Rev. Jackson Vociferous Against Foreclosures

Posted in Foreclosure, January 23rd, 2008 |

Baltimore city had filed a suit alleging predatory lending targeting blacks. A week later Rev. Jesse Jackson consulted the religious leaders of Baltimore about taking action to save house owners from the clutches of foreclosures. Jackson wanted the clergy to pressurize the banks to put a hold on foreclosures and modify loans so that the payment amount remained affordable. If foreclosures were not checked the fall out on the general economy would be disastrous – Jackson warned. He categorized that “whole cities are sinking beneath this poison pill” because the government has allowed such a thing to happen. He was speaking at Bethel AME church. He did not want the cities to keep things lying low – he wanted them to “fight back”. To focus on the foreclosure crisis Jackson is heading a march on Tuesday from the Washington centre of the Federal Department of Housing and Urban Development (HUD). Churches of Baltimore and other East Coast cities are expected to send busloads of participants.

Wells Fargo was served a legal notice by Baltimore city for selling more high-interest sub-prime mortgages to blacks than to whites. The city is reeling under a tax crunch because of foreclosed houses. Revenue that is being lost is hoped to be recovered from this legal suit. The president of the City Council Stephanie C. Rawlings Blake said that they are determined not to allow the banking group to get away with this sort of thing. Wells Fargo categorically denied the charge saying that their only consideration for advancing loans was credit history.

Monday was a holiday marking the birthday of Martin Luther King Jr. In the evening a rally will be held at AME Church to promote social positivism and also to chalk out the details of the following day’s march. The pastor of Bethel, Rev. Frank Reid III said that the people should know that they are not alone in their dark days. Reid stressed that it is regrettable that church members are losing their houses – all the more so because they have been waiting until the eleventh hour when it is too late. The shame is telling on the families and marriages.
Jackson told the members of the clergy who had assembled there to pressurize their elected representatives to take positive steps about his sub-prime action. The loss of tax revenue will adversely affect public education, transport and health amenities.