CCI Members meet with top White House officials

CCI members Cherie Mortice and Larry Ginter are in Washington, DC today meeting with top officials from the Obama Administration to discuss the ongoing housing and foreclosure crisis.

The meeting, organized by National People's Action and the New Bottom Line, brought together hundreds of community activists from across the country to push for widespread principal reduction as a way to stabilize the housing market and the economy.

Nationally, there are almost 16 million underwater homes, worth $2.8 trillion, that are $1.2 trillion underwater. Resetting those mortgages to fair market value would save the average underwater homeowner $543 per month, pumping $104 billion into the national economy every year. This would create 1.5 million jobs nationally.

Cherie and Larry had the opportunity to share their concerns with HUD Secretary Shaun Donovan and National Economic Council Director Gene Sperling.  The pair also met with representatives from Senators Harkin and Grassley.