Secretary Julian Castro's Department of Housing and Urban Development (HUD) has promised to help homeowners avoid foreclosure by selling more overdue mortgage loans to nonprofit community organizations rather than to Wall Street banks.
But in reality HUD's two most recent batches of loan sales have sent 98% of the mortgages straight to Wall Street -- and at a huge discount, almost half off!
RootsAction.org is part of a coalition using numerous tools, including a big new petition, to tell Secretary Castro to stop selling our neighborhoods to Wall Street.
Click here to learn more and to add your name.
HUD is supposed to help homeowners stay in their homes through its "Distressed Asset Stabilization Program." But in 2015, 15,309 out of 15,624 homes sold through that program went right to Wall Street.
These homes are often sold at steep discounts, averaging 45% off for some of the biggest banks on Wall Street. This is a massive redistribution of wealth upward.
If that's not what you believe your government should be doing, click here to help us stop it.
Congressman Raul Grijalva has sent a formal letter to Secretary Castro urging him to fundamentally fix this program, turning it from a Wall Street giveaway to a way to stabilize struggling neighborhoods.
If you agree, become part of what we hope will be a major success and sign the petition.
After signing the petition, please use the tools on the next webpage to share it with your friends.
This work is only possible with your financial support. Please chip in $3 now.
-- The RootsAction.org Team
P.S. RootsAction is an independent online force endorsed by Jim Hightower, Barbara Ehrenreich, Cornel West, Daniel Ellsberg, Glenn Greenwald, Naomi Klein, Bill Fletcher Jr., Laura Flanders, former U.S. Senator James Abourezk, Coleen Rowley, Frances Fox Piven, Lila Garrett, Phil Donahue, Sonali Kolhatkar, and many others.