Occupy Homes Minn: Our response to the federal foreclosure settlement. We shall not be moved.
OccupyHomesMN @OccupyHomesMN
Our response to the federal foreclosure #settlement. We shall not be moved.
http://www.occupyhomesmn.org/settlementresponse?recruiter_id=67 …
Today’s $8.5 billion settlement between the federal government and 10 of the nation’s largest mortgage servicers shows that banks and the government are feeling pressure from a growing national housing justice movement. But the settlement absolves the banks of their crimes in exchange for little compensation for a minority of those thrown out of their homes because of the banks’ fraud and greed.
The settlement offers a pittance to affected homeowners who lost their homes in 2009 and 2010, but does nothing to stop the banks to profit from continuing to fraudulently foreclose on families. They're stealing our homes, receiving a slap on the wrist from the federal government, and then continuing to systematically ravage our neighborhoods one home at a time.
While millions of families still face foreclosure or are hopelessly underwater on their mortgages, the big banks are making record profits--thanks in large part to the trillions of taxpayer-funded welfare they received in the TARP bailouts. This most recent settlement is just another event in a series of deals which have quite literally allowed the bailout barons “get out of jail free” cards in exchange for comparatively small sums, which have often been diverted away from their stated purpose of helping foreclosed homeowners. In this case, the sum to be distributed to affected homeowners is based on math done by the banks’ own consultants. $3.3 billion distributed among millions of homeowners won’t amount to much per family. And it certainly won’t do anything to compensate for the emotional and physical consequences of being uprooted from their communities.
(More at the link.)
= new reply since forum marked as read
