Another press conference. Another rally. Another Detroit home-owner fighting for his house. Another unsatisfied Wells Fargo customer and victim.
But this time, a Michigan congressman will be talking about a federal bill that would halt foreclosures for three years and require banks to reduce loan principal to current market value afterward.
U.S. Rep. Hansen Clarke will announce his bill Thursday, April 12, during a 4pm-5pm press conference and rally at the home of Willie Delbridge, 18370 South Bassett, Detroit, 48210.
Delbridge has been fighting Wells Fargo foreclosure fraud for several years. After an initial foreclosure was set aside, Wells Fargo sold Delbridge’s house for a second time — for $5,000 — and is evicting him. Wells Fargo is a predatory lender.
Clarke’s bill would require an immediate pause in the foreclosure process for nearly any homeowner with a federally related mortgage who requests it. It would the bank to meet with the homeowner in foreclosure to discuss modifying the mortgage.
The bill would have some teeth, in an incentive for banks to modify the mortgage. If the bank didn’t modify the mortgage, the foreclosure would stop for three years. A court would set the homeowner’s monthly payment.
At the end of the three years, the court would reduce the principal of any underwater mortgage to its fair market value – what someone would actually pay to buy the house. This plan would keep families in their homes, keep our neighborhoods safe, and spur our economic recovery.
Along with Rep. Clarke, local organizers, elected officials, and members of community groups are scheduled to speak the press conference and rally.
For more information about this event, please call 313-319-0870.