Press Conf. to Announce Intro of Federal bill for 3 Year Foreclosure Moratorium Inbox

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April-11-12, 06:23 AM
ridgeabilly

Press Conf. to Announce Intro of Federal bill for 3 Year Foreclosure Moratorium Inbox

Rally / Press Conference to prevent foreclosures and save our homes and communities!
Congressman Hansen Clarke to Announce Introduction of a Federal Bill for a National Moratorium on Foreclosures

Date: Thursday, April 12, 2012
Time: 4pm
Location: Home of Willie Delbridge, 18370 S. Bassett, Detroit MI 48210

At a Press Conference/ Rally this Thursday, April 12, Congressman Hansen Clarke will announce the introduction of a federal bill that would that would place a three year moratorium on foreclosures, and mandate principal reduction to fair market value when the moratorium ends.

The bill would require an immediate pause in the foreclosure process for nearly any homeowner with a federally related mortgage* who requests it. Next, the bill would require the bank to meet with the homeowner in foreclosure to discuss modifying the mortgage. The bill would also provide an incentive for banks to modify the mortgage: if the modification does not occur, the foreclosure would be stopped for three years and the court would determine a reasonable amount that the homeowner must pay each month. Once this three-year period is over, the court would reduce the principal of any underwater mortgage to its fair market value. This plan would keep families in their homes, keep our neighborhoods safe, and spur our economic recovery.

At the press conference/rally we will hear from Congressman Hansen Clarke about the bill, as well as from local organizers, elected officials, and community members.

The press conference will be held at the southwest Detroit home of Willie Delbridge. Willie Delbridge is a homeowner who has been fighting foreclosure fraud by Wells Fargo for several years, and is facing an imminent eviction as a result of Wells Fargo selling his home for a second time to a hedge fund [[for $5000) even after the foreclosure had been set aside. For more information about this event call 313-319-0870.
April-11-12, 07:14 AM
Bham1982

A three-year moratorium on foreclosures would be the dumbest thing imaginable.

It would further sink the housing market, and delay the recovery by another three years. You couldn't even get a mortgage.

No way Congress takes this bill seriously.
April-11-12, 07:43 AM
Scottathew

Quote:

Originally Posted by Bham1982

A three-year moratorium on foreclosures would be the dumbest thing imaginable.

It would further sink the housing market, and delay the recovery by another three years. You couldn't even get a mortgage.

No way Congress takes this bill seriously.

I totally agree.

Hansen knows it's a bad thing and has no chance, but it panders to voters, so that's why he did it.

If you don't pay your mortgage, you don't get to live in your house. It would suck getting foreclosed on, but it's an opportunity to get yourself into a better situation where your housing costs less.

If foreclosures aren't allowed, mortgage companies don't lend. Otherwise they have no recourse when people stop paying. Folks, if they know they can't be foreclosed on would stop paying their mortgage and live free for three years.
April-11-12, 08:32 AM
DetroitPlanner

Two thoughts

1. The introduction of a bill does not mean much. The passing of one that the president won't veto is another.

2. Too little, far too late for Metro Detroit. What really should have happened was stricter controls on who get mortgages ten years ago and how much down was needed. This is a bit like closing the barn door after all the animals escaped.
April-11-12, 08:49 AM
compn

the bankers will never let this bill pass. at least its a better idea than giving people $3000 to pay off their $120,000+ mortgage.
April-11-12, 01:06 PM
MikeyinBrooklyn

In an effort to assist struggling small businesses, I am proposing the "You Don't Have to Pay Your Employees for Three Years Act." While I agree that like Hansen's proposal it is destructive to all parties, it will make it's sponsors FEEL GOOD, as if they were doing something. That, of course, is the goal: to feel better about ourselves. Does anyone think that if you loaned a substantial amount of money to someone, it would be a good idea for the government to pass a law prohibiting you from collecting? It prevents you from getting the money you are owed, and delays the recipient from beginning on a new path of economic responsibility. Their credit will never recover, they will not reconcile their real expenses with their real income.

People in foreclosure benefit from it [[although it is painful). They need to fix their finances to achieve prosperity, to improve their life. Work out a deal with the bank [[most people can do this if they are proactive and can at least come close to making payments). If that can't be done, you need to find a place to live that you can afford. Stealing your home from the bank ain't the way.

Hansen from Detroit is trying to get America under the same financial roof Detroit is; Exported From Detroit, you might say. Well done, Congressman. Perhaps he can propose a National Drive-By Education Act or National Neighborhood Lighting Prevention Act, to help bring our problems to everyone.
April-11-12, 04:42 PM
Packman41

Quote:

Originally Posted by MikeyinBrooklyn

Hansen from Detroit is trying to get America under the same financial roof Detroit is; Exported From Detroit, you might say. Well done, Congressman. Perhaps he can propose a National Drive-By Education Act .... to help bring our problems to everyone.

Been there, done that - student loans forgiven in 5 to 10 years:
http://hansenclarke.house.gov/press-...orgiveness-act
April-15-12, 10:27 PM
compn

Quote:

Originally Posted by MikeyinBrooklyn

Work out a deal with the bank [[most people can do this if they are proactive and can at least come close to making payments). If that can't be done, you need to find a place to live that you can afford. Stealing your home from the bank ain't the way.

have you talked with anyone going through a foreclosure? the banks arent doing deals. they are foreclosing, then letting the property rot. then the banks are failing. they've been doing this since 2008. http://www.fdic.gov/bank/individual/.../banklist.html. did you hear about the unions taking their money out of chase bank because chase wouldnt stop foreclosing on people in MI [[and NY)? http://uaw.org/articles/faith-and-la...ons-chase-bank http://www.nytimes.com/2011/02/10/ny...hase.html?_r=1 should the banks just keep doing what they've been doing since 2008? has that been working for anyone?