City Life/Vida Urbana, joined Chelsea Collaborative, Occupy Boston and Occupy Wall Street, and Mass Uniting for a march on Fannie Mae and Bank of America to demand principal reduction for underwater mortgages.  Protestors dressed up as sea monsters and other creatures, carried fish, and wore snorkels as part of the underwater theme.

25% of mortgages nationally are underwater. This means that the amount owed on the mortgage exceeds the value of the house. In this situation a homeowner can make years of payments without ever owning anything.

Wall Street Banks profited off of (and promoted) a housing bubble that left millions with underwater loans, then received trillions in taxpayer bailouts. Still they want to keep homeowners on the hook for wildly inflated prices and evict families who can actually afford their homes at real value.

We can’t get out of the mortgage crisis (or the economic crisis) without principal reduction to solve the problem of underwater mortgages.