Faith Groups Hail Passage of Financial Reform Legislation

Call legislation important first step towards holding banks accountable for
irresponsible, greedy behavior;

Lift up new loan program for unemployed homeowners facing foreclosure

 WASHINGTON, DC - Faith and community leaders from the PICO National Network - an alliance of 1,000 congregations from 17 states - applaud today's passage of legislation to rein in the greedy and irresponsible behavior of the nation's biggest banks.

"Legislation will put in place protections to bar banks from making the types of predatory loans that robbed working families of generations of wealth and ultimately led to the financial crisis and widespread unemployment," said Rev. Lucy Kolin, pastor of Resurrection Lutheran Church, a member of PICO affiliate Oakland Community Organizations in Oakland, CA.  "While this is a huge step forward, we still have a lot of work to do to make our financial system work for all Americans and not just those on Wall Street."

After an intensive grassroots campaign by PICO and other housing organizations, the legislation will also create a new $1 billion loan program to help families who have lost their jobs as part of the recession to pay their mortgages until they find new work. 

"We are breaking the link between losing your job and losing your home," added Rev. Kolin.

"The elected officials in Congress who voted on the side of the American people have given hope that my community will once again become more livable for families and small businesses," said Rev. Stevie Wakes, pastor of Olivet Institutional Baptist Church, a member of PICO affiliate Communities Creating Opportunity in Kansas City, KS.  "Economic pressures caused by the irresponsible and reckless behavior of the nation's biggest banks have been taking away our homes; stealing our jobs, income, and even part of our identities; denying us of family vacations away from the hustle and bustle; and even wiping out our retirement savings.  Finally, the pendulum is starting to swing back in the direction of families and communities."

For more information on PICO, visit www.piconetwork.org

Timothy Lilienthal
Communications Coordinator
PICO National Network - Unlocking the Power of People

413-537-0631| tlilienthal@piconetwork.org