Let's pack the hearing room! Councilman Bill Henry's resolution in support of local principal reduction comes to a hearing in the Housing and Community Development Committee:
Wednesday, January 22
Gather 4:30pm (hearing begins at 5pm)
4th floor, outside the City Council Chamber
100 N Holliday St. Baltimore
While foreclosures are down nationwide, Maryland has seen foreclosures skyrocket 275%, according to RealtyTrac, comparing July 2013 to a year earlier. When it came to overall foreclosure activity, including default notices, scheduled auctions and bank repossessions, the state had the second highest foreclosure rate in the nation, after default-riddled Florida.
The spike comes despite state efforts in recent years to slow foreclosures, including new laws giving homeowners rights to negotiate directly with lenders and aimed at stopping abuses. But huge numbers of underwater homeowners -- particularly in Baltimore and Prince Georges -- are still at risk and need relief.
Henry's resolution supports an innovative local principal reduction effort in Richmond, CA that offers permanent relief -- and urges the Baltimore City council to consider a similiar effort. The basic approach creates a local fiscal authority that brings new investors to purchase underwater mortages at their current fair market price, and refinances people in stable, affordable mortgates that keep them in their homes!
Sadly, Wall Street banks and the Realtors Association are doing everything they can to stop this program. It seems like they benefit when more foreclosures and short-sales happen.
SO YOUR SUPPORT IS EVER MORE IMPORTANT! Please join us on January 22 at 4:30pm!
100 N Holliday St
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