Foreclosure Town Hall

Economic Liberty for Main Street (nicknamed ELM St) is the Occupy Nevada County working group focused on economic issues. ELMSt has focused primarily on establishing a county owned, public bank modeled on the Bank of North Dakota as one of the most effective vehicles for freeing ourselves from the big Wall Street banks and bringing prosperity to our community. County funds would be invested in our community instead of elsewhere or in speculation. For more information, see the Main Street Forum NC Public Bank page .

Foreclosure has devastated thousands of Nevada County families in recent years and many of those foreclosures were fraudulent. This has affected us all by reducing the value of our property values, dragging down the economy and putting people out of work. For more information, see the Main Street Forum NC Foreclosure page .

There is a way that we can stop the foreclosure assault on our families and community that builds on the general benefits of a county public bank: using eminent domain for the county to take over properties going into foreclosure, putting them into the public bank’s assets and having the public bank negotiate an new loan with the original homeowners based on the lower “foreclosed” value that the bank paid for the property and at low, fixed interest rates rather than the variable rates that are forcing many into foreclosure.

  • The homeowners can keep their homes while paying a much lower monthly mortgage payment than they were.
  • Families not being forced out of their homes avoids the emotional and economic stresses that can break up families or leave long-lasting scars.
  • Families not being forced out of their homes keeps them in the community, paying taxes and contributing to the economy, and keeps children in local schools helping the schools generate needed revenue.
  • The mortgages the bank makes build the bank’s asset base, making it stronger and more stable and the interest earned is either invested in the local economy through business loans made in cooperation with community banks or retained as revenue by the county to fund county programs.
  • Yes, eminent domain has a bad name because it has been used to take individuals property for the benefit of some corporation, sometimes without providing any real benefit to the common good of the community. But, THIS TURNS THAT UPSIDE DOWN. Let’s use eminent domain for the benefit not only of the community, but also for individual families and property owners in our community.

    To bring this concept to the public and generate awareness and support, a number of communities in California and around the country are organizing Foreclosure Town Halls. The ELMSt working group would like to put on a Nevada County Foreclosure Town Hall but we need some additional manpower and skills to make it a success. If you want to make a difference and have the time, energy and skills to help us organize, promote and put on a local Foreclosure Town Hall, please join us.

    The ELMSt working group meets from 6:30 PM to 8:30 PM most Mondays at the Olympia Glade Community Room on Pampas Dr in Grass Valley. To be put on our mailing list, email pamela.hall@sbbmail.com or Rick.Robins@mainstreetforumnc.org. You can also call call Pamela at 477-1829 or Rick at 231-7105.

    DIRECTIONS to Economic Liberty for Main Street meetings:

    From the intersection of Brunswick and Highway 49/20 head east. Take a right at the Bank of America on Sutton Way. At the stop sign, turn right onto Olympia Park Circle and follow it as it curves left and then right and enters Olympia Glade. Please use the parking to right and left of the Olympia Glades entrance – street parking is ticketed. The meeting is in the upstairs of the Community Room which is to the building on the right just past the entrance. Walk up Pampas Drive, take the first right and to your right is the entrance to the second story of the Community Room.

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