Via ACCE Oakland:
The fight for widespread principal reduction is on, in Richmond California, and we need your help! The City, together with our community/labor/faith coalition, have a real shot at successfully standing up to Wall Street and launching a new Local Principal Reduction strategy that, once it spreads, could provide significant relief to tens of thousands of struggling homeowners.
As you’ve probably heard, Wall Street is throwing its full weight against Richmond in an attempt to stop the city from reducing the mortgage principal of underwater homeowners via the lawful use of eminent domain. Over the past 6 years, Wall Street’s reckless practices have devastated millions of lives and our national economy, and now the big banks are spreading truly absurd lies in an effort to intimidate Richmond into backing down and abandoning its plan. (They’re sending direct mail, launching deceitful websites, filing lawsuits, and trying to pressure the city financially).
On September 10, the Richmond City Council will take a crucial vote about moving forward. It is essential that we win this vote.
We need to show our allies (and the swing voters) on the Richmond City Council that we’ve got their backs. Every public expression of support will bolster their confidence in the face of intimidation tactics by Wall Street.