Tag Archives: Foreclosures

FORECLOSURE Aid, The Answer To Reversing The US Economic Downturn (and maybe the world’s downturn as well)

” A Pale Green Mermaid Blog “

 

The problem across the US is lack of revenue. 

Foreclosures are still happening at a unprecented rate. ( families are thrown out, houses sit and decay( I am judging this by my own neighborhood and what I have read), who benefits? short-term,the large investment banks through foreclosure fees)

Foreclosures are at the heart of this financial crisis because HOMES were used by the large investment banks as the key component of the so-called toxic derivatives  (risky) ponzi-like investments that they sold nationwide to investors.

What we are seeing now is the attempted cleanup of those investments  by banks by foreclosing and collecting the foreclosure fees RATHER than readjusting  the sub- prime loans (mortgages)

Why are the banks who offered these credit card loans  ( high interest loans, loaded with fees) not readjusting the loans as President Obama hoped, by lending them money from the government with low-interest rates ?, ( his mistake was not to make the loan of the money dependent on the use of the money i.e. only to readjust mortgages)

because they can make  more money collecting foreclosure fees. ( as one bank official said)

 

SOLUTION!

This is not my idea I heard it on NPR (National Public Radio) long before the general public knew of the crisis but experts saw the impending problem and were offering solutions.

It was an official from the Reagan administration and the Carter administration.  They said- offer a 4% mortgage readjustment across the board, to anyone that has a mortgage, those caught up in the crisis and those who were not.

VIOLA it is the answer, fair play- a democratic solution! banks were helped ( bailout)

now citizens should be helped and the resulting revenue will easily turn the economy around,

why?

because communities would stabilize, citizens would stay in homes and the flow of money from those homes  would be going into every nook and cranny of this great land.

The only party that would take a small hit are the banks that created the crisis, –long-term the banks will prosper as would the communities themselves.

HOW?

All citizens who have been foreclosed upon or are in the process of being foreclosed  or are in the pipeline of subprime loans to be foreclosed upon, need to organize into a lobby

yes, a lobby which is a group that forms to discuss a single issue with congress, and lobby to have all citizens be offered a 4% mortgage rate.

Think of all the jobs that will be created,  paid for by the banks ! One expert early on said there are not millions of these bundled mortgage loans not billions but trillions.

So it can be done, all we need is one person to start this process ?

PEACE and any volunteers?

_______________________

A great advocate below from www.wikipedia.org see for more info –

ACA (Neighborhood Assistance Corporation of America) is a Boston, Massachusetts (US) based, national, HUD-certified, non-profit, community advocacy organization. NACA’s primary goal is to build healthy neighborhoods nationwide through affordable home ownership. The organization was founded by Bruce Marks, a former Federal Reserve Bank of New York official, in 1988. The non-profit’s two major programs are its Purchase Program, labeled “America’s Best Mortgage”, and its Home Save Program, highlighted by NACA’s wildly popular “Save The Dream” events.

Save the Dream and American Dream Tours

To reach and help a maximum number of suffering homeowners, the telephone and internet based Home Save Program developed its “Save The Dream Tour” concept, taking the Home Save program on the road, effectively setting up mobile servicing centers on its tour stops. The first “Save The Dream Tour” event was held July 19–23, 2008 in Washington, DC at the Capitol Hilton Hotel. More than 20,000 homeowners attended. Each event averages five days and routinely sees 30,000 homeowners seeking mortgage help.[9]

Representatives of the major servicers who have signed agreements with NACA are also on hand at Save The Dream events, providing same-day solutions for many homeowners on-site. Major breakthroughs with government backed investors such as Fannie Mae and Freddie Mac have been realized, with their representatives in attendance at Tour events also.

By the end of 2011, NACA had produced 55 “Save The Dream Tour” events, having visited especially hard-hit areas such as Chicago, Washington DC, Atlanta, South Florida and Los Angeles more than once. NACA’s eleven-day “Save The Dream Tour” event in Los Angeles, California January 20–30, 2011 was the largest foreclosure prevention and mortgage modification event in U.S. history.[10] Los Angeles Mayor Antonio Villaraigosa addressed homeowners, volunteers and NACA staff at the event, expressing his astonishment and appreciation for the work NACA is doing and emphatically inviting NACA back for a fourth L.A. Save The Dream Tour event.

Los Angeles Mayor Antonio Villaraigosa speaking to homeowners at NACA Save The Dream Event

The event even drew the attention of the Hollywood motion picture community, with an admiring film crew creating a brief documentary of the event, talking with both homeowners and NACA staff members, including CEO Bruce Marks, about their Save The Dream Event experiences.

Save The Dream Los Angeles documentary

NACA began 2012 with its first ever “American Dream Convention” January 10–15 in Atlanta, GA. Every NACA staff member from all 40 offices across the country was in attendance for three days of training, plus a massive combined “Save the Dream” and “Home Purchase” event, with live, face-to-face counseling taking place all six days.[11] The combined event provided to be so successful that the organization renamed their tours “American Dream” events and now bring both the Home Save and Purchase programs to each event. Reportedly, NACA plans to conduct a record 42 “American Dream” events in 2012.

Bruce Marks, NACA Founder and CEO speaking to homeowners at a NACA Save The Dream event.

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www.congress.org

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Go Ahead, Make Me

I agree with you, I want to do it, now make me do it.

Franklin D. Roosevelt
Comment to a group of reformers. His point: Until they lead the way, they shouldn’t expect leaders to follow.

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The Third Rail In This Economic Recovery – Foreclosures!

” A Pale Green Mermaid Blog “

 

Money borrowed by banks at 0 percent from Govt

but banks won’t lend unless 29.99 percent

you are a risk

we need to protect ourselves—

we  alone, are allowed to gamble

take risks with depositer’s money ….. bundle dreams and sell them down the river

make money off fees

short-term payoff,

long-term— — —

empty houses

2 per street

people on the street, their homes sitting empty

communities crumbling

no residents

no revenue

banks won’t re-adjust

even if the government says ” It is a must, that’s why we bailed you out gave you money to lend, gave you money at zip interest! “

we’re not interested they say

the fees are our horn of plenty, our horn of plenty

please lend us more money (Mr. Government, at zip percent )

We will remember you at x-mas time! We promise and big banks always remember…..

__________________________________

My neighborhood once solidly middle class now has on avg. 2 empty houses per street, this in a community where you rarely saw a for sale sign for fifty years. And houses are still falling homeowners are still being thrown out onto the street while their homes are empty and begin to decay. 

This is happening across the United States Of America.

Tomorrow the SOLUTION, it is so easy it makes me cry!

_____________________________

Below article from www.altnet.com

Investigations  –

Very Bad Things Happen When We Depend on the Same People Who Caused the Foreclosure Crisis to Track Its Destruction

There is not a single federal agency that has tracked foreclosures comprehensively, a massive information gap that prevents the work of journalists, advocates and policymakers alike.
August 5, 2012  |  
 
 
 It’s a simple set of questions: “How many foreclosed properties are there in the country? What zip codes are they in? What factors sent people’s homes underwater?” For policy makers, journalists or anyone trying to size up or address the years-old housing crisis, these questions present the natural place to start. But their answers don’t quite exist.  
In Chicago, for example, the city’s official vacant property count, which relies on the banks’ reporting, hovers just under 5,000. The Chicago Tribune estimates 18,000. Housing activists say there are well over 100,000.   
 
See www.altnet.com for full article

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Foreclosures Are The Number One Economic Drain On The Recovery In US Today

” A Pale Green Mermaid Blog “

 

Blizzards of gizzards

watching

lounge lizards

lounging scrounging

for pieces of leases

on foreclosed homes

a lost tome

left behind

after the merciless grind

into the ground

of a once home sweet home

empty quiet

these houses dot my neighborhood

one was crushed into the mud, by the powers that be

every morning I would see on my walk

a kindly old man

sitting looking out from his porch

as the sun came up

now he is gone

and so is his

home sweet home.

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True story /observation. BHC

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Foreclosure Crisis Rears its Ugly Head Again: Foreclosure Defense Firm Reports Increase in Foreclosure Filings in First Quarter, as Banks Return to Aggressive Tactics

>PRWEB.COM Newswire

 

New York, NY (PRWEB) April 01, 2012

Like a monster in a horror movie that rises from the dead, the foreclosure crisis has returned to inflict even greater financial and emotional anguish upon American homeowners in virtually every state. According to foreclosure defense website StopForeclosureForms.com, there was a substantial increase in new foreclosure filings during the first quarter of 2012. The recent settlement of the rob-signing settlement, in which the banks got off remarkably easy for mishandling tens of thousands of mortgages, suggest that the trend of increased foreclosure filings will continue.

The increase in foreclosure filings is particularly severe in certain states. January foreclosure activity increased by more than 30 percent in several states, including Indiana, New Hampshire and New Jersey. Nationwide, the average increase was approximately 3%. Surprisingly, Ohio, which was one of the states most devastated by the foreclosure crisis, actually reported a decrease.

According to foreclosure defense expert Marc Rapaport, “it is abundantly clear that 2012 is going to be a year in which the banks return to aggressive foreclosure tactics. The robo-signing scandal involve egregiously unlawful and dishonest behavior. Nonetheless, the banks escaped with little more than a slap on the wrist. The result of that settlement is already emerging: more foreclosures.”

Rapaport’s website, StopForeclosureForms.com, is reporting that a record number of Americans are downloading foreclosure defense forms. According to Rapaport, the site is experiencing “a dramatic increase in the number of people downloading nearly every type of legal form to stop foreclosure, including answers to foreclosure complaints and motions to stop foreclosure sales.” According to Rapaport, residents of many hard hit states are now keenly aware that by downloading foreclosure defense forms, they can significantly delay, and sometimes stop, the process of foreclosure. Rapaport states that “people now know that they can download forms to stop foreclosure, and file their papers with their local court, without hiring expensive lawyers. The cat is out of the bag on foreclosure defense: it can be done, even without a lawyer.”

The ability of homeowners to fight back may be one of the few bright lights on the horizon as the foreclosure crisis revs up.

Read the full story at http://www.prweb.com/releases/2012/4/prweb9356720.htm

 
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According to the United States Conference of Mayors,[5] the main cause ( of homeless persons ) is the lack of affordable housing.
___________________________________________________
Why are we ( as citizens) allowing this rate of foreclosures to continue?
Contact your representatives with your feelings on this issue!

www.congress.org

_______

Below from www.newsworks.org

 

Protesters call on Philadelphia sheriff to stop sale of foreclosed properties
 

March 6, 2012

By Tom MacDonald

Housing activists staged a protest Tuesday during the Philadelphia sheriff’s sale of foreclosed properties, calling for a halt of such sales in the city.  

About two dozen protesters came to the sheriff’s sale, saying banks should not be so quick to foreclose on homeowners during these tough economic times. 

Anne Gemmell of the group Fight for Philly admits the protest is merely symbolic.

“What choice do we have, when we have a governor in the State House that passes a budget literally attacking thousands of families, attacking their schools, attacking their medical care, attacking their housing?” she said.

Cheri Honkala of the Poor People’s Economic Campaign says those facing foreclosure should not give up.

“We encourage other families that don’t have a place to live to reach out to us and we will put you into a house that’s just sitting there vacant,” she said.

Undersheriff Joe Vignola says the office is following court orders on foreclosure sales.

“Unless the court orders us otherwise, we are compelled to go forward with this month’s sheriff sale,” Vignola said.

The protesters say they will continue to occupy the foreclosed homes until they are evicted.

 

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Undercover, The Foreclosure Crisis Continues

A Pale Green Mermaid Blog “

 

F-ree money for investment banks.

O-rderly exit of people from neighborhoods.

R -eadjust? why should we when we are making more money with fees by throwing people out?

E -verything gone, owners cry.

C -lass attacks, go after low income areas.

L -ower the rate of cash lent to investment banks, but who are they lending to?

O -h how could this keep happening?

S -peculators turn away from bundled mortgages to commodities.

U -nderstand the reason is greed.

R -emember investmant banks control the global economy.

E – verything must change.       As President  Theodore Roosevelt might have said long ago ” Time to bust some trusts.”

 

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Below FROM www.answers.yahoo.com –

Theodore Roosevelt was a progressive. He broke the trusts that had accumulatedmassive amounts of cash that they used to gain favors from Congressmen and senators that passed legislation helpful to their trusts and monopolies. His first message to Congress called for regulations of railroads , corporations and banks; the creation of a Department of Commerce; reforms in civil service, and a massive national conservation program. during his first term he sponsored the Newlands Reclamation Act, put strength into the Interstate Commerce Commission.

___________________________________________

From Wikipedia below,

 

 Trust busting

 

Room in the Wilcox Mansion, where Roosevelt was sworn into the Presidency

 

Trusts were increasing the central issue in politics, with public opinion fearing that large corporations could impose monopolistic prices to cheat the consumer and squash small independent companies. By 1904, 318 trusts controlled about two-fifths of the nation’s manufacturing output, not to mention powerful trusts in non-manufacturing sectors such as railroads, local transit, and banking. Roosevelt decided to do something about it.

_________________________________

F-o-r-e-c-l-o-s-u-r-e  is ruining the fabric of this country.

__________________________________

From wikipedia below,

Roosevelt coined the phrase “Square Deal” to describe his domestic agenda, emphasizing that the average citizen would get a fair share under his policies.

 

Theodore Roosevelt


26th President of the United States

In office

September 14, 1901 – March 4, 1909

Vice President

Charles W. Fairbanks (1905–1909)

Preceded by

William McKinley

Succeeded by

William Howard Taft


25th Vice President of the United States

In office

March 4, 1901 – September 14, 1901

President

William McKinley

Preceded by

Garret Hobart

Succeeded by

Charles W. Fairbanks


33rd Governor of New York

In office

January 1, 1899 – December 31, 1900

Lieutenant

Timothy L. Woodruff

Preceded by

Frank S. Black

Succeeded by

Benjamin B. Odell, Jr.


Born

October 27, 1858(1858-10-27)

New York, New York

Died

January 6, 1919(1919-01-06) (aged 60)

Oyster Bay, New York

Political party

Republican (1897–1912)

Progressive Party (1912–1916)

Spouse(s)

(1) Alice Hathaway Lee (married 1880, died 1884)

(2) Edith Kermit Carow (married 1886)

Children

Alice, Ted, Kermit, Ethel, Archie, Quentin

Alma mater

Columbia Law School – dropped out; Harvard College

Occupation

Statesman, author, historian, explorer, conservationist, civil servant

Religion

Dutch Reformed

Signature

Cursive signature in ink

Military service

Service/branch

United States Army

Years of service

1898

Rank

US-O6 insignia.svg Colonel

Commands

1st United States Volunteer Cavalry Regiment (Rough Riders)

Battles/wars

Spanish-American War

*Battle of Las Guasimas

*Battle of San Juan Hill

Awards

Nobel Peace Prize (1906), Medal of Honor (posthumously, 2001)

 

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Poem -Trickle down, trickle up, trickle this…

(An angry mermaid can’t take a break!)

 

A vote is taking place in congress today to try and END  Bush Tax cuts to anyone earning over 1 million. ( Most republicans are against this bill, they want to extend tax cuts to the top of our economic scale  )

_________________________________

They say,

They say…

it will trickle down

over the scorched ground

over 100 million yet-

they still need a break

so say the re-economic -boob-icans, (or if you prefer re-fat-cat-icans)

we watched this before

and all took a snore,

and the house of cards fell

on Aunt Nell-

the cloud of money they want to shower

at the top high above  us

is for the true ELITE-

anyone with over 100 million,

the cash they get from “uncle ” GOP

will top their x-mas tree

never will one red cent

ever put a dent

in the ever blooming

republican deficit.

__________________________________

FACT: President Bush came in with a Clinton surplus

and left with a trillion-dollar Bush deficit.

 

Image Courtesy of Google

 ______________________________________________

FROM www.cnn.com      Today

 

The Senate voted 53 to 36 to end debate on whether to extend tax cuts.

The Senate voted 53 to 36 to end debate on whether to extend tax cuts.

STORY HIGHLIGHTS
  • A second procedural tax vote is expected later Saturday morning
  • Democrats knew beforehand that they were unlikely to succeed
  • 

    Washington (CNN) — A Senate vote to end debate on a Democratic measure to extend George W. Bush-era tax cuts for families making under $250,000 failed on Saturday, preventing the measure from moving forward. —

    Despite the realization that neither would get the 60 votes to succeed, many Democrats said before the vote they wanted to get on-the-record in support of extending the lower rates to lower earners. They also want to contrast their ideas with Republican proposals to extend all tax cuts, even those for people who are very wealthy.

    “I think we want to lay it out there,” Sen. Tom Harkin, D-Iowa, said on Friday. “Who’s for which approach on this? That’s why we’re doing it.”

    “There are no signs that millionaires are suffering in this economy. It’s everybody below that,” said Sen. Dianne Feinstein, D-California. “You have to stand up for what you believe and you have to vote on what you believe.”

    ____________________________

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    New Bill Proposed to Help Homeowners With Foreclosure, Senator Al Franken (It Takes A Comedienne To Get The Job Done!)

    ” A Pale Green Mermaid Blog “

     

    Senator Al Franken has proposed a new bill that would help homeowners navigate the foreclosure process with the focus on saving  homes from foreclosure.  The tenets are listed below,

     

    FROM – The Huffington Post, www.huffingtonpost.com

    Here’s a summary of the bill from Franken’s office:

    When homeowners think that their mortgage servicer is breaking HAMP’s rules, has lost their paperwork, or has otherwise done something wrong, it’s very hard to figure out where to turn. They can call their servicer–but that often is a dead end. They can call the official hotline for homeowners at risk of foreclosure–but that only gets them to housing counselors who are working on a government contract and have no real authority to fix the problem or withhold servicer incentives. Homeowners who use their own lawyers or housing counselors to help them navigate HAMP often fare no better–lawyers report stories of contacting regulators about problems with the HAMP program, only to be told, “If the servicer says this is correct, it must be correct.”
    SUMMARY

    This amendment would address this problem, creating an Office of the Homeowner Advocate (OHA) modeled after the successful Office of the Taxpayer Advocate at IRS. OHA would be funded from money that is available for the costs of administering the HAMP program, but is not otherwise committed. OHA would:

    * Have three primary functions:
    o To assist homeowners, housing counselors, and housing lawyers in resolving problems with the HAMP program
    o To identify areas (both individual and systemic) where homeowners, housing counselors, and housing lawyers are having problems in dealing with the HAMP program
    o To identify possible administrative and legislative changes to HAMP
    * Have an independent director, appointed by the Secretary of Treasury in consultation with the Secretary of Housing and Urban Development. This director would have a background as an advocate for homeowners and have experience dealing with mortgage servicers. The director cannot have worked for a servicer or for the Treasury Department within the past four years.
    * The Director of OHA will be available to testify in front of the Senate Banking Committee and House Committee on Financial Services at least four times a year, or at any time at the request of the Chairs of either committee, and will issue a formal report to Congress once a year.
    * Staff designated by the Director would have the authority, on a case-by-case basis, to withhold incentives from servicers or require repayment of previously paid incentives.
    * While a person is appealing their case through OHA, homes may not go to foreclosure sale until the OHA process is finished or 60 days have passed, whichever is shorter.

     

    Banks foreclosed on 2.8 million homes in 2009, and the first quarter has already seen 932,000 filings — a 16 percent increase from the foreclosure pace at the beginning of last year.

    Franken’s amendment would give homeowners someone to call when they’re having trouble with the bank servicing their mortgage. The homeowner advocate would be modeled on the well-regarded taxpayer’s advocate office within the IRS.

    “What happens is that one of the problems is that the servicers or representatives who talk to people on the phone don’t seem to be expert as they might be. That’s sort of the problem that this is addressing,” he said. “Or they’re told you’re too late, or this form didn’t come in, or that, or we didn’t get this thing. Of course the person did send that thing. So there’s just a lot of people reporting kind of frustrating interactions with the servicers’ representatives.”

    Franken said he’s heard too many stories of avoidable foreclosures. “That’s a disaster. That’s a tragedy. Someone’s home is their home. Each one of these foreclosures is a tragedy.”

     

    This is a great idea  – Do your own research then let your congress person know how you feel.

     

    www.congress.org

     

    PEACE

    Note:

    Huffington post excerpts from article by Arthur DelaneyAl Franken Fighting For Homeowners’ Advocate “

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    Big Investment Banks Say ” Leave Our Derivative Products Alone.” Congress Says ” Not So Fast.”

    ” A Pale Green Mermaid Blog “

     

    Congress is working on the financial reform bill, the big investment banks –

    ( I always try to say big investment banks because it is those banks that are too large to fail that make their money on trading and derivative products who caused the meltdown the smaller community banks mostly provide financial services to the public)

    want the derivative products to remain in the shadow banking system where transactions are not always made publicly,

    From www.nytimes.com below,

    ” The financial legislation proposed by the Obama administration and passed by the House would require most derivatives to trade on public exchanges, in the belief that a transparent marketplace will be safer and cheaper.”

    Congress also wants the inexpensive money that is lent to banks be used in majority for lending to the public,

    “Then the chairwoman of the Agriculture Committee, Senator Blanche Lincoln, Democrat of Arkansas, dropped a bombshell in April, introducing language that would require banks to choose between trading in derivatives and remaining under federal protection.

    The government’s umbrella, including deposit insurance, allows banks to raise money at lower cost than other financial institutions. Mrs. Lincoln said the bill would help to ensure that banks use that cheap money for traditional activities like lending.”

     

    Banking leaders stated that the reform  Senator Lincoln proposed was “irresponsible” and displayed a basic ignorance of the financial industry,

    “Banking executives were caught flat-footed by Mrs. Lincoln’s provision, and many are still seething. One senior executive at a major financial institution, speaking on condition of anonymity so he could talk frankly, said the idea was “irresponsible” and the details revealed a basic ignorance about the financial industry.”

     

    Let’s think about that,

    those same banking executives said that the derivatives were too complicated to explain when the meltdown occurred within their banks…

    so maybe it is they who do not understand the derivative products ( they created)

    OR  how the financial system works –

    the same system that they claim to be experts in.

     

    Mr. Daniel F.C. Crowley, a partner at the K&L Gates Law firm and industry lobbyist suggested,

    “These swaps have become standard bank products. The proper response would be to recognize that the markets have evolved and there’s been innovation and they need to be regulated by bank regulators rather than pretending that they’re not integral to the system,” said Daniel F. C. Crowley, a partner at the K&L Gates law firm and an industry lobbyist.

     

    So do your own research and contact congress with your views.

     

    Peace

     

    www.congress.org

     

    note: excerpts from  www.nytimes.com, business section

    Article -” Banks Lobbying Against Derivatives Trading Ban “

    By BINYAMIN APPELBAUM and ERIC LICHTBLAU
    Published: May 9, 2010

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