To: The Colorado State Senate and Governor Jared Polis
Protect Colorado Homeowner Rights
Vote in support of House Bill 13-1249, the Colorado Mortgage Accountability and Housing Stabilization Act.
Why is this important?
The foreclosure crisis continues to spread like a virus throughout our neighborhoods. Foreclosure sales, vacant homes, and blight have spillover effects that are impacting our entire community. Surrounding home values have plummeted resulting in an upside down housing market.
Today, 20% of Coloradans are underwater on their mortgage – they owe more than their home is worth. They have collectively lost $9 billion in wealth. This loss of wealth means our families have less money to spend. The lack of middle-class purchasing power in this recession has been the trigger for our historic levels of unemployment and continued stagnant economy. The child poverty rate in Colorado has more than doubled since 2008. Additionally, the number of homeless children has risen 33% across the country since 2009 due to foreclosure crisis and the recession.
We are not even halfway through this crisis. In 2010 lenders filed 3.8 million foreclosures and 5.7 million were at imminent risk. By the time the crisis subsides it is projected that between 10 and 13 million families will lose their homes. We know how this happened. We can blame this crisis on abusive mortgage issuers, abusive and predatory mortgage practices, ineffective government oversight, and rampant and complex securitization with little accountability.
It is time to take action to stabilize the housing market and jump start the economy by preventing unnecessary foreclosures, by providing consumer protections and more integrity within a system that is currently biased towards the lender.
Sign this Petition to tell your State Senators to protect Colorado homeowner rights: