Washington, DC—The National Council of La Raza (NCLR), the largest national Hispanic civil rights and advocacy organization in the United States, today called on Congress to include relief for homeowners in the Wall Street rescue plan to be voted on this week. Although the crisis on Wall Street will be the focus of legislative hearings in the Senate today and in the House of Representatives on Wednesday, September 24, Congress must not ignore Americans facing foreclosure, NCLR warned.

“While many are focused on providing relief to Wall Street, NCLR is concerned that millions of foreclosure-plagued American homeowners are at risk of being left behind,” said Janet Murguía, NCLR President and CEO. “It is irresponsible public policy to ask taxpayers to foot the bill for a Wall Street rescue package while simultaneously denying them a sustainable response to the devastation rising foreclosure rates are having throughout the country.”

While the proposals continue to evolve and be debated, a pro-homeowner bill must include a model for the broad, systemic modification of failing mortgages, which is the best way to keep working families in their homes.

“Unless we respond to the needs of millions of struggling homeowners, a rising inventory of foreclosed homes will continue to overload the market, pushing housing prices down even further,” concluded Murguía.

Other important homeowner protections Congress must consider include:

• Requiring loss mitigation as a precursor to foreclosure
• Permitting courts to modify home loans as part of bankruptcy proceedings
• Supporting financial and homeownership counseling programs

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