Today America is in the grip of a devastating economic recession which borders on the verge of becoming a second Great Depression. While blame for the financial crisis can be laid, to one degree or another, at the feet of many groups, finger pointing does not solve the crisis. We are far beyond the blame game at this point. Prompt, direct and decisive action, without regard to blame, is urgently required.

Housing values are now in free-fall and millions of Americans now owe more on their homes than they are worth. Foreclosures are at an all time high and home ownership, once the brightly burning beacon of the American Dream, is little more than a barely flickering match, in danger of being extinguished by the next breeze of continuing economic decay. Common sense therefore dictates that for the good of the American People Congress must implement measures designed to actively and directly stem the continuing loss of value in American homes. This massive loss of wealth, substantially more than $2.6 trillion dollars to date, affects every single American family that still owns their home. This is not just a subprime problem but a truly American t tragedy that will only get worse unless we act now.

Judicial modifications of residential mortgages in bankruptcy courts will be an important step in dealing with this crisis. Both homeowners and lenders will be treated fairly with the oversight of Bankruptcy Judges. Lenders will restore paying loans to their books instead of continuing to choke on the ever growing glut of bank-held real estate that continues to lose value and that continues to result in the loss of value for those homeowners who are still financially able to make their contract mortgage payments. Homeowners will not lose their homes to foreclosure. Real estate values will stabilize and the markets will again become active spurring increased activity that is vital to many sectors of the American economy. The tax revenues of thousands of cities and towns and counties will be restored and the drain on their budgets from protecting thousands of vacant homes will be eliminated. And, best of all, it is the only solution that costs the American taxpayers NOTHING.

We cannot rely on the promises of the lenders and their servicers to provide voluntary solutions. What little they have offered on a voluntary basis has been ineffective. The time for meaningful and effective modification to save the American Home has come. Promises to do the right thing are no longer sufficient. We need action and we need it now.

On March 5, 2009 the United States House of Representatives stood with the American People and passed the Helping Families Save Their Homes Act of 2009" which will permit Bankruptcy Judges to modify home mortgages. The Senate must now vote on a similar Bill. Our Senators must disregard petty politics and the same old way of doing business in the Congress and stand with the House and the American people.

WE, THE AMERICAN PEOPLE, THEREFORE RESPECTFULLY ASK EVERY MEMBER OF THE UNITED STATES SENATE TO PUT POLITICS, PARTY LOYALTY, AND FINANCIAL SECTOR LOBBYISTS AND BLAME ASIDE. WE ARE ASKING YOU TO STAND IN FAVOR OF THE AMERICAN CITIZENS AND AMERICAN HOME OWNERSHIP BY SUPPORTING BANKRUPTCY MORTGAGE MODIFICATION AS THE ONLY COMMON SENSE, AND TAX-FREE, SOLUTION TO THE HOUSING AND FORECLOSURE CRISIS.