Why Principal Correction? Learn More
We remain at the forefront of the fight against Wall Street with our latest campaign geared at winning principal correction for nearly 14 million families across the country. The 2000’s saw the largest transfer of wealth from Main St. to Wall St. in American history. We believe that principal correction on mortgage loan balances is the only way to solve this problem that is both fair and economically sound.
Here are some ways you can get involved:
Yard Signs - Are you underwater on your home? Do you OWE more than it’s worth these days? Are you stuck paying for a house that’s never going to come close to returning the amount you’ve invested? Then this is the fight for you! You can show your support by displaying a sign in your yard. To request a sign contact ESOP's Community Organizing Department at 216-361-0718.
HUD Fair Housing Complaints - On Tuesday, January 29th, 5 members of ESOP started a campaign calling on HUD to investigate Civil Rights violations in the housing market. The group is charging that Ed Demarco, as acting Director of the Federal Housing Finance Administration, is discriminating against African-Americans by forcing them to bear an unfair brunt of lost home value. By refusing to provide Principal Corrections to those in need, the FHFA and Ed Demarco are violating the Civil Rights of African-American home owners. The group plans to file more complaints on a weekly basis, ultimately taking the claim straight to Washington D.C.
Bank Protests - By targeting FHFA Director Ed DeMarco and various corporate heads of the countries’ worst banks ESOP members and allies are putting pressure on key figures to do what’s right by our communities. The fight for principal correction is as bold and brazen today as the fight for interest rate reductions was 14 years ago.