Dear Bank of America, We're Not Leaving Our Homes
Yes! Magazine - The fight against unjust evictions just got fiercer as the national Occupy movement joins forces with community anti-foreclosure groups.
Since the real estate bubble burst, conditions for a national fight against foreclosures and evictions have seemed ideal. "Too big to fail" banks have refused to offer homeowners struggling with high mortgage payments any meaningful relief, despite receiving billions of dollars in public bailouts. More than one in five home mortgages in the country are "underwater" —with the mortgage greater than the market value of the home—resulting in about $700 billion in negative equity. Overall, more than 4 million homes were lost due to foreclosure between 2006 and 2011. In response, community organizations in cities throughout the country ramped up their work to keep families in their homes through local direct action. Read more.
Since the real estate bubble burst, conditions for a national fight against foreclosures and evictions have seemed ideal. "Too big to fail" banks have refused to offer homeowners struggling with high mortgage payments any meaningful relief, despite receiving billions of dollars in public bailouts. More than one in five home mortgages in the country are "underwater" —with the mortgage greater than the market value of the home—resulting in about $700 billion in negative equity. Overall, more than 4 million homes were lost due to foreclosure between 2006 and 2011. In response, community organizations in cities throughout the country ramped up their work to keep families in their homes through local direct action. Read more.
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