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EDITOR’S NOTE: I missed the timing, so this event already happened. But the SF Occupiers seem to be on the right track. They deserve our support and their efforts should be duplicated. My anecdotal evidence strongly suggests that the collusion between real estate speculators and Banks is pandemic especially at the level of eviction, but it has grown like fungus into the foreclosure process as well, setting time limits for completion of foreclosures that speculators want to buy.
These speculators are flipping homes fast so they don’t get caught in the title maze later, when the lawsuits over title chains becomes a flood.
The other dirty little secret that I have plenty of anecdotal evidence (but not enough to call it survey, in my opinion) is that there are dozens of instances, perhaps hundreds or even thousands, where the property value is dropped shortly before sale so that someone in the foreclosure mill, the trustee’s office, or the local real estate broker can pick up the property for a song. This is particularly gruesome where the homeowner offered modification for multiples of what the property eventually sold for.
All of this activity is fodder for bringing a TRO and lawsuit for failure to comply with HAMP. The proof is in the pudding. If the servicers were to “consider” the modification then they must show why they rejected a modification that would have provided three times the proceeds of foreclosure.
Judges are warmer to this idea than you might think. They like settlements and if one side has thwarted settlement by failing to even provide the investor with the data necessary to make a decision, they are in violation of HAMP and they are presenting an annoying set of facts to the Judge.
From OccupySF Housing Coalition
At noon on January 14th, at Mission and 16th Street, tenant and housing groups will team up with OccupySF to expose the collusion between real estate speculators and banks that threatens thousands of San Franciscans with eviction.
Despite months of negotiation and community input the people’s voices have been ignored. Targeting working class people for predatory equity scams, Ellis Act evictions, or immoral home loans can no longer be tolerated.
According to Ted Gullicksen of the SF Tenants Union,“It’s well known how big banks have unfairly evicted homeowners. Less well known is how banks evict renters by partnering with speculators to buy apartment buildings, evict all tenants to raise rents or sell the housing stock as condominiums.”
This Saturday the 14th, evicted tenants and foreclosed homeowners will tell their stories of the impact that bank’s greedy actions have had on them. Banks will be put on notice: You Will Be Held Accountable! Actions will culminate in a January 20th shutdown of San Francisco’s Financial District.
“We cannot allow banks and speculators to dictate who stays and who goes in our communities,” asserts Maria Zamudio, a tenant counselor and organizer at Causa Justa: Just Cause. “Foreclosures and evictions unbalance communities, jeopardize health and well-being, and leach wealth from neighborhoods. Housing is a human right. If banks and speculators continue to act as landlords, they must respect tenant protections that San Franciscans have struggled to achieve.”
The Coalition
Occupy SF Housing is a coalition which includes OccupySF, SF Tenants Union, Housing Rights Committee of SF, Causa Justa: Just Cause, Eviction Defense Collaborative, ACCE, Homes Not Jails, Occupy Bernal and other community groups and individuals. The coalition came together to stop banks from evicting tenants and homeowners through foreclosures or through their partnerships with real estate speculators.
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