The Reset Seattle Campaign held a press conference in front of City Hall to demand that the City Council take the necessary steps to provide relief for homeowners facing foreclosure and underwater mortgages. The Council is reviewing a report that outlines solutions to the crisis affecting nearly one third of Seattle homeowners. In the last couple of years, over 16 thousand families already lost their homes, resulting in over $4.4 billion lost in wealth.
Community members filled the council chambers shared with the Council members how they had been impacted by the crisis and demanded that the City take bold steps to ensure the most sustainable solution: principal reduction.
Writing down the principal on underwater homes in Seattle would save homeowners an average of $771 a month, or $9,253 a year.