If you liked Occupy Wall Street — or if you liked their message but not their disruptive tactics — you’ll love what’s happening in Richmond, California. No, folks aren’t pitching tents in the parks or marching in the streets to protest banks’ predatory practices. Instead, in this blue-collar city of 103,000, local officials – with support from residents and community groups – are demanding that banks sell their portfolio of “underwater” mortgages to the city so it can make them more affordable for local homeowners. If Richmond succeeds, many other cities are likely to follow its example, which has Wall Street up in arms. In this David versus Goliath battle, odds-makers might just place their bets on the kid with the slingshot.
This is a companion discussion topic for the original entry at https://talkingpointsmemo.com/?p=204786