MN Coalition for a People's Bailout

Stop Foreclosures and Evictions!

Two Important Legislative Hearings, Jan. 27th and Jan. 28th, 2010.

The Minnesota Coalition for People’s Bailout will have a bill to put a Moratorium on Foreclosures this year. We are calling it the “Foreclosure Moratorium, Neighborhood Stabilization and Tenant Protection Bill.” Already, there has been one success – we have secured two “pre-session” hearings. Because of the way the 2010 legislative session is shaping up, pre-session hearings are more important than ever. Please come to these hearings and show your support, for our bill, but of course for all the homeowners who are fighting their foreclosures!

1. Senate Hearing!
Wednesday, Jan. 27th, 2010
9:00 a.m. - press conference in room 125 of the state capitol building.
10:00 a.m. – room 123 of the state capitol building: Senate hearing of the Economic Development and Housing Budget Division and Health, Housing and Family Security Committee. At the hearing, we will have several testifiers on our bill for moratorium on foreclosures and evictions! Our chief author in the Senate is Sen. Scott Dibble.

2. House Hearing
Thursday, Jan. 28th, 2010
10:30 a.m. – In room 10 of the State Office Building. House hearing of the Labor and Consumer Protection Division and the Housing Finance and Policy and Public Health Finance Division. Again, we will have several testifiers on our bill for moratorium on foreclosures and evictions! Our chief author in the House is Rep. Jeff Hayden.

Check out our bill! It has a number in the house (HF-2604), but the Senate is not numbering bills yet.
http://tinyurl.com/ylh386m

Why this bill is needed: HF2604 puts a two-year moratorium on foreclosures. Homeowners are required to pay up to 40% of their income during the moratorium. HF2604 also makes it so that renters in foreclosed properties can keep their leases when a property is foreclosed on. Here are some basic arguments for this important piece of legislation.

Save our homes. The banks are stonewalling as people try to make adjustments to their mortgages. The programs we hear about that are supposed to help people help only a small fraction; these programs need major reform. We NEED a moratorium so people and banks have time to get together to work out a  deal. It just makes SENSE.

Save our Neighborhoods. When houses (or apartments) go empty, everyone suffers. Housing values go down and there are health and safety issues. Empty houses turn into trashed houses. Lower property values mean less money for local governments. Trashed houses mean less money when the banks try to re-sell the house. Keep people housed, keep properties maintained, and even keep some money going to the lender. A moratorium just makes SENSE.

Protect innocent renters. Renters need the option of keeping their existing tenancy in effect until they gives “good cause” to be evicted.  Many renters don’t even know their landlords are getting foreclosed on; they have been paying rent, assuming it was going to the mortgage. There are also cases where “landlords” take the security deposit and disappear! Let renters stay in their homes,paying a fair market rent to the forecloser, and being evicted only “for cause”, like not paying the rent or damaging the property.  That kind of stability for good renters is good for our neighborhoods and just makes SENSE.

For More Information: Minnesota Coaltion for a People’s Bailout – 612-822-8020 -

www.mn-peoples-bailout.org