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City to Take a Stand on ForeclosuresReed, Liccardo say they'll demand that banks work to help hurting homeowners.by Danny Wool on Dec 15, 2009With an estimated 9,000 San Jose homes currently in foreclosure, Mayor Chuck Reed has decided its time to step in and have the city step in and help. City Council approved a new measure to favor banks that assist troubled homeowners by modifying their mortgages. Councilmember Sam Liccardo, who supported the program, said, "We buy tens of millions of CDs and other instruments every year, so the idea is how do we use that power to create incentives for banks to help our residents who are struggling with their mortgages." Reed added, "The message we're trying to send to the banks is, 'Why should we do business with you if you're not doing business with us?'" Among the other programs being investigated is a plan to enable homeowners who find themselves unable to pay their mortgages to rent their homes from the bank instead. Liccardo says that one bank in particular has expressed interest in this alternative. Read More at Fox Reno. by Danny Wool on Dec 15, 2009 |
 Around 9,000 San Jose-area homes are currently in foreclosure, with the number expected to increase. |
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