Sep 29 2011
High Foreclosure Rates Prompt Outrage, Actions Across California
According to RealtyTrac, a foreclosure listing firm, August saw a 33% jump from July in the number of initial mortgage default notices filed nationwide. It was a surprising increase and the highest jump since the housing bubble burst four years ago. Bank of America initiated the most foreclosures, hitting homeowners in California the hardest with a 96% increase across the state from the previous month. The Sacramento Bee reports that around 2,420 default notices were filed in Sacramento County in August alone, 670 of those by Bank of America. A BofA spokeswoman told the Sacramento Bee the increase has long been expected. She said the slow-down in activity over the last year was mainly due to reviews of processes in the wake of the robo-signing scandal. Banks are signaling they believe they have cleaned-up their act and are ready to resume shedding distressed homeowners from their books. As a response to this, a statewide coalition named “Refund California,” has formed as a means, “to make Wall Street banks pay for destroying jobs and neighborhoods with their greedy, irresponsible and predatory business practices.” The group is organizing events across California in order to express their complaints at Wall Street. Next week Refund California will initiate several actions in Los Angeles. Next Tuesday and Wednesday, protestors will visit a Wall Street executive’s house to demand, “Its time for Wall Street Banks to Pay.” Following that, on Thursday, this group will be conducting a march in Los Angeles comprised of over 1000 homeowners.
GUEST: Jono Shaffer, organizer with Refund California, Rose Gudiel, home healthcare worker and homeowner who has been foreclosed on by One West Bank and Fannie Mae. She currently faces eviction by the LA Sherriff’s Department
Watch a video of the interview here.
There will be a week of action in Los Angeles from October 3-6, including “home visits” to Bank executives, culminating with a major event on October 6th, at 11:30 am at the California Plaza, 350 S. Grand Avenue, LA.
Visit www.makebankspaycalifornia.org or call 213-863-4548 for more information about the events and to get involved.
2 Responses to “High Foreclosure Rates Prompt Outrage, Actions Across California”
Thats Awesome>>>>>!!!!!! Home visits to Bank Executives…LOVE IT!!!!!!
“Shedding disstressed homeowner”.
They speak of us like old skin. The funds the banks have are the money we “homeowner” have been paying in HIGH RENT. We all thought we weere homeowner, but we were just renters. They are not Surprised about the hike in foreclosuree because this ALL was premedated. If you are I Stole from the bank, we would be in jail, instead, we loan the thief more money to continue his illegal operation. I think if we went a step further and stop paying our mortage, one community at a time, we will then get some action on our behalf. This is a state of emergency! When is the President going to send in the help!