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ESOP was founded in 1993 on the southeast side of Cleveland to create organized leadership around issues impacting neighborhood life. Through our community organizing efforts, ESOP began working on predatory lending issues in the late 1990s. Since then, ESOP has focused attention toward the fight against predatory lending and in defense of homeowners.
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, now we intend to win the largest transfer of wealth from Wall St. to Main St. through Principal Reductions in response.
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! 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.