Bailed-Out Banks Urged to Provide Foreclosure Help
U.S. Senator Dick Durbin, D-IL, is urging banks that received billions in government bailouts to help homeowners facing foreclosure.
Durbin and a group of supporters plan on protesting the American Bankers’ Association’s annual meeting, which is being held in Chicago this week.
Durbin and some 500 protesters accuse the ABA of lobbying against banking reform, including a proposed Consumer Financial Protection Agency, despite the organization’s members receiving billions in federal bailout dollars.
Protesters from around Illinois and the country tried unsuccessfully to crash the ABA conference’s opening ceremonies Sunday morning in downtown Chicago.
Several initiatives, including the Home Affordable Modification Program have been enacted under the Obama administration to help homeowners in financial distress, with varying degrees of success.
