The Rev. Jesse Jackson andRainbow PUSH Coalition have placed the mortgage foreclosure epidemic at
the top of their priority list of economic evils to slay. Jackson and
about 50 members of Rainbow PUSH held a rally and prayer vigil at the
Federal Reserve in Atlanta to protest the escalating number of homes
being put up for auction. The longtime civil rights leader took a swipe
at the past administration (and federal government) for gross
negligence for enabling banks and mortgage companies to dole out tens
of thousands of predatory, subprime loans, the single biggest factor
for the ongoing economic crisis. –terry shropshire
Conversely,
Jackson is pleading with the Obama administration to help convince
banks such as Citibank and Wells Fargo to take homes off the auction
block. Jackson spoke with rolling out about this ongoing dilemma:
What are the reasons for the current economic meltdown?
On one hand, Congress was on Wall Street fundraising or trying to get a
job on Wall Street. Congress gave the banks a pass. They did not
enforce fair lending laws. … On one hand, the banks were able to make
money off the lack of enforcement. And now they’re making money off the
bailout. The banks made money on both ends. They made money in
exploitation and money on bailouts. And meantime, 4 ½ million homes are
foreclosing a year. Twenty million [people] are underwater. The
bottom-line economy needs some relief.
Is President Obama doing enough to curtail the perilous downward spiral caused by escalating foreclosure rates?
Well, he’s doing his best. He’s doing it against a headwind. When he
puts [forth] a plan for health care bill for all Americans, they are
acting like he’s trying to kill old people. That’s just so wrong,
that’s just so mean, that’s just not right. It shows the extremes he’s
running up against. He put forth a desire to restructure loans and the
Senate votes against bankruptcy laws that allow people to modify loans.
So, the president is doing a great job but he’s just facing an uphill
battle and facing a headwind.
Should
members of hip-hop community take a stronger stance in the fight
against the mortgage foreclosures that are decimating cities and towns
nationwide?
The hip-hop community is [dealing with]
foreclosure as well. Hip-hop parents are losing their homes. So whether
you are hip-hop or whatever generation you perceive yourself to be,
there is no hiding place.
Who is benefitting from the economic crisis?
You know, banks are borrowing money at zero percent interest. Students
are being charged 8 percent. The banks and the government are making
money off of student loans and student loan defaults. We should reduce
student loan rates, reduce home mortgage rates and that would salvage
student[s] and salvage homes.
