SF Occupiers Turn Attention to Collusion Between Speculators and Banks


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EDITOR’S NOTE: I missed the timing, so this event already happened. But the SF Occupiers seem to be on the right track. They deserve our support and their efforts should be duplicated. My anecdotal evidence strongly suggests that the collusion between real estate speculators and Banks is pandemic especially at the level of eviction, but it has grown like fungus into the foreclosure process as well, setting time limits for completion of foreclosures that speculators want to buy.

These speculators are flipping homes fast so they don’t get caught in the title maze later, when the lawsuits over title chains becomes a flood.

The other dirty little secret that I have plenty of anecdotal evidence (but not enough to call it survey, in my opinion) is that there are dozens of instances, perhaps hundreds or even thousands, where the property value is dropped shortly before sale so that someone in the foreclosure mill, the trustee’s office, or the local real estate broker can pick up the property for a song. This is particularly gruesome where the homeowner offered modification for multiples of what the property eventually sold for.

All of this activity is fodder for bringing a TRO and lawsuit for failure to comply with HAMP. The proof is in the pudding. If the servicers were to “consider” the modification then they must show why they rejected a modification that would have provided three times the proceeds of foreclosure.

Judges are warmer to this idea than you might think. They like settlements and if one side has thwarted settlement by failing to even provide the investor with the data necessary to make a decision, they are in violation of HAMP and they are presenting an annoying set of facts to the Judge.

From OccupySF Housing Coalition

See Fogcityjournal.com

At noon on January 14th, at Mission and 16th Street, tenant and housing groups will team up with OccupySF to expose the collusion between real estate speculators and banks that threatens thousands of San Franciscans with eviction.

Despite months of negotiation and community input the people’s voices have been ignored. Targeting working class people for predatory equity scams, Ellis Act evictions, or immoral home loans can no longer be tolerated.

According to Ted Gullicksen of the SF Tenants Union,“It’s well known how big banks have unfairly evicted homeowners. Less well known is how banks evict renters by partnering with speculators to buy apartment buildings, evict all tenants to raise rents or sell the housing stock as condominiums.”

This Saturday the 14th, evicted tenants and foreclosed homeowners will tell their stories of the impact that bank’s greedy actions have had on them. Banks will be put on notice: You Will Be Held Accountable! Actions will culminate in a January 20th shutdown of San Francisco’s Financial District.

“We cannot allow banks and speculators to dictate who stays and who goes in our communities,” asserts Maria Zamudio, a tenant counselor and organizer at Causa Justa: Just Cause. “Foreclosures and evictions unbalance communities, jeopardize health and well-being, and leach wealth from neighborhoods. Housing is a human right. If banks and speculators continue to act as landlords, they must respect tenant protections that San Franciscans have struggled to achieve.”

The Coalition

Occupy SF Housing is a coalition which includes OccupySF, SF Tenants Union, Housing Rights Committee of SF, Causa Justa: Just Cause, Eviction Defense Collaborative, ACCE, Homes Not Jails, Occupy Bernal and other community groups and individuals. The coalition came together to stop banks from evicting tenants and homeowners through foreclosures or through their partnerships with real estate speculators.

2 Responses

  1. @ ALL !!! I have ended that strategy for banks now. Any homeowner who wants to see if a benefit exists for the loan investor to modify the terms of a mortgage loan exists they can now run a FREE NPV Test at http://www.mynpv.com. The algorithm determines if more of a benefit exists to modify the loan versus foreclosure. The algorithm does not include the monies the loan servicer receiver from the default provider, but nobody wants to talk about that little hidden treasure.

    I have come up with a solution that will allow 10 Million homeowners to keep their homes. you can show the judge the results and ask the Judge to view the Plaintiff, Defendant in a different light. This also shows the Judge you are not looking for a free house, and gives the Loan Servicer the room to establish a credit event and whack the counter party for a partial claim through modifification.

    We are coming out America! Any Not For Profit Organizations which is not funded by the banks can have access to the NPV Calculator at no charge, any attorney representing clients can have at no charge.

    If you are a responsible homeowner that needs some ammo, go visit the site. It is free. Since I know a thing or six about this tool, I will write the Court direct on your behalf.

    It is time to stand and fight. We now have a solution and we must make them take heed that; American’s Will Not Go Lying Down!

    It’s free and another great tool to provide your side of the story to the Judge. I have personally watched Judge ask counsel to comment on why they have a result that states they qualify, why won’t your client provide results. The calculator will not guarantee you get a modification, but it will establish that a cash flow benefit exists for your loan servicer to modify the terms of your loan on behalf of whomever.

    This is a better lead-in that standing because it shows you are willing to work with the lender and pay whomever the hell it is that claims they own the cash-flow to your loan. At the very least it paints you in the light of looking for a solution, which it appears nobody wants.

    Any OWS group that wants to help homeowners and get aboard can do so for free. if you do not want to keep your house, the tool also provides the REO Value which helps to get the house transferred through a short sale. The algorithm is more stringent than Treasury,so if you pass here, you will pass anywhere. it’s up to you now America, do we want change or not?

  2. If I recall, Housing courts in several states have stepped in to protect tenants being evicted as a result of the property being flipped.

    Judges have ruled that, where a lease agreement had been signed by the tenant, that lease agreement protected him from eviction for the duration of the contract (except breach on the part of the tenant, of course), regardless of what happened to the actual real estate property. For example, if a renter signed a lease for a year and, halfway through, the dwelling caught fire, the lessor would have a housing obligation toward the tenant. Likewise, the fact that the property was sold may not deprive the tenant from housing. Otherwise, big, big damages!!!

    If CA allows that disgrace, it doesn’t deserve to remain part of the united states as its values are really, really screwed up!

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