Obama administration officials are pressuring New York State Attorney General Eric Schneiderman to settle with banks over unlawful foreclosure practices. Doing so would inhibit Schneiderman and top prosecutors in other states from prosecuting illegal activity, including the bundling of securitized mortgages, which precipitated the unabated foreclosure crisis. (1)
Read More »
Eighty-two year-old Mary Lee Ward has a temporary reprieve for now. Ms. Ward, who is African-American and a victim of a subprime predatory loan, was threatened with eviction from the Brooklyn home she lived in for four decades. An eviction defense blockade took place yesterday in front of her home.…
Read More »
Rochester homeowner Catherine Lennon prevailed this week against Fannie Mae, Countrywide/Bank of America, and Steven J. Baum’s foreclosure mill when she received a stay of an eviction order pending review of the underlying foreclosure and sale of her home. It is alleged that Lennon’s home was illegally foreclosed upon by…
Read More »
From the NY Times: The Justice Department is investigating whether the nation’s largest credit ratings agency, Standard & Poor’s, improperly rated dozens of mortgage securities in the years leading up to the financial crisis, according to two people interviewed by the government and another briefed on such interviews. The investigation…
Read More »
The Theft of Wealth from People of Color: Who and What are We Organizing For? by Seeta Persaud The Economic Immobility and Financial Insecurity of POC According to a Pew Research Center study released last week, the median wealth (assets minus debt) for white households is a little over $113,000,…
Read More »
Foreclosures in Muskegon County, Michigan have dropped 97% from about 75 per week to about 2 per week after the Michigan Court of Appeals ruled that the Mortgage Electronic Registration System (MERS) could not foreclose by non-judicial process by way of newspaper advertisements. MERS must seek to foreclose by judicial…
Read More »
The New York Times reported Monday that AG Beau Biden of Deleware and AG Eric Schneiderman of NY have requested information from Bank of New York Mellon and Deutsche Bank, with regard to their loan orgination and documentation practices, foreclosure procedures [read: fraud], and improper administration of the securitized mortgages.…
Read More »
Take Back the Land is a nation-wide movement to elevate housing to the level of a human right and secure community control over land. (3)
Read More »
