Foreclosure Moratorium Petition to California Governor Jerry Brown

We will no longer remain silent We are the 99% Strength in Solidarity

Occupy Sacramento Foreclosure Action Team
PO Box 19513, Sacramento, CA 95819
[email protected]

FORECLOSURE MORATORIUM PETITION TO CALIFORNIA GOVERNOR JERRY BROWN

The foreclosure crisis continues to destroy the economic stability of California residents, businesses, communities and state and local governments.

• Over 2 million California homeowners have been foreclosed on since 2008, (http://californiawatch.org/dailyreport/foreclosure-mediation-could-save-billions-14914) “Wall Street’s Attack on Main Street”, p. 1, Alliance of Californians for Community Empowerment (from RealtyTrac data), June 2012

• Seven out of the nation’s 10 metropolitan communities with the highest foreclosure rates are in California. Three cities that declared bankruptcy (Stockton, San Bernardino and Vallejo) are first, third and fourth on this list. (http://www.realtytrac.com/content/foreclosure-market-report/midyear-2012-metro-foreclosure-market-report-7305) “59% of US Metros Post Higher Foreclosure Activity in First Half of 2012″, Ralty Trac, June 24, 2012

• Foreclosures strip wealth out of California’s economy, causing businesses to fail and workers to lose jobs on a massive scale. (http://www.newbottomline.com/underwater_mortgages_and_1_million_jobs) “The Win/Win Solution”, pp 2-3, The New Bottom Line, August 17, 2011

• Middle-income Californians, for whom their home is often their primary asset, have been hit especially hard, with many being forced into poverty.

• Californians have lost $424 billion in wealth due to declining real estate values since 2008.
(http://californiawatch.org/dailyreport/foreclosure-mediation-could-save-billions-14914) California Watch Daily Report, February 16, 2012

• Local governments have lost over $3.8 billion in reduced revenue and additional costs, causing steep cuts in public services such as health, law enforcement, parks and fire departments. (http://www.calorganize.org/sites/default/files/Home-Wreckers-Report-March-16-2011.pdf) Homewreckers Report, p. 1, Alliance for Californians for Community Empowerment, March, 2011

A FORECLOSURE MORATORIUM would:

• Provide a strong incentive for banks, to negotiate agreements that keep homeowners in their homes;

• Increase pressure on the federal government to step up and make the banks offer real solutions for all homeowners. The banks caused the foreclosure crisis through predatory lending, mortgage securitization, and creation of a phony housing bubble. They need to be held accountable and pay for fixing the damage.

• Revitalize state and local economies by keeping more money in homeowners’ pockets, much of which would be spent in California.

• Break the cycle of foreclosure/economic decline/job loss/more foreclosure.

• Boost revenues, enabling state and local government to restore vital public services and avoid bankruptcy.

• Give homeowners breathing room until the Homeowner Bill of Rights takes effect in 2013, and until other foreclosure reduction strategies under discussion, such as principal reduction, are broadly
adopted.

We, the undersigned, ask Governor Jerry Brown to declare a three-year foreclosure moratorium to save our homes, our communities and our economic future.