Tuesday, December 6, 2011
San Diego homeowners rallied against the lingering mortgage crisis in downtown San Diego Tuesday as part of a national day pf protest.
SAN DIEGO Occupy our homes day was designed to focus attention on how big banks are mishandling the mortgage crisis. Several homeowners in the midst of the foreclosure process say they'll stand up against efforts to take away their homes. The local day of protest was part of a national effort to reclaim democracy.
"Because of Occupy," said David Lagstein, protest organizer. "Because of families that have stood up all across the country, that are resisting foreclosure, which is a really brave thing to do, people are inspired by this and are taking action."
More than two million California homes are worth less than the mortgages held by banks. Big banks can still fix the problem, by reducing the principle owed on mortgages, according to Lagstein, because homeowners should not take responsibility for a crisis that created by big banks.
"The banks have the ability to do the right thing," said Lagstein. "They can reduce the principle for homeowners, down to the current value. They can institute a moratorium on foreclosures until homeowners and renters facing foreclosure in California are actually guaranteed due process."
The protest came as California's Attorney General Kamala Harris announced a plan to work with Nevada's Attorney General to investigate mortgage fraud in the two states. Both states were devastated by falling home values during the economic downturn.