The 99% and Our Homes
December 07 2011
By Nancy Wilberg-Ricks, Policy Analyst, Wealth-Building Policy Project, NCLR
Tuesday, December 6, was the Occupy Our Homes National Day of Action during which participants joined a movement to stop wrongful foreclosures. This growing public response sends a message to the homeowner who up until now thought that he was alone in fighting to protect his home. This Occupy movement is helping families learn more about their consumer rights and how they might have a chance to reclaim their hard-earned investments.
NCLR has long known the value of empowering America’s homeowners. For more than a decade it has deployed well-trained housing counselors to work as liaisons between prospective homebuyers, homeowners, and their lenders. Counselors have helped tens of thousands of families find responsible loans and avoid unsustainable terms. For many, a counselor’s guidance made all the difference in surviving the housing crisis.
An informed consumer base can only do so much, though. The 99% needs principal reductions. Many even within the industry understand that this is a vital step that we must take to stabilize the market. This makes Ed DeMarco’s efforts that much more bewildering. Instead of trying to aid homeowners, DeMarco is seeking to expedite foreclosures. Such a head-in-sand approach is disturbing and pushes housing reform that much further out of our grasp.
Something’s gotta give. Yesterday’s Occupy pledge to resist eviction and foreclosure auctions shed light on the dire need for deeper reform to stem the industry’s vast misconduct. The American public has grown tired of such tactics. If our leaders continue to stall recovery, voters will be sure to show their dissatisfaction at the polls.
Issues: Foreclosure, Federal-Level Advocacy, Harnessing Political Power, Housing, Wealth Building
Geography:California, Far West, Midwest, Northeast, Southeast, Texas