Friday, April 30, 2010

Special Public Action to be held on May 2 in Los Angeles

Five-hundred leaders from One LA-IAF, a broad-based organization of 85 churches, synagogues, schools, unions and nonprofits in Los Angeles County will hold a Public Action from 2:30-4 p.m. on May 2 at Harmony Elementary School in Los Angeles (899 E. 42nd Place).

The question that will be asked of bank executives and public officials will be What's the Future of South Los Angeles - Foreclosed or Revitalized?

One LA leaders and homeowners will provide evidence of the failure of banks and the government to address the ongoing foreclosure crisis in our communities. This failure to bring timely and sustainable solution to the foreclosure crisis has impacted our entire community. Unemployment, underemployment, the City budget crisis, layoffs and cutbacks in our schools are all directly related to this crisis.

What's needed is a plan of action to resolve the crisis that affects homeowners, home buyers, renters & landlords and local businesses in our community. One LA leaders have a solution: a Foreclosure Prevention Plan that requires banks to provide long-term, sustainable loan modifications and participate in mortgage principal reduction.

The City of Los Angeles has endorsed the solution and funded a pilot effort to implement it. Bank of America has agreed to test it out. One LA will call for public officials and bank executives to support the One LA Plan to solve the foreclosure crisis and reinstitute banking practices that make responsible credit available in South Los Angeles.

Confirmed guests include:

* Representatives from Bank of America, Chase and OneWest Bank;
* Los Angeles County Supervisor Mark-Ridley Thomas;
* Los Angeles City Councilmen Bernard Parks and Richard Alarcon.

The public is invited to attend this Public Action. Information: Father Tom Frank, SSJ, at 323-292-0781. The One LA-IAF web address is