Call To Action:
We invite all foreclosures fighters to help us Occupy N.A.C.A. this Thursday. (We will on the corner of Pico Blvd, next to the Staples Center).
Neighborhood Assistance Corporation of America(NACA) draws thousands of fraudclosure victims seeking help every year. Out of those thousands of victims, only a few get the help they need and the rest are turned away.
Many homeowners whom Occupy Fights Foreclosures is currently helping have been turned away by NACA, which has made us conclude that this event is only a PR campaign by the banks (whom NACA works hand in hand with) to make the public believe they are doing the best they can to ease the foreclosure crisis that is destroying the lives of millions of Americans.
The failure of the banks to help people in the past and present has left little to expect of foreclosure victim's futures.
*Press Conference at 8AM*
Press conference to highlight banks’ denials of tens of thousands of applications for modifications of predatory loans, dual tracking and foreclosures.
Foreclosure victims, such as Ms. Harolyn Rhue, are victims of predatory lending by a bank that was acquired by Wells Fargo in 2008. In spite of her disability, she was given an adjustable rate mortgage and a pay-option loan that was inappropriate for her fixed income and set her up to lose her home.
Harolyn has come to NACA events every year for the past several years but Wells Fargo refused to modify her predatory loan every time. Ms. Harolyn Rhue will be speaking about her applications that were denied until she lost her home to Wells Fargo and now is facing eviction. In all cases, homeowners did the right thing and notified the bank of their request for hardship assistance, only to hear the banks say NO TO THEM!
Unfortunately, Harolyn is not alone. In a sweeping 2010 settlement over predatory “pick-a-payment” loans, Wells Fargo agreed to provide as much as $600 million in modification benefits to troubled borrowers, who were not told that their low payments would result in negative amortization. In spite of this court order, however, Wells Fargo has only approved 2.6% of the 66,000 applications for a modification, according to a recent lawsuit.
Occupy Fights Foreclosures calls on Wells Fargo to take responsibility for the bad loans it bought, not by foreclosing on the disabled, elderly and minorities, but by using some of its $19 billion in profits to help people like Harolyn stay in their homes.
The banks have have caused trillions in losses to American families and communities. They have taken four million American homes since the mortgage crisis of their making began in 2007. Yet they have received billions in bailouts and billions more in low-interest credit from the Federal Reserve.
We also call on Bank of America, which last year made $4.2 billion in profits, Deutsche Bank, which made almost $1 billion, and JP Morgan Chase, which made $21.3 billion, to do more to help troubled borrowers.
They must stop foreclosing on people or selling their loans to investors to carry out the foreclosures. Stop turning homeowners into homeless people or renters.
Please bring your voices, bring your picket signs, and your might to fight against these criminal banks!
1201 S Figueroa St
(Pico Blvd. & Figueroa St.)
Los Angeles, CA 90015
Google map and directions