Lansing Mayor Virg Bernero said on Thursday that he would pull all state funds from those banks that do not cooperate with the state’s programs to help residents avoid foreclosure. The Detroit News reports:
If Virg Bernero is elected governor, Michigan will pull its money out of Wall Street banks that won’t work with the state’s businesses and residents, the Democratic nominee announced today.
“We’re not going to invest in Wall Street if they’re not going to invest in us,” Bernero told about a dozen citizens at a Lansing coffee shop. “We’re going to take our money out of Wall Street and create the ‘Main Street Bank.’
“This is the fight: Main Street vs. Wall Street — it’s not just a slogan. We’re going to get banks to work with people instead of taking their homes from them.”
Bernero is also proposing to open a state bank to lend money to businesses that can’t get credit in the usual markets. The mayor has long been active on the foreclosure issue. In April 2009 he intervened on behalf of a Lansing woman after a Michigan Messenger investigation revealed problems with her foreclosure and saved her home.