Last year, something amazing happened. One city, Richmond, California, stood up to Wall Street bankers and created their own program for taking on the foreclosure and underwater mortgage crisis. ACCE has been at the forefront of this effort. Watch this video to see what happened next.
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. 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 funds to keep fighting. Anything you can give helps, even $5. There are roughly 10,000,000 underwater homeowners in the United States. If we all chip in we can win. JOIN US!… (more)