Foreclosure: “It’s time for banks to pay…”, KUSI

KUSI coverage – A Property Value Protection Ordinance, proposed by CPI and ACCE, is aimed at reducing the negative impacts of foreclosures on surrounding neighborhoods and the city budget. ACCE and CPI’s joint study found that 57,000 foreclosures are expected in the city by next year, costing homeowners $19 billion in lost property value. The proposed ordinance, similar to those enacted in 75 California cities including Chula Vista, is a key part of a state and national effort to hold Wall Street banks accountable for the damage caused by the foreclosure crisis.