An alliance of hundreds of individuals and more than 30 faith, community and labor groups dedicated to stopping the foreclosure crisis.
The foreclosure crisis has hit Seattle hard – thousands of Seattle homes are currently underwater. Over 16,500 Seattle families have already lost their homes.
Seattle City Council recently passed a resolution to conduct a study analyzing the impact of the crisis on Seattle and outlining solutions to keep families in their homes.
The study’s author, Cornell University Law Professor Robert Hockett shared his findings with City Council on Wednesday September 11.
The solution that’s being pointed to across the country is principal reduction. Resetting homes to fair market value will ensure that homeowners aren’t paying more than their home is worth and will stimulate the local economy.