Obama Calls for a 90-Day Moratorium on Foreclosures
Date: Tue 10/14/08 10:44 AM

For Immediate Release

Press Statement
Tuesday, Oct. 14, 2008

Event: Moratorium Now! Demands Freeze on Foreclosures
Obama's Call for 90-Day Halt Must Be Implemented
Contact: Moratorium Now Coalition to Stop Foreclsoures &
Evictions, 313.671.3715, 887.4344
E-mail: moratorium@moratorium-mi.org
URL: Moratorium NOW! Coalition to Stop Foreclosures and Evictions in Michigan

Senator Obama's Call for 90-Day Moratorium Must Be Implemented Now!
Moratorium Now! Calls for Passage of SB 1306, Imposing a Two-Year Halt
to Foreclosures and Evictions

Sen. Barack Obama, the Democratic presidential candidate, called for a
90-day moratorium on foreclosures in a speech delivered in Toledo, OH on
October 13. The Moratorium Now! Coalition to Stop Foreclosures and
Evictions has been calling for a freeze on home seizures by the banks
for several months. We support the immediate passage of SB 1306 which
would impose a two-year moratorium on foreclosures in Michigan.

The bailing out of the financial institutions, including the banks and
investment firms is being carried out with taxpayer dollars, while no
plans are advanced by the Bush administration and Congress to assist
homeowners and renters who face eviction and economic ruin every day.
Our main slogan is: "Bailout People, Not Banks!"

Earlier this month Congress voted to hand over at least $700 billion to
Wall Street. The defense budget is over $600 billion, outstripping all
other military spending throughout the world combined. At the same time
the government is taking taxpayer dollars to purchase shares in
financial institutions in an effort to shore up their failed policies.
Yet there are still no local, state or federal initiatives to provide a
moratorium on foreclosures and evictions, a jobs program and funding for
other social needs.

The Moratorium Now! Coalition to Stop Foreclosures and Evictions is
calling for a citywide demonstration on Monday, Oct. 27 beginning at the
Spirit of Detroit outside the CAYMC on Woodward at Jefferson at Noon. We
will be demanding that Interim Mayor Cockrel immediately declare a
"State of Economic Emergency" in Detroit so that he can apply to Gov.
Granholm for an automatic moratorium on foreclosures and other

We have delivered two letters to Interim Mayor Cockrel outlining our
request. We are demanding speedy action on this economic crisis that is
worsening daily in the city of Detroit.

On Oct. 27, marchers will walk through the financial district calling
for a halt to foreclosures. It is the failed policies of the financial
interests that has resulted in the collapse of millions of households
throughout Michigan and the United States.

We strongly feel that the tax dollars taken from the people must not be
sent to the Wall Street bankers who created this crisis, but it should
be utilized to provide housing, energy guarantees, quality education,
jobs and health care to the millions affected by the present economic
DETROIT, MI 48202-- E MAIL: ac6123@wayne.edu