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Friday, January 30, 2009

Fight Foreclosure...Congresswoman Speaks Out

'Be a squatter'
One congresswoman says foreclosed homeowners should
stay put. CNN's Drew Griffin reports.

Finally, after I have been speaking about this for over a year, a Congresswoman from Ohio, Marcy Kaptur publically speaks out against illegal foreclosures and urges people not to leave their homes if foreclosed.

The piece aired on CNN’s Lou Dobbs program yesterday, January 29th. Here is the clip to that story.

Please turn off Bloomberg TV on the left. Click on the square on the bottom left. Thank you.

The essence of the piece is that those foreclosing DO NOT HAVE THE LEGAL RIGHT TO DO SO and that those being foreclosed on DO NOT HAVE PROPER LEGAL REPRESENTATION.

The story is emphasizing the fact that the 'banks" that are foreclosing cannot prove ownership of the mortgage note nor do they actually have the note in many cases. The law requires the party foreclosing to actually have the original note and prove that they legally own it.

Most mortgage notes were sold into pools then sold as securities to thousands of investor’s world wide. The majority of these sales or assignments were not documented and recorded as required in many jurisdictions therefore, legally, the party acting as plaintiff, claiming to own the note cannot provide hard evidence to that fact.

Most homeowners are too traumatized by all the circumstances and turmoil in their lives. They cannot afford lawyers, are simply too scared to face up to the “banks” and simply move out prior to the actual sale of the property.

Congresswoman Kaptur also points out that in many cases the homeowners are not even properly noticed of the pending action. This to, is a violation of most jurisdictional law.

Authors Note:
I always put “banks” in quotations as it is not the actual bank but a separate corporation owned by the bank or in some cases a trustee of a bank appointed to administer the trust established on behalf of the buyers of the securities that are the plaintiffs. The confusion as to who is who complicates matters more and little is said or publicized on this fact.

What makes this even worse is that the attorneys – often called foreclosure mills – are very well aware of the facts. As one attorney wrote in a blog, this is simple law 101 – meaning that most every attorney is aware of this – yet due to the volume of foreclosures they handle – they are willing to create fraud upon the courts, deny the average homeowner their legal rights and attempt to ram these cases through the courts uncontested which means a person loses automatically by not defending themselves. Most important - in judicial foreclosure states - is to respond to the summons served on a homeowner within 20 days, failure to do so will cause the judge to grant a “default deficiency summary judgment” and order the sale of the property.

I am not an attorney but have spent the better part of the past two years researching this issue, studying many actual cases and read many statutes. What I have found is that a defense can be posted even if defaulting on responding to the summons. (Consult an attorney for more clarification and justifiability of my last comment).

What I am saying is - FIGHT foreclosures.

We have given Wall Street and the banks billions of dollars, they gave bonuses last year of a reported $18 billion, yet not one cent has been spent on helping to save homeowners from foreclosures. A promise by our then government - specifically Treasury Secretary Paulson – the former CEO (overly high paid) of Morgan Stanly.


If we all fight and defend foreclosures, I believe it would be one giant step towards correcting the housing market.

Foreclosed homes sit vacant for quite some time. They typically go into disrepair, and the increasing numbers of foreclosures continue to add to existing inventories. All adding to the declining values - negative impacting all neighborhoods and in some cases entire cities.

Supply and demand – basic economics taught in my first economics course in college – the greater the supply and the lower the demand - the lower the price . Conversely, the higher the demand and the lower the supply, the higher the price.

People love their homes and even with financial hardships they continue to maintain there homes. It matters not how far behind they are in their mortgage, it is still their home.

If more people fought and defended foreclosures - stayed in there homes - the lower the supply of homes there would be and values would begin to stabilize.

Fighting and defending your foreclosure is a good for the entire economy. If we can stabilize housing we can begin to drive the economy forward. If we don’t’ - this situation will only get worse as the “banks” will be foreclosing on record numbers of homeowners in the next few years.

They must be stopped. The laws of the land are for all of us and are not to be abused by those with wealth or control of the wealth as is the case.

For more information go to: TheForeclosureDetonator and TheForeclosoureDetonatorFORUM

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