 NEDAP News | Vol. 3 Issue 9 | September 2008
Welcome to the September 2008 edition of NEDAP News
What a Month...
The economic crisis continued to worsen in September. We saw the largest bank failure in U.S. history, among a series of massive failures of major banks, insurance companies, and investment houses. We witnessed the federal government's takeover of Fannie Mae and Freddie Mac, and approval of the Bush Administration's plan for unprecedented bailout of Wall Street.
The new plan bails out Wall Street with hundreds of billions in taxpayer dollars, with no assurances that it will even address the credit crisis. Despite the massive collapse of the financial system, the bailout fails to address the deregulation and lack of accountability at the root of the meltdown, and does nothing for homeowners and communities in distress. (Click here to read NEDAP's statement on the bailout.)
NEDAP is working with allies in NYC and across the country to press for systemic restructuring of our financial services regulatory system, effective foreclosure prevention strategies, passage and enforcement of responsible lending laws, and accountability by government actors around the bailout. NEDAP is also working to debunk the increasing and disingenuous rhetoric suggesting that the credit crisis was caused by the Community Reinvestment Act and other policies to promote fair credit access.
We have more than our share of work cut out for us - please contact NEDAP to get involved!
NYS Gov. Paterson Signs Exempt Income Protection Act!
In September, New Yorkers scored a major legislative victory with Governor Paterson's signing of the Exempt Income Protection Act. The landmark law closes a procedural loophole that had allowed debt collectors to freeze the bank accounts and seize the subsistence income of tens of thousands of seniors, veterans, people with disabilities, and lower income New Yorkers. NEDAP led efforts, along with members of New Yorkers for Responsible Lending, to educate policymakers and the public on the need for such a strong state law. NEDAP Senior Staff Attorney Claudia Wilner expects the new law will "eliminate the abusive freezing of bank accounts by debt collectors, a practice that had plagued so many low income New Yorkers, leaving them with no money to pay for food, rent or medicine."
Community Training and Advocacy Highlights
In September, NEDAP:
- Led an all-day capacity-building training for foreclosure prevention counseling and legal services organizations, in conjunction with Legal Services for NYC, NHS of NYC, and the Center for NYC Neighborhoods.
- Submitted a request for a public hearing and comments to the Office of Thrift Supervision on Republic Bank and Trust Company's application for a change of charter.
- Trained Manhattan Supreme Court judges on NYS' new Foreclosure Prevention and Responsible Lending Act of 2008.
- Led community workshop sessions on:
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Immigrant banking rights, in Spanish, in partnership with the New Americans Program at Queens Public Library, in Jackson Heights
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Predatory mortgage lending and real estate practices that target first-time homebuyers, for 80 prospective homebuyers at Margert Community Corporation in Far Rockaway, Queens
- Credit reports and repair issues, for the Center for Independence of the Disabled, NY
- Appeared in various media outlets, including:
NEDAP is Hiring!
Do you - or does someone you know - want to work at a dynamic economic justice organization? NEDAP is hiring an office manager. Click here for job posting!
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