Call for 6-month pause on home foreclosures by mortgage companies
In Plain English
The city asks subprime mortgage lenders to voluntarily stop foreclosing on Richmond homes for 6 months. This formal request has no legal force but shows the city's position on protecting homeowners. If lenders agree, fewer Richmond residents face losing their homes to foreclosure.
Auto-generated summary. Source: official agenda documents.
Votes
Adopt Resolution No. 15-08
9 to 0
Why This Vote Matters
Richmond's city council unanimously approved a formal request asking subprime mortgage lenders to stop foreclosures in the city for six months. The resolution has no legal power to force lenders to comply, but serves as an official statement of the city's position on protecting homeowners from losing their homes. This continues the council's pattern of strong support for housing measures, with most members consistently backing housing-related initiatives. While the moratorium is voluntary, it could help Richmond residents avoid foreclosure if lenders choose to honor the city's request.
Auto-generated context. Source: official meeting records.
Similar Discussions
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Review proposals to address the city's foreclosure crisis
Update law restricting evictions during home foreclosures
Hear update on efforts to help nonprofits buy foreclosed homes before speculators
Declare intent to contact lenders about nonprofit program to prevent foreclosures
Declare intent to contact lenders about nonprofit program preventing foreclosures
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