Michelle Hart at the Detroit March for Jobs, Justice and Peace on August 28, 2010. Michelle and her ailing mother are facing foreclosure by Bank of America. There will be a demonstration at Bank of America on October 22. (Photo: Abayomi Azikiwe)
Originally uploaded by Pan-African News Wire File Photos
Demand a Two Year Moratorium on all Foreclosures & Evictions: STOP Bank of America
Friday, Oct. 22 at 12 noon
Demonstrate! 500 Griswold at Congress ~ downtown Detroit
The very same week that Bank of America -- and other major banks -- announced it was suspending foreclosures to try to clean up their massive fraud, Michelle Hart and her elderly mother were served with eviction papers by Bank of America! Bank of America’s lawyers informed Ms. Hart’s representative that they fully intend to evict them from their Southfield home despite BOA’s public proclamations and the front page news headlines that call into question every property transaction during and after the housing crisis erupted.
WE DEMAND, MODIFICATION, NOT EVICTION!
BOA would rather toss Michelle Hart and her mother, who suffers from pancreatic cancer, out on the street, than negotiate a loan modification.
Michelle Hart and her mother -- like hundred of thousands of others -- applied for a loan modification of their usurious, adjustable-rate mortgage from Countrywide and Bank of America to reflect her reduced income. BOA refused to modify Ms. Hart’s usurious, adjustable-rate mortgage. BOA ignored the binding Consent Agreement to modify loans that it signed with the Attorney General’s office on Oct. 6, 2008. BOA even received $7 billion from the federal government to participate in the Making Home Affordable Program.
Why is virtually every government program announced to help homeowners with modifications collapsing? The programs don’t work because they are based on the belief that the same banks that have perpetrated and profited from massive foreclosure fraud, will treat borrowers who seek modifications in a fair manner when they seek modifications of their loans. Borrowers are stymied. It is a fact that the lenders either have no one to answer their calls, or when they do, the banks routinely deny the modifications, violating the banks’ agreements with the government to carry out modifications.
IT IS IMMEDIATELY NECESSARY FOR THE GOVERNMENT TO DECLARE A NATIONAL TWO YEAR MORATORIUM ON ALL FORECLOSURES AND EVICTIONS SO MORTGAGE PAYMENTS CAN BE SET BASED ON HOMEOWNERS’ ABILITY TO PAY AND THE PRINCIPAL IS REDUCED TO THE ACTUAL VALUE OF THE HOMES.
The majority of home loans are now either owned or backed-up by the federal government through Fannie Mae, Freddie Mac, or the FHA. The president and the governor have the authority and responsibility to declare such a moratorium by executive order. Join the struggle to demand a TWO YEAR MORATORIUM ON FORECLOSURES AND EVICTIONS to save our communities and defend our human right to decent affordable housing.
Sign the online petition to support this demand at:
http://www.bailoutpeople.org/moratoriumpetition.shtml
Issued by Moratorium NOW! Coalition
http://www.moratorium-mi.org 313 887-4344
Come to the Monday organizing meetings, 7 pm, 5920 Second Ave., just north of Wayne State University
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