This contest over foreclosures in Richmond, California illustrates where real power lies in a capitalist society--it's definitely not in your elected officials if they propose anything that interferes with the interests of banks and other corporations.
Banks—which make money by selling the homes to lenders in the secondary market, who then make money by foreclosing on the homes and reselling them—have promised to block the city with lawsuits. They promise an end to lending in the city if it persists in its plan.