Occupy Sacramento 24-hour Vigil At Governor's Loft Demands Foreclosure Moratorium

via Occupy Sacramento - Occupiers have requested additional people on site; if you are near Sacramento, please head down there if you can support them for any amount of time!

Governor’s Home Targeted Monday for Round-the-Clock Vigil; Homeowners, Occupy and Foreclosure Groups Demand Moratorium to Save California Homeowners

SACRAMENTO, CA – Governor Brown’s loft residence has been targeted – beginning Monday (August 6) – for a round-the-clock, day and night vigil with no announced end time designed to pressure the Governor to declare a statewide foreclosure moratorium and save Californians’ homes.

The vigil began Monday (August 6) at 9:30 a.m. at the corner of 16th & J Streets, where Brown has his loft residence, according to Occupy groups and distressed homeowners from around the state. The Occupy Sacramento Foreclosure Team issued this statement:

“On Monday, we will begin a vigil with no end date in front of the Governor’s Sacramento home on behalf of the millions of Californians who have lost their homes or are facing the loss of their homes through foreclosure, and other distressed property actions. We want the governor to use his executive power to declare a state of fiscal emergency and an immediate foreclosure moratorium.

“Stopping the foreclosure tsunami would help California homeowners, save our communities, and ultimately boost our economy. It would also give homeowners time to take advantage of the Homeowner Bill of Rights, which doesn’t go into effect until January 1, 2013. A moratorium would give more homeowners the ability to take advantage of future programs and policy changes, and a fighting chance at keeping their homes.”

• Nearly 2 million California homeowners have been foreclosed on since 2008 (see “Wall Street’s Attack on Main Street”)
• Seven out of the nation’s 10 metropolitan communities with the highest foreclosure rates
• Californians have lost $424 billion in wealth due to declining real estate values since 2008
• Foreclosures have devastated California’s economy, causing businesses to fail and workers to lose jobs on a massive scale.

Foreclosures cause a ripple effect: foreclosed homeowners have less money to spend in their communities, which hurts local businesses who lay-off employees or cut their hours. Workers then pay less in taxes, and governments are forced to make cuts in services. Local governments have lost $17 billion in reduced revenue and additional costs, causing steep cuts in public services.