Stand with Richmond, CA as they fight Wall Street to implement Local Principal Reduction
"I stand with the people of Richmond in their historic action and demand Wall Street bankers sell the 626 underwater loans to the City to help keep struggling families in their homes."
To stem the foreclosure crisis - costing $242 million in 2012 - and help some of the 46% of city homeowners currently underwater, Richmond, CA is taking historic action by offering to buy distressed loans from the Wall Street bankers who own them. Support this bold action of Local Principal Reduction as a first step for stopping the crisis around the country.
UPDATE: On August 7, Wells Fargo and Deutsche Bank, with the support of the securitizers' lobbying group SIFMA, sued the City of Richmond to stop them from implementing Local Principal Reduction and keep themselves and other Wall Street criminals from facing eminent domain. Richmond needs your support more than ever!