Here is a press release from another site that has a similar mission as ours . . . giving people a voice and a place to share their stories.
On Monday, March 22nd Shamethebanks.org was launched to give a voice to the millions of American’s fighting the banking system to save their homes, lower the interest on a credit card, advocate for student loan rights.
ShameTheBanks.org is a non-commercial website designed to give hope and empowerment to American families. The first release of the website is targeted on helping Homeowners by providing information and knowledge gleaned from multiple sources accessible in one central location. Further releases will target information regarding credit cards and student loans.
It is clear that Wall Street, the Banks, and the Loan Servicers are not concerned about the American Family: they’ve taken tax dollar bailouts to lobby and persuade elected officials for their own end, reward themselves with bonuses and salaries while Main Street families struggle to remain afloat.
The first release of ShameTheBanks.org carries a message to Congress and the Banking Institutions on the continued lack of assistance to millions of Americans suffering from the troubled economy and a Mortgage Modification Program that still has yet to help the 4 – 6 million Americans that it was proposed to assist.
According to the latest report by Treasury, just over 170,000 mortgages have been permanently modified. The banks and servicers who participated in the program have offered 1,354,350 homeowners trial modifications – a far cry from six million and a mere 12 percent of those have been converted to permanent modifications. The rest? Who knows?
It is estimated that homeowners have been bilked out of close to $4 billion in this way. A technique paid for by taxpayers. If they do get a modification, it can be nothing more than a difference of $20. The banks call that a modification and collect more taxpayer money.
The Congressional Budget Office reported that HAMP won’t even spend the full $50 billion it had allocated to helping homeowners. It will only spend $20 billion. That’s $5 billion less than the government spent saving the auto industry and only 3 percent of what it spent saving the banks.
With a mission to provide accurate, up to date information regarding Banking and Congressional issues ShameTheBanks.org does not share personal information with third parties. Instead, it offers a community where struggling families can take refuge and find relief (not shame or blame) by reading stories of real people and empowering themselves with resources.
Submitting stories is welcomed and encouraged. Visitors simply register and receive instructions on submitting their story.
ShameTheBanks.org was developed by Huffington Post blogger Richard Zombeck to bring national attention to the modification crisis that continues to plague millions of Americans. Richard is joined by writers with firsthand experience with Loan Modification, Credit Card and Student Loans. After repeated unsuccessful attempts with Congress, Government Agencies, the Banks and many other resources, this group is fed up and instead of giving up, created a community of support and empowerment.