To: Richmond City Council, Jim Rogers, Councilmember, and Jael Myrick, Councilmember
Tell the Richmond City Council: Don't bow to Wall Street intimidation
The housing crisis has taken a big toll on Richmond. We need strategies to prevent foreclosures, restore community wealth, and improve home values. Richmond CARES (Community Action to Restore Equity and Stability) does this. Thank you for supporting this important effort to address the housing crisis. Please continue standing up to Wall Street and standing up for the people of Richmond by supporting Richmond CARES.
Why is this important?
Richmond, California has Wall Street terrified. The City is planning to help some of the 46% of city homeowners currently underwater by offering to buy distressed loans from the Wall Street bankers who own them, then reset the mortgages to current market value. If the banks refuse, the City will consider using eminent domain to acquire the loans, still paying fair market value to the banks. This historic action is called Local Principal Reduction, and if it works in Richmond, it could help stop the housing crisis around the country.
On August 7, Wells Fargo and Deutsche Bank filed a baseless lawsuit and began a campaign of intimidation to scare Richmond out of standing up for homeowners. Tell the Richmond City Council to keep moving forward with the Richmond CARES program and not bow to Wall Street intimidation.
On August 7, Wells Fargo and Deutsche Bank filed a baseless lawsuit and began a campaign of intimidation to scare Richmond out of standing up for homeowners. Tell the Richmond City Council to keep moving forward with the Richmond CARES program and not bow to Wall Street intimidation.