Support the campaigns to end foreclosures around the country
The foreclosure crisis is still hurting families and communities. Cities should be free to reduce foreclosures without interference from Wall Street.
Millions of Americans’ homes are foreclosed or underwater. The banks refuse to negotiate fairly. But now communities are fighting back with a local solution.
Here’s how: We’re wresting control from big Wall Street banks and restoring our communities’ wealth with innovative solution to keep struggling families in their homes: Local Principal Reduction (LPR).
In a Local Principal Reduction program, the city works with private investors to acquire a set of the worst, hardest to fix underwater mortgages (called “Private Label Securities” or PLS) and refinances them to restore home equity. (See the video below.)
If banks refuse to cooperate, cities may use their legal authority of eminent domain to buy the bad mortgages at fair market value and then reset them to current value.
Local Principal Reduction has been pioneered in Richmond, California, and is gaining traction across the country. Wall Street lobbyists are using scare tactics to try to block LPR programs.
Here's where you come in. We’ve got the people and communities. But we need to show new cities that want to try this and Wall Street bankers who want to stop it that we have support from around the United states! Please add your voice to the thousands already fighting to end foreclosures and keep struggling families in their homes.
There are roughly 10,000,000 underwater homeowners in the United States. JOIN US!