District five councilmember Sal Quintero of Fresno drafted a resolution last week in support of the state legislative efforts to relieve the home mortgage foreclosure crisis in Fresno and the country.
Foreclosures have destabilized communities throughout Fresno due to declining property values, loss in tax revenue, and families suffering. According to the resolution the city of Fresno’s foreclosure rate is 10 percent higher than the state average, and more than twice as high as the national average.
The City Council supports the state legislature and their response in drafting assembly bills, laws, and regulations extending relief to families faced with foreclosure. The council expressed support for legislation that encourages lenders to meet with individual homeowners to explore all options to allow families to keep their homes and not foreclose.
Foreclosures have been initiated in one out of every 171 homes, while 39 percent of properties in the city of Fresno have negative equity.
The City Attorney’s Office is limited in creating a citywide ordinance requiring private party contractual re-negotiations between financial institutions and homeowners, but a resolution supporting the California Legislature is within legal bounds.
Please share your thoughts on the foreclosure crisis in California.