Foreclosure Notes 4/17/13 – 4/21/13

Suicides Spark Eviction Resistance (In These Times)

An estimated 350,000 Spanish families (and possibly more) have been evicted from their homes, and the average house price has fallen by more than one-third…

The law allows banks to begin repossessing a house after just one missed mortgage payment and to seek full loan repayment even after repossession. Furthermore, neither bankruptcy nor death can erase mortgage debt…

…activists may be helped by a ruling from the European Court in March that found that Spain’s mortgage law violates European Union law.

The Fed’s Foreclosure-Relief Fail (The American Prospect)

Like far too many Americans, Debbie Marler of South Point, Ohio has her own foreclosure horror story. It involves one house, seven fraudulent mortgage assignments, three foreclosures, as many states, and five years. It ruined her career prospects, threatened her retirement security, and turned her life into what she calls “a living nightmare.”

This week, Debbie walked to her mailbox and found what the federal government considers appropriate compensation for this odyssey of suffering at the hands of JPMorgan Chase, the nation’s largest bank.

A check for $800…

Adquately compensating homeowners was never a goal of the foreclosure reviews. For context, banks paid the third-party consultants who performed the reviews (and according to whistleblowers, helped deliberately minimize evidence of borrower harm) roughly $20,000 a pop, a windfall of $2 billion.

Line of Credit. Line of Lies. (Daily Kos)

I got a telemarketing call this morning from Wells Fargo… I asked her if she was with the money-laundering department… I asked her if she knew that Wells Fargo has foreclosed on dozens of homes that didn’t even have a mortgage… I asked her who in her bank fabricates the documents…

Occupy Activists Kicked Out of Fulton Government Building (Atlanta Progressive News)

Fulton County staff and a police officer escorted two activists with Occupy Our Homes Atlanta, an affiliate of the Occupy Movement, from the Fulton County Government Services Building on Industrial Boulevard, after the activists simply tried to attend a meeting involving a foreclosure case they have been working on…

Franzen told Atlanta Progressive News that Baskin had told them, “You are with Occupy and Occupy can’t be in this meeting.”

Beyond Procedural Justice: Finding Our Foundations in the Worst Case Scenario (Rochester Red and Black)

… The direct action work of defending against a foreclosure is a political statement, where the collective strength of the community has the ability to preserve someone’s material needs. Here the community both supports someone in retaining one of the most important parts of their life, and in doing so we see that we must violate both the laws and the assumption of capitalism just to meet someone’s basic human needs for shelter…

Zombie foreclosure statistics scary (Chicago Tribune)

There are about 302,000 “zombies,” according to RealtyTrac…

Q: Why haven’t the banks followed through with the foreclosures?

A: There are a couple of reasons. It’s a side effect of the increasingly lengthy foreclosure process. It just takes longer for banks to foreclose these days, in general. Secondly, there are situations where the banks intentionally decide it’s not in their financial interest to follow through with the foreclosure, even after they’ve started the process, because of the holding costs. That’s a big factor…

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s