Pledge not to buy a house until a moratorium is declared on foreclosures.
Banks are forcefully removing people from homes and foreclosing instead of relieving the homeowners of the bad mortgages to allow homeowners to remain in homes. --
Therefore, I pledge not to patronize banks like Bank of America, Wells Fargo Bank, Chase, City Group until these offending banks and/or the US Government declare moratorium on foreclosures. If I need to buy a home I will patronize a credit union or other community lending institution.
These banks sold bad mortgages to people and then got bailed out with taxpayer money. 60 % of people who received subprime loans qualified for prime loans, but were offered lower quality loans because brokers who peddled subprime loans received commissions of 0.50 percent of the loan's value, versus 0.20 percent on higher quality loans. In the United States, 18.5 million homes are vacant while 3.5 million people are homeless. Every 10 seconds, an American receives a home foreclosure notice (NPR). We need to join together and call for a moratorium on these forecloses.