Housing Crisis Action
'I’ve seen the housing crisis devastate Richmond’s neighborhoods. I’ve felt the heartache of families who were evicted from their homes. Over half of our homeowners are underwater, and the threat of foreclosure still looms over far too many homeowners. We’re saying enough is enough. We are determined to work to save our communities, and Richmond CARES can begin to fix what Wall Street broke.'
Mayor Gayle McLaughlin of Richmond, California, the first
U.S. city to offer to purchase underwater mortgages from
bondholders and consider the use of eminent domain in the
event that the bondholders do not agree to sell.