Guest Speaker: Richmond Mayor Gayle McLaughlin
The foreclosure crisis is far from over. Under Mayor Gayle McLaughlin’s leadership, Richmond was the first city in the country to offer to purchase underwater mortgages from Wall Street banks. Almost half of Richmond’s home mortgages are underwater. The Richmond Council also approved seizing the homes under eminent domain if the banks refuse to sell them to the City at fair market value. Richmond will then work with homeowners to refinance and modify the loans in line with current home values.
Richmond is also considering an increase in the minimum wage.
Mayor McLaughlin is termed out as mayor but running for City Council in November as part of the Richmond Progressive Alliance slate.
We’re hoping that others on that slate will join us as well.
The meeting will begin with elections for club offices.
6:00 pm Potluck: Please bring something to share
6:45 pm Meeting