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Occupy Our Homes Protest Moves Into San Diego

Aired 12/6/11 on KPBS News.

San Diego homeowners rallied against the lingering mortgage crisis in downtown San Diego Tuesday as part of a national day pf protest.

— 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.

Foreclosed Home in Encinitas
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Above: Foreclosed Home in Encinitas

"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.

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Avatar for user 'eldonacton'

eldonacton | December 6, 2011 at 11:05 p.m. ― 5 years, 1 month ago

You will probably never see such a golden opportunity to refinance your mortgage loan in your lifetime, it is great time to check your rates are 123 Refinance check it for yourself

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