis at Lehman Bros. and other banking institutions, demands immediate action to provide relief to working families by the state government in Lansing.

In late August, members of the Moratorium Now! Coalition from Richardville's district in Monroe, as well as several activists from around the state, hand-delivered a letter to Richardville's home demanding action on the crisis in the state stemming from the seizure of homes by banks and the failure of government to take effective measures.

Coalition members are saying that they will hold a hearing at the State Capital on Sept. 17. This will be done even if Banking and Financial Services Committee Chair Richardville continues to ignore the suffering of thousands of people throughout Michigan who are being evicted by predatory lending institutions everyday.

Moratorium Now! has recently gained the support of the Detroit City Council for rapid passage of SB 1306. In a letter delivered to the Council and the incoming interim Mayor Kenneth V. Cockrel, Jr., we have requested that the city apply to Gov. Granholm to declare a state of economic emergency in Detroit, which could impose a moratorium on all foreclosures throughout the state.

Transportation arrangements are being made for the trip to Lansing on Sept. 17. Dozens of community organizations, religious groups, labor activists and public officials have endorsed this action.

Members of the Moratorium Now! Coalition members are available for comment at the contact numbers and addresses listed above.

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