Rev. Jesse Jackson, Other Leaders Discuss Foreclosure March On Wall Street December 10th

CHICAGO (December 5, 2007) Rev. Jesse L. Jackson Sr., founder and president of the Rainbow PUSH Coalition, and representatives of NAACP, Urban League, SEIU and Transport Workers Local 100 will participate in a conference call today to discuss action plans to address the crisis of housing foreclosures and the risk of recession.

Rev. Jackson along with a coalition of conscience leaders will host rallies across the nation and on Wall Street in New York City on December 10, 2007, to put pressure on the corporate community to address the needs of Americans who have been devastated by the foreclosure crisis.

“Two million homes nationwide will be at risk of foreclosure by 2008,” Rev. Jackson said. “We need to restructure loans to avoid these foreclosures. Without it, the country is bound to go into recession.”

Rev. Jackson appeals to Wall Street leaders to create long-term restructured mortgage repayment plans for squeezed homeowners. He has toured Michigan, Georgia and California in recent months to investigate victimization of homeowners by “schemes and unfair practices that have gouged many hard-working Americans.”

Rev. Jackson also met with Federal Reserve Chairman Ben Bernanke and leaders from Congress to discuss proposals to help homeowners struggling with mortgages they can't afford, and to press for relief for homeowners via consumer-oriented legislation and policies.

“This is not about literacy, not about ignorance,” he says. “Most foreclosures result from shady products that have been promoted by subprime lenders ultimately financed by Wall Street.” According to RealtyTrac’s September 2007 Foreclosure Market Report, the top 11 states with foreclosuresare:

► Nevada reported 5,504 foreclosures in September up 187 percent from September 2006 and 1 foreclosure filing for every 185 households.
► Florida reported 33,354 foreclosures in September up 158 percent from September 2006 and 1 foreclosure filing for every 248 households.
► California reported 51,259 foreclosures in September up 246 percent from September 2006 and 1 foreclosure filing for every 253 households.
► Michigan documented a monthly decrease in foreclosure activity for September, however reported over 14,000 foreclosures for the month.
► Arizona reported 8,062 foreclosures in September up four percent form September 2006 1 foreclosure filing for every 316 households.
► Georgia reported 11,926 foreclosure filings, down 14 percent from the previous month but still the sixth highest state total.
► Ohio reported 15,709 foreclosures in September up 131 percent from September 2006 and 1 foreclosure filing for every 319 households.
► Colorado reported 6,290 foreclosures in September up 246 percent from September 2006 and 1 foreclosure filing for every 326 households.
► Texas documented a monthly decrease in foreclosure activity for September, however reported over 14,000 foreclosures for the month.
► Indiana reported 4,430 foreclosures in September up 11 percent from September 2006 and 1 foreclosure filing for every 615 households.
► Illinois reported 8,257 foreclosures in September up 33 percent from September 2006 and has documented a month-to-month increase in foreclosure activity for the past year.

Source: Rainbow PUSH Coalition

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