NEW ORLEANS – ACORN chapters across the country will stage events on Tuesday, Nov. 25, presenting ACORN "Turkey of the Year 2008" awards to companies and politicians whose inaction is preventing the kind of serious, structural changes needed to solve the enormous foreclosure crisis we face. Just in time for the holidays, ACORN is engaging in a major push for solutions to the foreclosure crisis so that more families can spend the holidays in their homes with loved ones instead of being foreclosed.

"President-elect Barack Obama knows that the foreclosure crisis is at the root of our broader economic ills," said ACORN President Maude Hurd. "Those in charge are still helping the industry instead of helping homeowners. The change we need will prioritize the needs of homeowners, like Obama's great proposal for a 90-day moratorium on foreclosures."

ACORN is calling for three specific actions to start solving the foreclosure crisis:

1) Heed Obama's Call for a 90-Day Moratorium.  President-elect Barack Obama has called for a 90-day moratorium on foreclosures to help keep families in their homes and work out modifications that will permanently prevent unnecessary foreclosures. Citi, for one, recently announced that it would implement a 90-day foreclosure moratorium for mortgages it owns. Financial institutions and governments should heed this call and use the time to systematically modify all delinquent mortgages down to terms affordable to the homeowner.

2) Enact Sheila Bair's Proposal for 2.2 Million Modifications.  FDIC Chairman Sheila Bair has proposed using as little as $25 billion of the $700 billion bailout to guarantee up to half of the loss that may result from re-defaults after a modification. This insurance would help facilitate an estimated 2.2 million modifications, which would have to reduce all housing costs down to 31% of a borrower's monthly income to qualify.

3) Enact bankruptcy protections for principal residences to allow judicial modifications. Congress must close the loophole that allows the wealthy to protect their vacation homes and yachts while leaving those who only own one home out in the cold. This simple change would help an estimated 600,000 homeowners keep their homes and avoid foreclosure through loan modifications to truly affordable terms.

"Wachovia's new corporate family has received at least $50 billion in bailout cash and tax breaks, yet has refused to agree to a foreclosure moratorium or any automated restructuring of troubled loans," Hurd said. "What a turkey! We need real change from the industry and government, because more of the same means more foreclosures, further declining property values, and a longer recession. ACORN will keep fighting every day to save homes and get our economy working again for working people."

Add your voice to those calling for this sensible and important step toward solving the foreclosure crisis.  Click here to view and sign the petition!