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MAKE WALL STREET BANKS PAY: THEY CAUSED THE ECONOMIC COLLAPSE & THEY CONTINUE TO TEAR APART CALIFORNIA'S ECONOMY

Community groups, faith based groups, unions and others took action in over 20 cities across the state to hold the big banks accountable for their role in our state's fiscal crisis.

The groups called on all banks to bundle their foreclosed properties and to sell them to the City of Richmond, a community land trust and nonprofit housing developers at a reduced price which subtracts repair costs and developer fees.

In Richmond the groups led by ACCE and CCISCO had a delegation that presented the Chase bank on MacDonald and San Pablo a bill for what the banks owed the people of California.

Speaking at the press conference before making the demand on the bank were Vernell Crittendon, Joanna Vasquez of ACCE, Jose Vega and Anthony Allen form CCISCO, Mayor Gayle McLaughlin, Millie Cleveland of SEIU, and United Teachers of Richmond member Mary Flanagan.

California must make the big banks pay their fair share, beginning with:

• Passage of AB 2492 which closes loopholes in commercial property tax law so that the banks and private equity firms pay the level of property taxes that they should;
  
  
• Canceling or renegotiating Interest Rate Swaps that are costing cities and other government agencies millions of extra dollars we cannot afford to lose;
  
  
• Stopping avoidable foreclosures - making the banks offer permanent fair loan modifications that include reducing principal to the current market value of the home.
  
  

The Big Banks must stop gouging California tax-payers, end the Foreclosure Crisis and start helping fix California's budget crisis by paying their fair share!

See the full report that underlies this campaign for tax reform from the California Tax Reform Association. One chart from the report is below.