FOR IMMEDIATE RELEASE
WHO: Occupy Fights Foreclosures
WHAT: As Gov. Brown Signs Homeowners Bill of Rights, Occupy Homeowner Activists Call for a Foreclosure Moratorium Until Bill Goes Into Effect
WHEN: July 11, 2012
OCCUPY FIGHTS FORECLOSURES CALLS FOR AN IMMEDIATE FORECLOSURE MORATORIUM
AS GOV. BROWN SIGNS HOMEOWNERS BILL OF RIGHTS
Immediate Moratorium Needed to Protect Families from Foreclosure Until Bill Goes Into Effect
LOS ANGELES — Governor Jerry Brown today signs into law key provisions of the California Homeowners Bill of Rights (SB 900 and AB 278). This bill gives important protections and legal recourse to homeowners who are struggling to get loan modifications or trying to stop fraudulent foreclosures. The bill, however, does not take effect until the beginning of the year and servicers aren't obligated to consider applications for loan modifications or appeals submitted before Jan 1, 2013. Occupy Fights Foreclosures, a subcommittee of Occupy LA, calls for an immediate moratorium on foreclosures to protect the thousands of families facing foreclosures right now.
While families are losing hope and losing their homes, almost all foreclosures have been found to have suspicious documentation or legal violations according to February's audit by the San Francisco County Assessor-Recorders office. An immediate moratorium would protect homeowners from these ongoing unlawful and fraudulent foreclosures.
"I echo what Senator Ellen Corbett said on the Senate floor: this bill gives homeowners a fighting chance," says Carlos Marroquin, homeowner advocate with Occupy Fights Foreclosures. "But we need a moratorium now until this bill goes into effect — until homeowners have legal recourse to protect their due process. We also call on Attorney General Kamala Harris and Governor Brown to be transparent with the funds received from the States' settlement with the big banks and to use it solely to aid victims. Since so many homeowners have no money left to hire an attorney to make use of the legal recourse in this bill, part of the $18 billion should be used to create a legal fund for homeowners. We also call for prosecutions for the ongoing crimes that are being committed against millions of families by the banks."
Prosecutions would help restore the trust critical to any economic recovery.
"Senator Ron Calderon said on the Senate floor, 'We are going to hold banks accountable if they break the law,' says Suzanne O'Keeffe, writer, filmmaker and Occupy Fights Foreclosures activist. "That's terrific — show us the prosecutions. The latest LIBOR rate-fix outrage in London now proves fraud is truly at the heart of the current financial industry — and this LIBOR fraud affected every single mortgage rate in the country. Lawmakers claim to be worried about economic recovery. We know you can't have an economy without any trust in the financial system. If there is to be a recovery, there must be justice."