Vallejo City Foreclosure Crisis Part 2

Описание: The Vallejo City Council has adopted a call for desperate measures to be taken to help residents facing desperate times during the foreclosure crisis.

At its last meeting Tuesday, the council voted in favor of a foreclosure moratorium by all financial institutions, said Francis Neri of the Mabuhay Alliance, Inc., the Filipino-American group with strong Vallejo ties that sponsored the resolution on behalf of all Americans.

The Oct. 7 vote made Vallejo's "the first legislative action on the housing foreclosure crisis done by any city in California or the United States," though it unlikely will be the last, Neri said.

"I voted for this resolution because in these hard economic times, we all have to do whatever we can to help each other," said Vallejo City Councilmember Joanne Schivley.

Mayor Osby Davis said he realizes the Vallejo City Council alone can't save people's homes from foreclosure, but it recognizes the crisis, and wants to send a signal.

"It's important we acknowledge the fact that the foreclosure crisis is impacting our citizens and it's time for the federal government to do something about it," Davis said. "And it's past time for the banks to work out a reasonable solution."

The Solano County Board of Supervisors will consider a similar resolution later this month, and the cities of American Canyon and Hercules are drafting similar documents, Neri said.

Notification of Vallejo's resolution and what alliance members say is a "growing public revolt,"