The responsible banking ordinance was part of a package of forward-thinking proposals brought before the Council as a way to positively respond to the local and national #Occupy movement.
"I am pleased to work with my colleagues on a comprehensive approach for Seattle that can also provide a template for other cities to adopt as we all struggle with how to best respond to the Occupy Movement. The Occupy message is one of a broken economy due to a growing disparity in this country's wealth, and we can at the very least review the City's banking and investment practices to ensure that public funds are invested in responsible financial institutions that support our community," Councilmember Nick Licata said in a statement.
The resolution is stark contrast to the actions by other local authorities on Sunday night and Monday morning as cities from New York to Oakland forcefully shut down Occupy encampments and arrested hundreds of Occupiers.
In Seattle, the tone is different. The first paragraph of Resolution 31337 opens by
"recognizing and supporting the peaceful and lawful exercise of the First Amendment as a cherished and fundamental right in the effort to seek solutions for economically distressed Americans at the federal and local levels."
In addition to the responsible banking ordinance and the explicit support of the first amendment rights of #Occupy, the Council's resolution also states:
- “The City will continue to address economic inequality and wealth disparities by race, ethnicity, sexual orientation and gender,” said the resolution. It discussed a wide range of ways “to address historic trends in disparities.”
- “The Council will request a report from the Department of Finance and Administrative Services on all exemptions or waivers allowed for City taxes, to examine the impact of both tax shifts and lost revenue to the City against the economic and social benefits the exemptions are intended to bring . . .”
- The Council will also analyze how city election campaigns are currently financed “and explore alternatives.”
- The city will also urge Congressional leaders to “support job creation, substantial investments in the nation’s critical physical and technological infrastructure and deficit reduction by adopting fiscal policies with equitable corporate and individual taxation and by allowing the 2010 extension of President Bush’s tax cuts to expire in 2012 . . .”
This is a very good start for the state of Washington to start to address some of the income inequality issues and a good model for how other citys and states might consider reacting to their own #Occupy movements. Above all, it's inspiring to see a local government respond with meaningful reform and to do so unanimously.
Are you part of a community group, part of an Occupy movement, or just have a hankering to organize in this exciting moment?
Consider organizing some people in your community to work with your city council or local government to write a simple resolution that would move your city's money out of big banks and back into your community, just like Seattle.
Way to go Seattle!
“After a lot of advocacy work by Washington CAN!, Working Washington, and inspired by the ongoing ”http://twitter.com/search?q=%23Occupy" title=“#Occupy” class=“tweet-url hashtag”>#Occupy movement, the Seattle City Council on Monday unanimously adopted a resolution that calls on the city to examine its banking and investment practices, home-foreclosure patterns, and the financing of local elections."
Specifically, banks with foreclosures due to shaby banking practices are being carefully monitored by OCC (gov). The government (OCC) has a website that accepts complaints from homeowners as well as monitors the Audits, in the banks.
This is the bottom line to correct the problem.
Now, there is a great independent service for homeowners which specifically audits homeowner applications (current or passed) that are not being processed effectively or, were denied by banks. For less than $100.00 skilled underwriters will take application information over the phone and prepare a detailed package for homeowner to present to their lender and or, send to OCC, if there is a problem with getting a reply from the bank.
Bottom line: Have your Loan Modification Application Audited and send it to the lender or, OCC or, both.
This completed Audit and Loan Modification Package, shows the new required loan terms per MHA / HAMP Guidelines with all the supporting borrower information and it allows for principal reduction.
You can learn more at: www.LoanDocService.com
They list a three step process that is sure to get proper results, in a timely manor for every homeowner facing default or, foreclosure.