Detroit Press Conference to Prevent Foreclosures and Save Our Communities

Abayomi Azikiwe covering the rally outside the home of Anthony King, with Jerry Goldberg in background, on Detroit's west side. King was evicted by US Bankcorp. The Moratorium Now! Coalition came to King's defense. (Photo: Alan Pollock), a photo by Pan-African News Wire File Photos on Flickr.

Rally / Press Conference to prevent foreclosures and save our homes and communities!

Congressman Hansen Clarke to Announce Introduction of a Federal Bill for a National Three Year Moratorium on Foreclosures

Date: Thursday, April 12, 2012
Time: 4pm
Location: Home of Willie Delbridge, 18370 S. Bassett, Detroit MI 48210

At a Press Conference/ Rally this Thursday, April 12, Congressman Hansen Clarke will announce the introduction of a federal bill that would that would place a three year moratorium on foreclosures, and mandate principal reduction to fair market value when the moratorium ends.

The bill would require an immediate pause in the foreclosure process for nearly any homeowner with a federally related mortgage who requests it. The bill would require the bank to meet with the homeowner in foreclosure to discuss modifying the mortgage. The bill would also provide an incentive for banks to modify the mortgage: if the modification does not occur, the foreclosure would be stopped for three years and the court would determine a reasonable amount that the homeowner must pay each month.

Once this three-year period is over, the court would reduce the principal of any underwater mortgage to its fair market value. This plan would keep families in their homes, keep our neighborhoods safe, and spur our economic recovery.

At the press conference/rally we will hear from Congressman Hansen Clarke about the bill, as well as from local organizers, elected officials, and community members.

The press conference will be held at the southwest Detroit home of Willie Delbridge. Willie Delbridge is a homeowner who has been fighting foreclosure fraud by Wells Fargo for several years, and is facing an imminent eviction as a result of Wells Fargo selling his home for a second time to a hedge fund (for $5000) even after the foreclosure had been set aside. For more information about this event call 313-319-0870.