Statement of SEIU Secretary-Treasurer Anna Burger on the Senate’s Proposed Foreclosure Prevention Act

“Reward The Perpetrator, Blame The Victim”: A Compromise Not Worthy Of Celebration

April 07, 2008 -- WASHINGTON, DC—“This legislation—source of much high-fiving and back-patting in Congress—is a slap in the face to homeowners and taxpayers. It’s both revealing and disappointing to see what Republican and Democratic members of the U.S. Senate could and could not agree on:

“They could not agree that bankruptcy judges should be empowered to adjust mortgage rates to aid struggling homeowners. In fact, they could not come up with a single proactive measure to stem the flood of foreclosures.

“The policy they could agree on is dispiriting: Reward the Perpetrator, Blame the Victim. This ‘compromise’ is morally reprehensible and economically irresponsible. It perpetuates the gross power imbalance that got us into this mess. Students of dramatic irony, take note: according to the Senate’s idea of ‘justice,’ the very architects of the housing disaster—corporate home builders, mortgage lenders, and big banks—are invited to wash away the consequences of their bad behavior with more than $6 billion in ‘carry back’ tax refunds, while taxpayers who played by the rules and homeowners who followed the advice of ‘experts’ are left without hope or help from the Compromising Congress.”

Source: SEIU

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