In the 1960s activists marched for civil rights and to protest the Vietnam War. Now its the foreclosure crisis.
Community activist group Pico National Network is marshalling faith-based organizations and housing advocates for what it’s calling a national town hall meeting in Antioch, Calif. on Monday Oct. 27.
There they’ll meet with representatives of Wells Fargo Bank, Bank of America, the FDIC, and state and local officials to press for an end to foreclosures. On Nov. 17 the group will descend on Washington to meet with legislators and officials there.
Citing stats that say some 2.2 million people could lose their homes in the coming year as their toxic mortage rates jump, Pico’s leaders want a national policiy to renegotiate mortgage loans rather than foreclose. The program would resemble what the FDIC has been doing with IndyMac.
BusinessWeek editors Chris Palmeri, Prashant Gopal and Peter Coy chronicle the highs and lows of the housing and mortgage markets on their Hot Property blog. In print and online, the Hot Property team first wrote about the potential downside of lenders pushing riskier, "option ARM" mortgages and the rise in mortgage fraud back in 2005—well ahead of many other media outlets. In 2008, Hot Property bloggers finished #1 in a ranking of the world's top 100 "most powerful property people" by the British real estate website Global edge. Hot Property was named among the 25 most influential real estate blogs of 2007 by Inman News.