[Calpernia]

http://dpc.senate.gov/dpc-new.cfm?doc_name=lb-110-2-35
S. 2636, the Foreclosure Prevention Act of 2008

[Calpernia]

To date, the following groups have endorsed S. 2636:

· AARP

· ACORN

· AFL-CIO

· Black Leadership Forum

· CDFI Coalition

· Center for Responsible Lending

· Consumer Action

· Consumer Federation of America

· Lawyers Committee for Civil Rights Under Law

· Leadership Conference on Civil Rights

· National Association for the Advancement of Colored People (NAACP)

· National Association of Consumer Advocates

· National Association of Consumer Bankruptcy Attorneys

· National Consumer Law Center (on behalf of its low-income clients)

· National Council of LaRaza

· National Neighborworks Association

· Opportunity Finance Network

· Service Employees International Union

· United Auto Workers

· U.S. Conference of Mayors

[Calpernia]

Excerpt from bill:

Providing $4 billion in funding for communities to purchase and redevelop foreclosed-upon properties. Homes that have been foreclosed-upon and are sitting unoccupied on the market can sap neighboring homes of their value, and lead to a cycle of community distress. Title II of S. 2636 allows localities with the highest foreclosure numbers and rates access to Community Development Block Grant (CDBG) funds to use toward purchasing these properties, rehabilitate them if necessary and rent, re-sell or otherwise redevelop them. Productive occupancy of foreclosed homes will help stimulate economic activity and help prevent further loss of home equity in struggling neighborhoods.

/excerpt

I think these grants are already available. We have been putting bids in on short sales and the homes we have bid on to date have been bought out of foreclosure with no negotiations to the bidders and listed as new resales. I was wondering who was eating the debt.