Last year, thanks in part to petitions signed and delivered and phone calls made by Home Defenders, one city, Richmond, California, stood up to Wall Street bankers and created their own program for taking on the foreclosure and underwater mortgage crisis.
Watch this video to see what happened next.
Richmond - and now other cities - worked out a proposal to "Local Principal Reduction" to acquire a set of the worst, hardest to fix underwater mortgages and refinance them to restore home equity. If banks refuse to cooperate, cities may use their legal authority of eminent domain to buy the bad mortgages at fair market value and reset them to current value.
Some people also call it “reverse eminent domain” because it is all about keeping struggling families in their homes. Unsurprisingly, this has a lot of Wall Street's most intransigent bankers upset and they are fighting this tooth and nail.
We believe this story has two possible endings.
In one, we get programs like Richmond’s implemented in every corner of the United States. In that case, Wall Street bankers have to deal with us, rather than dictate to us. Foreclosures go down, families stay in their homes, cities stabilize. We control our economic future.
In the other, Wall Street lobbyists scare every city in the country except Richmond from taking bold action to control their futures. Foreclosures go on, struggling families lose their wealth and their homes, and we fight hard for settlements that let bankers go free and don’t match the magnitude of the economic destruction they caused.
So we created a way for people around the United States to come together and fight for the first ending. It's called FightingForeclosures.org and it will allow anyone to stand up to Wall Street and help keep struggling families in their homes.
If enough people like you come together, then we'll win. We'll win the ability to control our economic future. We’ll be in charge. Wall Street lobbyists are trying desperately not to let this happen, including spreading fear and confusion to stop other cities from taking such a bold move.
Help us win. Please visit www.FightingForeclosures.org, watch the video, chip in a few dollars (whatever you can do helps) and spread the word.
We can beat the banks. We did it in Richmond. We can do it again. But we absolutely can’t do it without your help. With your help, we control our economic future and keep families in their homes. Without it… well, we’re already going down that road.
Click here to write the ending in which people win back their homes and their futures.