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Communities to banks: You can fix housing crisis, economy

Banks caused the housing crisis — and the financial crash which threw millions out of their jobs — and they can fix it, according to a new report.

By writing down underwater mortgages to market value – using a relatively small portion of bailout financing they’ve received – banks could put a floor on the housing market, stem spiraling foreclosures, and provide the economy with a badly-needed second stimulus, creating millions of jobs over the next decade, the New Bottom Line Campaign argues in a new analysis.

It was released in Chicago last week at a vacant home on the West Side that’s being rehabbed under a new program — which demonstrates how community pressure can force banks to step up and take responsibility, organizers say.

(And it came out the same day Mayor Rahm  Emanuel announced a foreclosure recovery program that includes not one single community on the hard-hit West Side.)

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People’s City Council: community perspectives on fiscal crisis

Fifteen hundred community activists from neighborhoods across the city will gather tomorrow evening for a People’s City Council to make sure that the needs of Chicago residents – jobs, housing, education, services and safety – aren’t sacrificed for an agenda driven by corporate greed.

Twenty or more aldermen are expected to attend.

Sponsored by the Grassroots Collaborative and twenty community, labor, and civic groups, the event takes place at 6:30 p.m., Thursday, July 7 at the UIC Forum, 725 W. Roosevelt.

“With all the talk about ‘shared sacrifice,’ we want to make sure that it’s not just community residents sacrificing in terms of service cuts and job losses and their ripple effects,” said Eric Tellez of Grassroots Collaborative.  “We want to make sure the banks and corporations are sharing in the sacrifices and not taking more resources than they need.”

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  • Telling people’s stories, an ethnic media success September 2, 2015
        By Stephen Franklin Community Media Workshop   A 3-year-old child died on a plane from Chicago to Poland. This, Magdalena Pantelis instantly knew, was a story her readers would care about. But she needed more detail to write about it for the Polish Daily News, the nation’s oldest daily newspaper in Polish, founded Jan. […]
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