FFOR IMMEDIATE RELEASE
WHO: Occupy Fights Foreclosures
WHAT: Occupy Fights Foreclosures calls on State Senator Rod Calderon to sign the Homeowners Bill of Rights to stand with homeowners and stop rampant fraudulent foreclosures
WHEN: 10:00 AM Friday June 8th, 2012
WHERE: Calderon's Office 400 N Montebello Blvd, Montebello, CA 90640
OCCUPY FIGHTS FORECLOSURES CALLS ON STATE SENATOR CALDERON TO STAND WITH
HOMEOWNERS TO STOP RAMPANT FRAUDULENT FORECLOSURES
Homeowners Bill of Rights would end dual tracking and strengthen
homeowners' right to sue banks directly for violations of law
LOS ANGELES — Occupy Fights Foreclosures visits State Senator Calderon's home office in Montebello on Friday June 8, with members of Buen Hogar, SAJE, MoveOn, and Hermandad Mexicana as well as homeowners in his district to call for his public commitment to stand with homeowners by signing the Homeowners Bill of Rights. The Joint Legislative Conference Committee on Foreclosure Issues is scheduled to vote Monday, June 11th on key bills central to creating protections and strengthening legal recourse for homeowners who are underwater, attempting to secure a loan modification or battling fraudulent foreclosures.
The California Legislature approved several bills earlier this week within the package originally proposed by Attorney General Kamala Harris.
The bills still being discussed, now numbered SB 900 and AB 278, currently include protections to end "dual tracking," the widely reported practice whereby banks string homeowners along in a loan modification process while continuing to foreclose on the home without the homeowner's knowledge.
Another key provision in one bill is the private right of action, by which homeowners can sue banks directly for violations of law including fraudulent documentation and process violations.
The bills oblige the banks to verify that they have a legal right to foreclose on any home by documenting the chain of title. Specifically, the borrower could request important documents such as: a copy of the borrower's loan note; copies of any assignments of the loan note; copies of the mortgage / deed of trust proving a right to foreclose on the property; and the name of any investor(s) that holds the borrower's loan note.
Another important provision empowers homeowners to stop any pending trustee's sale if the homeowner reasonably believes the bank has failed to comply with the civil code's requirements. Any homeowner who gets this injunction will recover any attorney's fees and costs.
"Senator Calderon needs to stand with the hard-working homeowners here, not the banks that have been breaking the law to throw people out on the street and take their homes," says Carlos Marroquin, activist with Occupy Fights Foreclosures.
"We need to put an end to dual tracking and stop the banks from getting away with continued widespread fraud, says Suzanne O'Keeffe, writer and OFF activist. "Senator Calderon needs to do all he can to make sure these bills are passed with clear, strong and robust language, without bank-made loopholes. Homeowners must have strong legal recourse in the face of all the banks' abuses."
Homeowners — often under the impression they are working in good faith with the bank on a loan mod — are routinely blindsided by foreclosure, adding yet another level of stress to homeowners diligently working to keep their homes. Banks consistently violate foreclosure laws, as demonstrated by a recent audit by the San Francisco Assessor-Recorder showing 84% of foreclosures had clear violations of law.
This package of bills takes strong steps toward providing just protections for homeowners. The language of these bills needs to remain strong, clear and robust. Almost 2 million Californians have had their home foreclosed upon since 2008, and another 2.3 million are underwater on their mortgages.
Banks are rapidly increasing their number of foreclosures. BofA is ramping up to a goal of 10,000 foreclosures a day. These bills will create strong tools for homeowners fighting back against the foreclosure machine.
400 N Montebello Blvd
Montebello, CA 90640
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