To: Wall Street, Big Banks & Greedy Investors
Fight the banks! Save our homes! Demand justice!
I stand with homeowners against Wall Street, the big banks, greedy investors and their lobbying group SIFMA! Local leaders have a right and a responsibility to protect the public interest, public revenue and the future of our communities. I support principle reduction strategies to fight the foreclosure crisis and keep families in their homes – including the use of eminent domain to seize underwater mortgages from big banks.
Why is this important?
Wall Street and the big banks engaged in predatory lending and pushed working families into mortgages they knew they couldn’t afford. The housing bubble and the subsequent foreclosure crisis, created by Wall Street, has destabilized communities and pummeled municipal budgets across New Jersey. We can no longer wait for action at the federal level to hold banks accountable. Our communities need to protect the public interest now.
NJ Communities United is actively organizing homeowners in cities around the state to demand urgent action by local elected leaders to end the crisis, keep families in their homes and protect the public good of our struggling communities. Specifically, homeowners and advocates are urging New Jersey cities to pursue principle reduction strategies for homeowners whose mortgages are underwater - including the use of eminent domain.
Historically, eminent domain has been used against working-class communities to make way for large development projects that profit investors and banks. Angry that this tool is being used against the banks, Wall Street predictably filed a lawsuit against the city of Richmond, CA calling the use of eminent domain “unconstitutional,” even though there are multiple court rulings that support its use in similar circumstances.
We are certain that Richmond, CA – and other cities considering eminent domain – have the constitutional right to seize underwater mortgages from banks that are unwilling to work with homeowners.
More than this, we believe in that the power of the people cannot be defeated! Thousands of homeowners are actively engaged in campaigns across the country to save their homes from greedy banks – and YOUR voice is central to this struggle!
In solidarity,
Trina Scordo
NJ Communities United
NJ Communities United is actively organizing homeowners in cities around the state to demand urgent action by local elected leaders to end the crisis, keep families in their homes and protect the public good of our struggling communities. Specifically, homeowners and advocates are urging New Jersey cities to pursue principle reduction strategies for homeowners whose mortgages are underwater - including the use of eminent domain.
Historically, eminent domain has been used against working-class communities to make way for large development projects that profit investors and banks. Angry that this tool is being used against the banks, Wall Street predictably filed a lawsuit against the city of Richmond, CA calling the use of eminent domain “unconstitutional,” even though there are multiple court rulings that support its use in similar circumstances.
We are certain that Richmond, CA – and other cities considering eminent domain – have the constitutional right to seize underwater mortgages from banks that are unwilling to work with homeowners.
More than this, we believe in that the power of the people cannot be defeated! Thousands of homeowners are actively engaged in campaigns across the country to save their homes from greedy banks – and YOUR voice is central to this struggle!
In solidarity,
Trina Scordo
NJ Communities United