Principal reduction for struggling homeowners is becoming an increasingly important front for consumer advocates concerned with financial services, representatives of activist groups said on Thursday.
“The stars are aligned with us,” said Brian Kettenring an organizer for the Campaign for Fair Settlement, a Rockefeller Family Fund-backed initiative encouraging activists to pressure banks to reduce foreclosures.
Part of the developing progressive pressure for principal modifications is coming from the Home Defenders League, a collection of 20 groups in nearly 20 states that was rolled out in May with an aim of building a national movement of hard-hit homeowners who owe more than their properties are worth., Their intention is to make mortgage relief an issue in the November elections.
On another tact, a San Francisco-based firm called Mortgage Resolution Partners is pushing cities and counties to consider using eminent domain to seize mortgages that exceed the value of what homes
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