Richmond homeowners beat Wall Street bullies 4-3 Tuesday night, Sept. 10, the Richmond, California, City Council held a meeting packed with hundreds of community members, many of them in bright yellow ACCE T-shirts, who rallied to defend the Richmond CARES principal reduction plan that has inspired hope nationwide and a Wall Street-led campaign of threats, litigation and a deceptive election-style effort to sway public opinion. Late Tuesday evening after hearing testimony from 64 speakers, most of whom urged the Council to defy Wall Street and move forward with Richmond CARES, the City Council rejected a motion to cancel the program and voted 4-3 to form a Joint Powers Authority to enact local principal reduction, taking the next formal step to advance the plan. The Richmond CARES Program would utilize the local government’s ability to enact eminent domain to seize loans of underwater borrowers at current market value. The program is a partnership with MRP, Mortgage Resolution Partnership, a San Francisco based investment firm, which has committed to provide the capital and pay legal expenses if and when the City of Richmond is pulled into a lawsuit, to purchase the loans and resell the notes back to homeowners who have elected to be a part of the program at the current market value. For a city like Richmond, where 50 percent of borrowers are underwater, the program would provide the principle reduction that banks have actively fought against…….
Posted on: Tue, 17 Sep 2013 20:12:03 +0000
Trending Topics
Recently Viewed Topics
© 2015