One in three mortgages in the United States is “underwater,” meaning the home is now worth less than the mortgage taken out to pay for it. The same Wall Street banks that crashed the economy are now prolonging the economic crisis and causing workers and their families unnecessary hardship by refusing to renegotiate the dangerous mortgages they peddled during the bubble to current market value. Instead, banks like Wells Fargo, Chase and Bank of America are forcing struggling homeowners to make artificially inflated loan payments, and when they can’t afford them, are recklessly foreclosing on families and kicking them out of their homes. While homeowners, communities and local economies are destroyed, Wall Street banks continue to profit.
Renegotiating all underwater mortgages to current market value would solve the foreclosure crisis and remove the unjust debt burden heaped on working people, and Wall Street banks have the power to do this right now. Our universities shouldn’t be doing business with reckless banks that are destroying our communities, so we’re demanding that our universities end their relationships with the bank responsible for the largest number of foreclosures in our local communities, unless they agree to renegotiate underwater mortgages to current market value.
To learn more about how to get involved in the Kick Wall Street Off Campus campaign, contact USAS National Organizer Jan Van Tol.