The housing debacle is laying waste to the hard-earned wealth of many working families, particularly African Americans and other minorities.
Posted on 05/06/2009 6:24:23 AM PDT by Zakeet
'The banks . . . are still the most powerful lobby on Capitol Hill. And they frankly own the place." So Senate Majority Whip Richard Durbin (D-Ill.) expressed his disgust as the Senate gutted his effort to give bankruptcy courts the power to modify mortgages so homeowners could stay in their homes.
"The tides are changing in favor of the people, and it is about time!" said Travis Munnerly, a leader of the Orlando ACORN Foreclosure Fighters who saved his home from foreclosure. The Association of Community Organizations for Reform Now has been organizing a "home-staying campaign," encouraging those facing foreclosure simply to refuse to move out. They've built teams of Home Defenders, volunteers who mobilize to defend home stayers against eviction. They've also been pushing cities and states to pass moratoriums on foreclosures.
Homeowners have found that simply threatening legal resistance can make a servicer back off eviction. The reason may be that the servicer can't prove who originated the loan, which has been sliced and diced and sold off to investors across the world.
[Snip]
Giving this power to judges isn't a complete answer, but it should be the least controversial. The judge can determine, on a case-by-case basis, who can afford to stay in the home and who cannot --and protect the interest of both homeowner and mortgage holder.
[Snip]
Obama proposes to bribe the servicers to renegotiate loans. The banks are always happy to take government subsidies while blocking other reforms. But more and more homeowners are going to stop paying on mortgage debt that is much greater than the value of the house. More are going to resist foreclosure, demanding that the servicers prove they have papers on the loans.
(Excerpt) Read more at suntimes.com ...
The housing debacle is laying waste to the hard-earned wealth of many working families, particularly African Americans and other minorities.
“The banks .... are still the most powerful lobby on Capitol Hill. And they frankly own the place.”
“ACORN .... is still the most powerful lobby on Capitol Hill. And they frankly own the place.”
Fixed it!
I hardly think that it’s an unreasonable prereq to insist that, before an eviction, the one doing the evicting prove he has title to the loan secured by the house. Other than that, throw the bums out. You want to resist? That’s trespassing. There are ways of dealing with that, too.
And round and round we will go.
All this will do is move banks out of these areas and stop making loans. ACORN and its ilk are experts at running people and businesses off and all one has to do is look at any inner city and there’s your proof.
Meanwhile, the banks are trashing your credit score which means you can’t get that nice cell phone you want or that tricked out SUV. You are stuck with a ghetto pay-as-you-go Tracfone and a Ford Tempo.
There is no wealth in a society that doesn’t follow the rule of law.
These people haven’t paid their mortgage, they should not be allowed to stay in these homes for free.
In some states, you can't even file a foreclosure suit unless you deposit the original promissory note into the registry of the court.
Which is true of a lot of people who sacrificed and lived well below their means for years in order to buy a house that they could afford.
The Miller Lite is ad is wrong. Most of us can't have it all.
‘But more and more homeowners are going to stop paying on mortgage debt that is much greater than the value of the house.’
Another extortion scheme by JJ.
It is Black, not African-American. Was that particular individual born in Africa? Most likely not, then they are either Black or American.
I would be beyond astonished if that person has ever owned a home- or ever will.
That is a perfect picture of a Section 8 housing dependent, who cannot get nor can he keep a job.
My first clue is that he is out in the streets marching and protesting in the prime of the daytime, and he cannot even wear a hat in the proper manner.
I would not hire him, and I doubt he could fill out an application!!!
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.