Fire Dog Lake Email on Ellen Tauscher

President Obama says that allowing bankruptcy judges to write down mortgages is an important part of his plan to arrest the downward spiral of the foreclosure crisis, but corporatist members of Congress and bank lobbyists are trying to stop that.

For every foreclosure in a neighborhood, home values drop by an estimated 1%. Credit Suisse says that if judges have the ability to write down mortgages, it will stem the tide of foreclosures by 20% and it won't cost the taxpayers a single dime.

But banks want taxpayers to bail them out -- and members of Congress like former Wall Street investment banker Ellen Tauscher and her New Democrat Coalition are helping them.

http://firedoglake.com/2009/03/02/action-tell-speaker-pelosi-to-stand-up-to-ellen-tauscher-and-the-bank-lobbyists-she-represents/

They are bragging that Nancy Pelosi "buckled" under their pressure and now the bill is sidelined at a time when mortgage relief is desperately needed and time is of the essence.

Can you help?

Write a letter to the editor of your local papers (just enter your zip code) saying you expect your Member of Congress to represent you, not the banks, and you'll be watching to see if they oppose Tauscher and her bank lobbyist cronies:

http://action.firedoglake.com/page/speakout/Bankers

Sign a petition to Nancy Pelosi telling her not to "buckle" to pressure from bank lobbyists working through greedy corporatist Members of Congress, and to act swiftly to give judges the authority they need to write down mortgages:

https://secure.firedoglake.com/page/petition/BankLobbyists

It's time to let Congress know they need to represent the people who elected them, not bank lobbyists.

Thanks for your help,

Jane Hamsher and the Firedoglake Team

Accountability Now PAC

New PAC Will Use Primaries to Hold Incumbents to Account:

Effort Will Challenge Vulnerable Members of Congress Who Side with Corporate Interests Instead of Constituents

Click here to donate today!

Washington, DC — Accountability Now PAC announced its plans today to use primaries to hold incumbents to account for voting with corporate interests instead of their constituents. The new PAC is a grassroots effort devoted to compelling real accountability in Washington by closing the gap between citizens and their elected representatives in Washington, DC.

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In 2007, grassroots activists banded together to oust Al Wynn out of office, and it shook House Democrats to their core. Similarly, we learned in 2006 how even a primary challenge that does not win could change behavior, as Jane Harman has been more accountable to the concerns of her constituents after a tough primary race against Marcy Winograd.

Out of these recent lessons, diverse and politically powerful groups have decided to support Accountability Now’s efforts, such as MoveOn, the Service Employees International Union (SEIU), DailyKos, ColorOfChange.org, and Democracy for America, 21st Century Democrats and BlogPAC.