Why pay your mortgage?

Palladin

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http://www.boston.com/business/articles/2009/09/26/a_move_against_foreclosures/


A move against foreclosures
Housing activists’ bold tactics pressuring banks
By Jenifer B. McKim, Globe Staff *|* September 26, 2009
Frances Louis last week lugged her belongings into an empty and unlocked three-story townhouse in Roxbury that she does not own nor rent, intent on taking over the bank-owned property and making a statement.

She claims to have a “moral’’ right to live in the newly renovated building on Cobden Street, a four-bedroom unit seized in June by a Wisconsin bank because the owner failed to make mortgage payments. It’s one of many foreclosed and vacant properties in the neighborhood.

“Now is the time for banks to step up and help families instead of putting them out,’’ said Louis, 41, who needed a place to live after losing her home in Mattapan to foreclosure. “There are all these vacant, empty places for no reason.’’

Louis is staying in the townhouse with her 10-year-old son and members of the Jamaica Plain group City Life/Vida Urbana, which has attempted to prevent foreclosure evictions by having people chain themselves to properties. The Cobden Street “occupation’’ is different because no one was being evicted. It marks the first local example of the more militant tactics being used by housing activists nationwide, who say lenders are culpable in the foreclosure crisis.

City Life’s unorthodox - and illegal - action appears to be yielding results. Yesterday, the townhouse’s owner, Guaranty Bank, said it will sell the property to Boston Community Capital, a nonprofit lender that specializes in selling and renting to local residents homes that were formerly owned by banks. That means Louis might be able to stay put.

Guaranty Bank chairman Jerry Levy - who learned about the City Life takeover earlier this week from a Globe reporter - said he doesn’t condone trespassing, but the bank is eager to resolve the matter, and it has no plans to force Louis from the building.

“We are sensitive and concerned about the responsibilities we have as a lender to the communities we work in,’’ Levy said.

The Cobden Street unit is one of many vacant and foreclosed units in the neighborhood that Boston Community Capital has been attempting to purchase to either rent or sell back to former owners. Elyse Cherry, its chief executive, confirmed she signed an agreement to purchase the property at an undisclosed price. She would not comment on City Life’s takeover. “Our whole goal is to stabilize the neighborhood and buy the properties and resell them to an existing owner or tenant,’’ Cherry said.

Despite its apparent success, City Life said it is not planning similar occupancy protests. But the effort is part of the group’s new strategy to focus on neighborhoods rather than individual homes. It is working with the Bank Tenants Association, a local group whose members include residents of foreclosed properties. The Cobden Street townhouse was targeted, the groups said, because a tenant was forced out after the foreclosure.

“People are suffering terribly out there,’’ said Steve Meacham, a City Life leader who is organizing shifts of volunteers to stay in the townhouse with Louis until a sale is complete. “If these actions can help resolve these situations, they are justified.’’

Occupying a home without permission is a crime, according to the Boston Police Department. But unless the owner notifies police from the location, no action is taken, said department spokesman James Kenneally.

In parts of the country especially hard hit by foreclosures, there has been an increase in the number of people “squatting’’ in abandoned homes, but such tenants usually avoid publicity. Now more groups are getting involved as a political statement. For instance, Take Back the Land, a Miami group, has moved 11 families into bank-owned and government-owned homes since late 2007. Founding member Max Rameau said that after a recent standoff at a foreclosed house, the lender agreed to sell the property to a nonprofit group for $1 and let its occupants stay.

“Housing is a human right, and it doesn’t make any logical sense to have vacant homes on one side of the street and homeless on the other side of the street,’’ said Rameau. “Given the fact that banks have all the power, this is becoming increasingly the only option left for people to engage in direct public policy.’’

In the case of Guaranty Bank, Meacham conceded, the family-run lender doesn’t appear to be a culprit in the foreclosure crisis. Still, he maintained activists are justified in occupying foreclosed buildings because the lending industry helped cause foreclosures through predatory lending practices.

Louis became involved with City Life in 2008 after her mother lost to foreclosure a Mattapan home she shared with her husband, Louis, and three grandchildren. Louis said she and her father unsuccessfully attempted to buy back the property. As a result, she said, the family had to move into a crowded two-bedroom apartment in Dorchester.

Last Saturday, volunteers helped Louis move into the Cobden Street townhouse, carrying in air mattresses, a dining room table, two televisions, clothes, plants, and lamps. They changed the lock and hung a banner out the window reading, “OCCUPY’’ (an acronym for Organize, Community, Control, Unite, People, and “Yes we can’’). The home, with stainless steel appliances and hardwood floors, had running water and electricity until Tuesday morning.

Louis has since put the electricity account in her name and expects to remain in the townhouse indefinitely. She eventually wants to buy the property, with help from her father, and was relieved to learn about the tentative deal. “We are in the position to purchase it,’’ said Louis, who has a temporary job in the convention industry. “I’m not going nowhere.’’

Jenifer McKim can be reached at [email protected]. *
 

richc

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Ummm... I am as sympathetic as the next guy... I have friends that have gone to foreclosure...

But at what point does one's life situation justify theft?

A very wise manager of mine about thirty years ago carried business cards in his wallet that said:

"I will not allow you to make your problem my problem"

or something like that...

I did not like the guy, but some of the things he said were very wise indeed.

These folks have decided that their life situation justifies the taking of another person's property. WTF is wrong with them???

OK... one more thing... the woman mentions her Dad and how he will help her buy the place... well, Dad, can she move in with you during this tough times? If you have the money to help her buy a home, can you help her rent a home during these tough times? Or is it easier to let your daughter steal someone else's property.

If my kids ever chose this path, and I know for certain they have values that would prevent this, but if they did, I would come back from the dead if necessary to smack them upside the head!!! I would haunt their dreams. I would be the poltergeist that disrupted their lives. You just don't do this.

WTF!!!!!!!!!!

ARRRRRRRRRRRGGGGGGGGGGGGGGGGGGHHHHHHHHHHHHHHHHHHHHH
 

terraformer

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Well, the banks never suffered (or paid a penalty) as result of their own stupidity, I find it hard to argue with a straight face the position that those being foreclosed on need to either. Not that I agree with this crap, but right now I am paying my mortgage while a friend of a friend of my GF has been living mortgage free for over a year. She had the balls to go down and try to lease/buy a BMW. They turned her down thankfully but I doubt the idiots who went for the quick buck and authorized all these bad loans are driving around in sub compacts.

Someone had to take responsibility for this mess and no one did. The bailouts should have come with that but they didn't. Or they shouldn't have been bailed out at all as it has sent the wrong message without that acceptance of responsibility (with consequences for those responsible).
 
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These people have no concept of ownership and responsibility. Owning a home isn't a right. Can't they just get these people chained to the buildings arrested for trespassing at the very least?
 
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She claims to have a “moral’’ right to live in the newly renovated building on Cobden Street, a four-bedroom unit seized in June by a Wisconsin bank because the owner failed to make mortgage payments. It’s one of many foreclosed and vacant properties in the neighborhood.
I'm not sure if landlord disclosures to tenants is mandated, but it might have to be. In other words, if the owner/landlord fails to make payments on the property and the property enters default or foreclosure, then they need to communicate this to the affected tenants.

This is clearly a property rights issue. I don't understand why some people think they can steal from others and then claim they have a moral right to something. This is also part and parcel of flaw that exists in the "health care is a right!" credo.
 

terraformer

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I'm not sure if landlord disclosures to tenants is mandated, but it might have to be.
Very few states have this mandated. I don't even think MA has it. And once the property has been foreclosed, it is too late as the sheriff's office is there within days. When available, the disclosure is usually triggered 3-6 months behind on payments or the initiating of foreclosure proceedings which is a 6 month process.

Right now there are lots of landlords building cash rolls by not telling their tenants that they are about to lose their homes, their last and security deposits all the while the landlord is stealing from the publicly subsidized banking system.

Perfect markets require perfect information. This mandatory disclosure is desperately needed right now.
 

radioman

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People responsible for this mess??[thinking] HMMMMMM...Lets think for a minute?????-----

Could it be the folks that signed a mortgage that after 5 years gos from 3% to 9% or higher???? And they did this on spec that they would get a better job or a raise in pay?? Wow these folks should live in Vegas they'd make a fortune!! OO wait a minute there mortgages went bust?? Wow, I guess they should have never signed those notes?? But it couldn't be there fault it must be the big bad government that forced them to sign that 400,000.00 note and don't forget those two late model cars in the driveway.[frown]
 

George D

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They changed the lock and hung a banner out the window reading, “OCCUPY’’ (an acronym for Organize, Community, Control, Unite, People, and “Yes we can’’).

Shouldn't that say OCCUPYWC?

So, should those of us that pay our debts have a "moral obligation" to help ommunicate with the lenders to get these people arrested for B&E?
 

NHAtHeart

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They changed the lock and hung a banner out the window reading, “OCCUPY’’ (an acronym for Organize, Community, Control, Unite, People, and “Yes we can’’).

Shouldn't that say OCCUPYWC?

So, should those of us that pay our debts have a "moral obligation" to help ommunicate with the lenders to get these people arrested for B&E?
That would take care of their housing problem [smile]
 

terraformer

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People responsible for this mess??[thinking] HMMMMMM...Lets think for a minute?????-----

Could it be the folks that signed a mortgage that after 5 years gos from 3% to 9% or higher???? And they did this on spec that they would get a better job or a raise in pay?? Wow these folks should live in Vegas they'd make a fortune!! OO wait a minute there mortgages went bust?? Wow, I guess they should have never signed those notes?? But it couldn't be there fault it must be the big bad government that forced them to sign that 400,000.00 note and don't forget those two late model cars in the driveway.[frown]
2 things. I never absolved any buyers of responsibility. Second, the banks ABSOLUTELY screwed things up and incubated this situation. This is how. You have heard about price being a function of supply and demand, right? Wrong. That is an overly simplistic model of pricing. The prices on homes skyrocketed because lending practices made buyers more easily able to extend credit. That credit allowed the overall price to go up without the monthly cost to go up, that is true and that is a function of the option ARM, which you seem to think is the only cause at play here. It is not however (ex; 120% loans, extending loan periods on refis, refis on unrealized value, crappy valuation to begin with, fraud, you name it). Cheap credit came in many forms, and all of that drove the price of housing up artificially AND THE PRICE OF RENTING. If one wanted to live in a home, they HAD TO GO ALONG. Now, the smart ones rented, but regardless, this was an artificial bubble created by people who knew better but didn't care. They made a quick buck and jumped ship leaving others holding the bag.

The price adjustment back to actual values has left many people who had been responsible payers holding mortgages on homes for as much as double what the home is worth. On average the typical mortgage holder for anyone who bought since 2000 is something like 30-40% inflated. All because the banks wanted to play games.

Two parties involved. And two parties responsible.
 
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What drives me crazy is this feeling of "I DESERVE it". "It's a RIGHT". No, you don't "deserve" anything you haven't earned. I hate that this is the attitude of millions and millions of Americans. "I DESERVE a nice home because I am a good person..." So many of my friends have this attitude. So many of my friends are deeply in debt.
 
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What drives me crazy is this feeling of "I DESERVE it". "It's a RIGHT". No, you don't "deserve" anything you haven't earned. I hate that this is the attitude of millions and millions of Americans. "I DESERVE a nice home because I am a good person..." So many of my friends have this attitude. So many of my friends are deeply in debt.
Same here.

I never thought I'd live to see the day that my fellow Americans are standing on sidewalks across our great country demanding that the government forcefully take shit away from one group of people and give it to another group of people.

What happened to you America? [halfmast]

 

Tommy Gun

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I had to sell my first house when my wife injured her ankles while 9 months pregnant with our 2nd child. She had quit her job at GE to stay home and raise our girls several months before the injury. So with no STD or LTD benefits it became obvious that I was not going to be able to continue the lifestyle we had become used to.
I decided not to become a burden for anyone so we sold the house and moved to a small apartment and lived within our means while she recovered, it took a while. It was the best move for us, she was able to get better and was a stay at home Mom and the girls thrived. It took a while but we are in a decent house now but with what I'm going through now we may be forced to sell this house.
I applied for a modification but was given the opportunity to have the same interest rate but longer term. I don't know what we will do but I won't try to live here without paying what I agreed to. If forced into foreclosure I will do whatever it takes to do the right thing at much as I can anyway. We are up to date right now but am out of work on medical leave and have been denied benefits so far.

Tom
 

Palladin

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I had to sell my first house when my wife injured her ankles while 9 months pregnant with our 2nd child. She had quit her job at GE to stay home and raise our girls several months before the injury. So with no STD or LTD benefits it became obvious that I was not going to be able to continue the lifestyle we had become used to.
I decided not to become a burden for anyone so we sold the house and moved to a small apartment and lived within our means while she recovered, it took a while. It was the best move for us, she was able to get better and was a stay at home Mom and the girls thrived. It took a while but we are in a decent house now but with what I'm going through now we may be forced to sell this house.
I applied for a modification but was given the opportunity to have the same interest rate but longer term. I don't know what we will do but I won't try to live here without paying what I agreed to. If forced into foreclosure I will do whatever it takes to do the right thing at much as I can anyway. We are up to date right now but am out of work on medical leave and have been denied benefits so far.

Tom
+1
 

Palladin

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Huh. Never heard that one before. I did not know that. Learn something new every day.
I visited Alcatraz in August....

This was rule 5 at Alcatraz, "You are entitled to food, clothing, shelter, and medical attention. Anything else you get is a privilege."

only time I've ever seen housing as a 'right' [wink]
 

radioman

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...If one wanted to live in a home, they HAD TO GO ALONG. Now, the smart ones rented, but regardless,...
You make my argument for me right here. NO ONE had to go along. You say in your own post that the smart ones rented??? meaning the dumb ones or the greedy ones didn't rent and spent above there means?? I want a Ferrari but there to expensive??? But I want to drive a Ferrari?? According to your post I have to go along and pay the high price or suffer the embarrassment of driving a Ford?? Come On!! Your giving the banks who were told by Clinton to lend to low income people to much credit. No one had there feet held to the fire. Just because I CAN sign the note doesn't mean I SHOULD sign the note! We need to demand personal responsibility before we continue to condone it!!!
 

SemiAutoSam

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The qualifying factor there was being a Federal Prisoner.

I visited Alcatraz in August....

This was rule 5 at Alcatraz, "You are entitled to food, clothing, shelter, and medical attention. Anything else you get is a privilege."

only time I've ever seen housing as a 'right' [wink]
While I agree owning a home isn’t a right any more than healthcare is.

But there is fraud happening in the banking system that most people are not aware of as well and unless they had full disclosure of the contract it is null and void and the banksters that defrauded them should also be held on charges IMO.

IE the fraud is where the money came from that they supposedly borrowed from the Bank or S&L etc.

When the bank creates money out of thin air from the borrower’s signature on the loan papers there lies the fraud
 
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center442

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Huh. Never heard that one before. I did not know that. Learn something new every day.
Ahh, John, you just missed the memo! You probably don't know the OCCUPY theme song, either. Here you go:

Oh Lord, wont you buy me a Mercedes Benz ?
My friends all drive Porsches, I must make amends.
Worked hard all my lifetime, no help from my friends,
So Lord, wont you buy me a Mercedes Benz ?
It would probably be more accurate if they replaced 'Lord' with 'government' but it would be a lot harder to sing. [wink]
 

terraformer

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You make my argument for me right here. NO ONE had to go along. You say in your own post that the smart ones rented??? meaning the dumb ones or the greedy ones didn't rent and spent above there means?? I want a Ferrari but there to expensive??? But I want to drive a Ferrari?? According to your post I have to go along and pay the high price or suffer the embarrassment of driving a Ford?? Come On!! Your giving the banks who were told by Clinton to lend to low income people to much credit. No one had there feet held to the fire. Just because I CAN sign the note doesn't mean I SHOULD sign the note! We need to demand personal responsibility before we continue to condone it!!!
You misunderstood what I was getting at. Everything was going up fast. Rents and home prices. The two were linked. People couldn't afford either but the tax incentives made renting less advantageous in the short term.

No one had there feet held to the fire.
No, actually no one at the banks had their feet held to the fire. The people getting foreclosed on are. People who are doing the right thing are too. Look at the post a few back where a guy with medical problems is in jeopardy of losing his house. In a sane market, he would be able to sell and get out what he put in. Now, if he bought between 2003 and 2007 he is likely going to take a loss, maybe a significant one. That is a direct result of the inflation driven by creative loan products (that bankers knew sucked but since they got to sell them away, they could have cared less about the repercussions) that hid the true cost of things.
 
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I have no pitty for MOST of the people that got foreclosed on because most of them bought homes that they could not afford. But that is the new American way; buying things you can not afford because the people that can afford it will get taxed to cover it.
 
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Remember when Obama was elected and we were all talking about "Atlas Shrugged"? Well, for those who haven't read it, we're about 1/2 of the way through the book now.
 

Tommy Gun

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I must say I am a lucky one. I purchased a house that I could afford and if forced into selling, even in this market, I should have money coming to me. It's kind off a bummer that I didn't do more in case of a rainy day but I didn't go nuts either. So I have a nice home that I should be able to afford but the next few months will tell.
It sucks that someone gets sick and is signed out of work and the insurance company denies benefits. I have had two coworkers go through the same thing, one had a stroke at 35 and another has cancer. The first one was laid off and the second came back to work early to start getting paid again. He should be home resting as he had two bone marrow transplants this year.
 
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I can give you my personal experience to gain some perspective into how MANY homeowners who are now left holding the bag decided to buy at the market peak. In 2001 my wife was pregnant and I started looking to move out of our small apartment and buy a house. We were trying to save at least 15% to put down 10% and have 5% for closing/repairs. We couldn't afford it, so we saved and waited.

In 2002, my first son was born, prices went up 20% or so, so even though we had saved a ton, we were priced out and had to save more.

In 2003, prices went up 20% or so again. Priced out again, kept saving.

In 2004, our daughter was born, we were still in a small apartment, we wanted a house, but weren't going to buy one until we had saved more. Housing prices went up 20% or so again. Now the houses we were looking at in 2001 were 70% more expensive, so even though we had saved 15% of a down payment for 2001 prices, we were still not even 1/2 way to what we needed.

In 2005, housing prices went up another 20%!! We were at wits end. We had been saving for 4 years straight, and in that time, housing prices had doubled. It was just insane and so FRUSTRATING. We had about 8% downpayment now for the new, inflated prices. Not anywhere near what we needed, even though we had been diligently saving the entire time, we couldn't begin to catch up to doubling house prices.

I remember distinctly in March 2005 I got Money Magazine's housing forecast issue and for RI they were forecasting prices increasing 20-25% in 2006! We said "F**K it, we can't live in an apartment forever, our rents have gone up 50% and we have zero to show for it, if we had just bought with 0 down in 2001, we would have $150,000 in equity right now, instead we have zip and it's just going to get worse"

So we bought w/ 5% down at the VERY PEAK of the market.

You know the rest. Housing crashed, our home is now $100,000 underwater.

I don't blame anyone nor expect anyone to "save" me. But I'm not an idiot, nor a greedy person, nor someone looking to flip a house for a cheap profit and I am very, very screwed. Bad timing. The worst.

ETA: To be clear, we're not "in trouble" or in danger of not making payments, etc. we're fine, we're just hosed and underwater and can't move without ponying up 100K just to leave with nothing.
 

terraformer

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I can give you my personal experience to gain some perspective into how MANY homeowners who are now left holding the bag decided to buy at the market peak. In 2001 my wife was pregnant and I started looking to move out of our small apartment and buy a house. We were trying to save at least 15% to put down 10% and have 5% for closing/repairs. We couldn't afford it, so we saved and waited.

In 2002, my first son was born, prices went up 20% or so, so even though we had saved a ton, we were priced out and had to save more.

In 2003, prices went up 20% or so again. Priced out again, kept saving.

In 2004, our daughter was born, we were still in a small apartment, we wanted a house, but weren't going to buy one until we had saved more. Housing prices went up 20% or so again. Now the houses we were looking at in 2001 were 70% more expensive, so even though we had saved 15% of a down payment for 2001 prices, we were still not even 1/2 way to what we needed.

In 2005, housing prices went up another 20%!! We were at wits end. We had been saving for 4 years straight, and in that time, housing prices had doubled. It was just insane and so FRUSTRATING. We had about 8% downpayment now for the new, inflated prices. Not anywhere near what we needed, even though we had been diligently saving the entire time, we couldn't begin to catch up to doubling house prices.

I remember distinctly in March 2005 I got Money Magazine's housing forecast issue and for RI they were forecasting prices increasing 20-25% in 2006! We said "F**K it, we can't live in an apartment forever, our rents have gone up 50% and we have zero to show for it, if we had just bought with 0 down in 2001, we would have $150,000 in equity right now, instead we have zip and it's just going to get worse"

So we bought w/ 5% down at the VERY PEAK of the market.

You know the rest. Housing crashed, our home is now $100,000 underwater.

I don't blame anyone nor expect anyone to "save" me. But I'm not an idiot, nor a greedy person, nor someone looking to flip a house for a cheap profit and I am very, very screwed. Bad timing. The worst.

ETA: To be clear, we're not "in trouble" or in danger of not making payments, etc. we're fine, we're just hosed and underwater and can't move without ponying up 100K just to leave with nothing.
You are exactly the type of buyer I was referring to earlier. I am sure there are lots of people out there who overbought out of greed, but there are a lot of you's out there too.

ETA: I lived on the east side of Providence between 99 and 2002. In that time my rent went from $870 to $1600.
 

radioman

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Buying high and selling low is a fact of life sometimes just as buying low and selling high is. There's no guarantee of either. This is called risk. Risk makes some millionaires and some broke. I hate to hear the sad stories but we ALL have a sad story to tell at some point in life. I don't want anyone to pay for my sad story ever. It was me and my family that made whatever decision that led to that story. Many people raise many children in small apartments. Many people have a big home for just two. Life is not fair and never will be and no government, no way of life, and no form of ideology will ever make life fair. Though I'm sad to hear that some folks are upside down in there home values can anyone be to blame other than free market? I bought a generator last year after the ice storm, it's now 300 bucks cheaper from the same company? Should I stop paying for it because the "MAN" some how forced me to buy it at a high price?? No way!! It was me who decided to buy right after an ice storm. I knew what I was getting into and don't expect a refund or even any sympathy from anyone. If you want to go all ballistic on big business remember, money has always been made and always will be made by the big man stepping on the poor man. If you think Communism or Socialism will solve these problems they will not. In those societies no one can make money. Everyone is the same. This opens up temptation to take bribes or turn to crime to get ahead. I'll take my chances in a capitalistic country to feed my family. If anyone would like to try another form of government there are plenty of countries like France you could try? Again I will go with an old saying--

I've never seen a poor man offer another man a job!
 
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http://www.boston.com/business/articles/2009/09/26/a_move_against_foreclosures/

A move against foreclosures
Housing activists’ bold tactics pressuring banks
By Jenifer B. McKim, Globe Staff *|* September 26, 2009
Frances Louis last week lugged her belongings into an empty and unlocked three-story townhouse in Roxbury that she does not own nor rent, intent on taking over the bank-owned property and making a statement.

“Now is the time for banks to step up and help families instead of putting them out,’’ said Louis, 41, who needed a place to live after losing her home in Mattapan to foreclosure. “There are all these vacant, empty places for no reason.’’

Louis is staying in the townhouse with her 10-year-old son and members of the Jamaica Plain group City Life/Vida Urbana, which has attempted to prevent foreclosure evictions by having people chain themselves to properties. The Cobden Street “occupation’’ is different because no one was being evicted. It marks the first local example of the more militant tactics being used by housing activists nationwide, who say lenders are culpable in the foreclosure crisis.

Louis became involved with City Life in 2008 after her mother lost to foreclosure a Mattapan home she shared with her husband, Louis, and three grandchildren. Louis said she and her father unsuccessfully attempted to buy back the property. As a result, she said, the family had to move into a crowded two-bedroom apartment in Dorchester.

Jenifer McKim can be reached at [email protected]. *
"I think the reporter may have left out some info in this one. A globe reader supposedly did some research and came up with the following which disputes the foreclosure angle. If true, she obviously thinks its OK to sell a house for a profit and then take over someone else's house "because it's just sitting there empty".

[The following is based upon my own research at MassLandRecords, which contains publically available information. There is only one set of property records under the last name “Louis” for all of Suffolk County dating from 1977, with the first name of “Frances”, as such it is reasonable that this is in fact her former property.]

The Roxbury home Frances Louis “lost to foreclosure” was purchased in June, 1999 for $135,000, with a mortgage for $134,900 – she put $100 down. In July, 2001, a lien was filed on the property based on an outstanding judgment for over $5,000 to Newbury College dating to 1988. In March of 2002, the mortgage holder filed foreclosure notice against the property. In May of 2003 another foreclosure notice was filed after the ownership of the mortgage bounced around various companies.

Interestingly enough, neither one of the foreclosure notices was acted upon by the state.

Instead, another lien was placed on the property (under the first name spelled “Francis”) for over $5,000 by Boston Edison in August, 2004.

Finally, in September, 2004, the property was sold – by Ms. Louis – for $214,000. She made a healthy profit, even after fulfilling her 16 year old debt to Newbury College and the month old judgment against her by Boston Edison.

In other worse, it was never sold in a trustee sale, never taken over by the bank; she was never kicked to the curb. She was never a victim; instead, she made $80,000 from the sale of a private home, despite having two foreclosure notices and two judgments for failure to pay debt against her in a little over five years.
9/26/2009 7:16 AM EDT"
 
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