Advocacy Groups Mobilize Against Wall Street Bailout
Advocacy groups as diverse Democracy for America and the conservative anti-illegal immigration group ALIPAC are speaking out against the proposed bailout for Wall Street. A national homeowners group says the plan rewards predatory lenders. And all of the groups are mobilizing their members to lobby Congress. The Neighborhood Assistance Corporation of America - or NACA - has 500,000 members it hopes will call Congress and demand a stop to the bailout plan, which would spend $700 billion rescuing lenders from bad mortgage debt. "The problem's not that these companies are going under," says Charlotte-based Eric Exum, is a national director for NACA. "The problem's that homeowners can't afford their mortgages. As long as homeowners can't afford their mortgages, we're gonna continue to have foreclosures. So you're not solving the problem by bailing out these banks." Exum says Congress should spend $700 billion making mortgages more affordable for homeowners on the brink of foreclosure. A range of liberal and conservative advocacy groups are also opposed to the bailout plan. But top government officials warn a recession is more likely if Congress doesn't quickly approve it.