The mortgage crisis: Time to put the hurt on the big banks

“Our banking institutions are employing the same practices that led to the foreclosure crisis while ignoring borrowers stuck with troubled mortgages and the imminent threat of being thrown out of their homes. Banks continue to take advantage of our most vulnerable communities by refusing to modify mortgages or even respond to loan modification proposals. The action taken by New York City’s Comptroller and labor leaders signifies the need across the country for a dramatic shift in how the banks deal with borrowers. These institutions have the ability to use their offices and resources to finally force the banks to get right and we are encouraged to see this significant first-step.” -- Jon Kest, executive director of New York Communities for Change, a coalition of low- and moderate-income working families fighting for social and economic justice throughout New York State, quoted in Move Your BIG Money by Katrina vanden Heuvel (The Nation 2010-07-15).

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