[Street] DA + Street, action on underwater mortgages?
Katie Gradowski
katie at occupyboston.org
Sat Jan 14 20:06:57 EST 2012
Hey all! Does anyone want to run point on organizing an OB team to
participate in Tuesday's BOA rally? I would, but I'm going to be
organizing folks to go to the auction protest at 1, and want to make sure
that doesn't fall off the radar. I'm wary of piling on too many actions
and stretching ourselves thin --- HOWEVER, flippers, snorkels, swimsuits?
What do people think?
Canvassing today was awesome. We went to 50 houses. One of whom had no
idea that the house was in foreclosure, and (I think) will now be going to
meetings. I'll write up a longer report-back in short order -- in the
meantime, details below!
Best,
Katie
********************************************************************************************************************
“Workout Counselors can fix this corruption!
Give them the tools for Principal Reduction!”
Protest at Bank of America
Tuesday, Jan. 17
100 Federal St. downtown
Gather at 9:30 am at B of A
Press conference 10-10:30 am
(leave City Life offices at 8:45 am)
*If you have a snorkel or flippers, bring them along! While you march, you
can carry a sign that says “Millions of underwater homeowners demand
principal reduction!”*
Dear friends,
Bank of America is inviting workout counselors from the region
to a special training on how to do loan modification on Bank of America
loans. Many of these workout counselors are our friends and do excellent
work. But they don’t have the tools they need to fix the crisis.
We know what tools they need and we’ve been demanding it for 5
years:
*PRINCIPAL REDUCTION*. Reduce the amount owed. Don’t put principal on the
end of the loan as a balloon payment. Don’t extend the term. Reduce the
amount OWED. The Banks deliberately ran up real estate values as part of
the housing bubble. The bubble burst as they knew it would. The Banks
should fix the crisis by reducing principal to real value.
* *
*We demand that Bank of America (and all Wall St. Banks)*
1. Reduce principal to real value as part of loan modification
2. If “1” doesn’t happen, sell the property to occupants or a non-profit
at real value
3. Stop all no-fault evictions. Accept the rent!
*Attached is our question and answer sheet on “why principal reduction”*
*City Life organizing staff will be in Monday afternoon on the holiday for
questions.*
--
Due to the present financial situation, the light at the end of the tunnel
will be switched off to save on electrical costs until further notice.
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