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Press Release: Rainbow Push Coalition And LULAC Urge Congress To Act Now On America’s Economic Crisis. September 30, 2008 For more information contact: Washington, DC –President and founder of the Rainbow PUSH Coalition, Rev. Jesse L. Jackson Sr. and the League of United Latin American Citizens President, Rosa Rosales, issued the following statement on the economic plan that failed in Congress by a vote of 205-228. “We call on Congress to pass a bill that will protect homeowners and American families, strengthen our financial system, and re-regulate the industry to ensure that the financial recklessness and predatory practices that led to this crisis are never repeated. LULAC wants to ensure that there are enough safeguards to protect the working class,” said LULAC National President Rosa Rosales. For several years, Rev. Jackson and President Rosales have called upon policy makers to address the rising number of foreclosures and the disproportionate number of risky sub-prime loans in the city's African-American and Hispanic communities “Congress should be bailing out the homeowners and families who are forced into homelessness due to rising mortgages," Jackson said. “The bill should mandate a moratorium on foreclosures in order to restructure and modify loans so that homeowners can afford their payments.” Many of the victims of subprime prime lending scheme have been single women, seniors on fixed incomes, young couples, Latinos and African-Americans. Both LULAC and the Rainbow PUSH Coalition are working hard to ensure that banks will assist families who want to renegotiate their loans. If the American people are being asked to pay for the solution to this crisis, their tax dollars must be protected. The Rainbow PUSH Coalition and LULAC are challenging plans that bail out the rich, without addressing the problems faced by the poor and the middle class. Congress cannot just bail out Wall Street and ignore Main Street. The federal government cannot just bail out banks and ignore homeowners, consumers and workers. The bailout must be passed quickly to stave off a depression, but it must be fair and balanced so that all Americans affected by this crisis receive relief. Both organizations strongly urge Congress to pass a bi-partisan economic recovery plan this week that addresses the needs of low income and middle class families. President Rosales and Rev. Jackson are also calling on Congress to hold hearings that will address the plight of homeowners and the lack of financial literacy programs for Hispanic and African-American communities. The Rainbow Push Coalition is a progressive organization protecting, defending, and expanding civil rights to improve economic and educational opportunity. The League of United Latin American Citizens advances the economic condition, educational attainment, political influence, health and civil rights of Hispanic Americans through community-based programs operating at more than 700 LULAC councils nationwide.
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