Sunday, June 7th, 11:00 am
In front of the Grand Hyatt Hotel
109 E 42 Street
Between Park and Lexington in Manhattan
* No more foreclosed home auctions *
* No more foreclosures and evictions *
* Demand a moratorium on foreclosures and evictions *
According to the Bail Out the People, “The Real Estate Disposition Corporation (REDC) is at it again with another foreclosure auction called to help real estate players profit off of people who have lost their homes.”
Just 2 weeks ago, a Detroit homeowner died while resisting a foreclosure eviction after a five-hour shootout with the police. The banks, the recipients collectively of over $12 trillion in government handouts, are literally getting away with murder. They and mortgage firms are foreclosing homes at the rate of 15,000 a day – and with the help of firms like REDC, turning around and selling those homes to someone else.
Foreclosure auctions are advertised in the media as a chance for aspiring homeowners to get good deals. “Putting people in homes they otherwise couldn’t afford” – that was the same mantra behind the subprime mortgages cooked up by predatory lenders.
In reality, foreclosure auctions are bonanzas for these very lenders – the same home mortgage industries and real estate players that are kicking families into the street. Even individuals who manage to scrape together enough savings to bid on a home at one of these auctions can be outbid in a heartbeat by a real estate investor with millions in capital.
The Obama Administration’s Making Home Affordable program will offer assistance to as many as 7 to 9 million homeowners making a good-faith effort to make their mortgage payments, while attempting to prevent the destructive impact of the housing crisis on families and communities. It will not provide money to speculators, and it will target support to the working homeowners who have made every possible effort to stay current on their mortgage payments. Just as the American Recovery and Reinvestment Act works to save or create several million new jobs and the Financial Stability Plan works to get credit flowing, the Making Home Affordable program will support a recovery in the housing market and ensure that these workers can continue paying off their mortgages. — US Department of the Treasury, March 2009
These foreclosure auctions are in direct violation of the laws signed by President Barack Obama – the Helping Families Save Their Home Act and the Making Home Afforable Program (also here) – which require Fannie Mae, Freddie Mac, Bank of America, Chase Home Finance, CitiMortgage and Countrywide, among others, to modify mortgages.
The mortgage of the Detroit homeowner who died resisting eviction was owned by Chase Bank, which had a duty under federal law to work out a solution that should have prevented the bailiff from attempting to evict him in the first place.
The Bail Out the People Movement calls for an immediate moratorium on foreclosures and evictions. Not one more person or family should be kicked out of their home or lose their life because of the out-of-control greed of the banks and real estate companies. And on Sunday, we will be in front of the Grand Hyatt to let the REDC know it is not welcome here.
The New York houses that will be sold to the highest bidder on Sunday are the homes of poor and working people who lived in places like Brooklyn, Queens, Bronx, Newark, Long Island, upstate New York, and Pennslyvania, who were forced out of their homes by Citibank, Bank of America, Wells Fargo, JP Morgan-Chase and other banks.
In the biggest economic crisis since the depression of the 30s, these auctions should not be taking place; they are a symptom of the cruel and criminal mass eviction campaign that will continue to grow until people unite and say â€˜No More!’
The only force that will stop foreclosures is mass grassroots mobilization.
For more info visit BailOutThePeople.org
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