Sherwood Forest rally

[vetalalumni]

Sherwood Forest [[http://www.sherwoodforestdetroit.org/) rally at 5pm [[EST)at 19667 Renfrew.

The Detroit News --> http://www.detnews.com/article/20091...t-foreclosures

Jesse Jackson to lead Detroit rally against foreclosures
Oralandar Brand-Williams / The Detroit News

Detroit -- The Rev. Jesse Jackson will lead a rally against "improper" credit reporting, foreclosures and taxes today on the city's northwest side, RainbowPUSH Coalition announced Wednesday.

Jackson is president of the RainbowPUSH Coalition.

The public demonstration will be held at 5 p.m. at 19667 Renfrew, a home in the city's tony Sherwood Forest neighborhood.

Advertisement

"Detroit is being destroyed by massive foreclosures and in spite of receiving federal money for loan modifications, [[banks) ... fail to pro-actively assist responsible and respectable metro Detroit homeowners," read a statement from the group Wednesday.

The home on Sherwood Forest, owned by Lenore and Andre Hudson, is in foreclosure.

"Our circumstances were not our fault," said Lenore Hudson. "We did everything right."

She said the bank gave her bad information, and she ended up going into foreclosure because of a tax issue.

Community groups and some lawmakers are calling for a two-year moratorium on foreclosures.

State Rep. Hansen Clarke, D-Detroit, has introduced legislation to put a two-year freeze on all mortgage and tax foreclosures in Michigan.

Metro Detroit is among the country's top five areas for home foreclosures.

bwilliams@detnewscom

Free Press --> http://freep.com/article/20091008/NE...day-in-Detroit

Jesse Jackson to lead rally today in Detroit

BY TAMMY STABLES BATTAGLIA
FREE PRESS STAFF WRITER

The Rev. Jesse Jackson is scheduled to lead an anti-foreclosure rally today at a home on Detroit’s west side.

Jackson, founder and president of the Rainbow PUSH Coalition, and Rev. David Bullock, president of Rainbow PUSH Detroit, will host the rally at 5 p.m. today at 19667 Renfrew, supported by the Michigan Democratic Future and the Young Democrats of Michigan.

“Detroit is being destroyed by massive foreclosures and in spite of receiving federal money for loan modifications,� Isaac Robinson, spokesman for Michigan Democratic Future, said in an announcement today.

The rally near 8 Mile and Livernois focuses on improper credit reporting, inappropriate tax increases and unjust foreclosure proceedings.

“I think what happened at Cobo yesterday, and what happened at the fairgrounds with the DTE bill payment assistance program a couple weeks ago, I think people are at desperation level in Detroit,� Bullock said this morning. People seeking assistance to pay for housing and utilities mobbed both locations.

The rally today will be held at the home of two Detroit area teachers currently facing foreclosure, Bullock added.

“This is about a number of people who I would describe as financially responsible folks who are finding themselves in the midst of the foreclosure crisis,� Bullock said. “This is about asking the banks that receive stimulus money to act more proactively when helping people modify their loans.�

For more information, call 313-917-3115.

[crawford]

Right, it's not their fault.

They just had no clue that you couldn't buy a $250,000 home on a $10,000 salary...

Jesse Jackson has done more damage to AA community than the KKK could ever dream of doing. He's horrendous.

[exdetroiter]

Right, it's not their fault.

They just had no clue that you couldn't buy a $250,000 home on a $10,000 salary...

Jesse Jackson has done more damage to AA community than the KKK could ever dream of doing. He's horrendous.

Are you serious? If you think that's even slightly the case, what bank do you think approved that loan and what was the benefit it that intitution doing so?

[Diehard]

Right, it's not their fault.

They just had no clue that you couldn't buy a $250,000 home on a $10,000 salary...

Jesse Jackson has done more damage to AA community than the KKK could ever dream of doing. He's horrendous.

Huh? Did I miss the part of the story where it said they bought a "$250,000 home on a $10,000 salary"? Do you know something we don't?

[gazhekwe]

The second article says the owners are two Detroit teachers. Gee, if they only make $5000 each per year, that really shows DPS is cutting costs.

[gazhekwe]

Another thought. When we bought our first house, the mortgage changed hands several times in the first three years. Somehow, the tax and insurance escrow account would get messed up every time, and ended up nearly doubling our monthly payments "to catch up." We ended up canceling the escrow feature and just paid our taxes and insurance ourselves. It was way more trouble than it was worth. We made the changes before we got in trouble with those huge house payments.

Of course the mortgage holder advised us not to do that. I wonder why? Could it be all that interest free money sitting there for a year?

[crawford]

If they are "two Detroit teachers" then they are liars. Two Detroit teachers would have a six-figure household income. If they cannot hold on to a cheap Detroit house on a six-figure income, then they are idiots.

Jackson is scum, and the people who attend his rallys are basically the modern-day equivalents of segregationists. They are 100% committed to keeping folks miserable and dependent on the government teat.

If you are foreclosed upon, it is no one's fault but yours! Period! It sucks if you lost your job and cannot pay your mortgage, but, in 90% of cases, this is not the issue. Do not beg Jesse to come and protest. Do not ask your neighbors to pay your bills. Get your own house in order and stop bitching to everyone else!

[iheartthed]

^Yeah, banks steering people into scam mortgages [[aka ARMs), even people who would have qualified for prime mortgages, bear absolutely no responsibility. Right.

[Diehard]

If they are "two Detroit teachers" then they are liars. Two Detroit teachers would have a six-figure household income. If they cannot hold on to a cheap Detroit house on a six-figure income, then they are idiots.

Jackson is scum, and the people who attend his rallys are basically the modern-day equivalents of segregationists. They are 100% committed to keeping folks miserable and dependent on the government teat.

If you are foreclosed upon, it is no one's fault but yours! Period! It sucks if you lost your job and cannot pay your mortgage, but, in 90% of cases, this is not the issue. Do not beg Jesse to come and protest. Do not ask your neighbors to pay your bills. Get your own house in order and stop bitching to everyone else!

Again, where does it say how much money they make and how much their house cost? Regardless of your strong feelings about Jackson, you're passing unfair judgment on this couple, who may have fallen victim to fraudulent lending practices.
I'm also interested in where you got that 90% figure.

[9mile&seneca]

Come on people! Can we please just get a reality check here? If you want to own a home and you cannot figure the mortgage payment, or buy a realty blue book, then you are probably just need to rent.If you lose youre job and have to go into forclosure, it's a terrible thing .Plenty of white male protastants are going through this as we speak!GOD! Why is every f-ing thing a racial issue?

[Diehard]

Come on people! Can we please just get a reality check here? If you want to own a home and you cannot figure the mortgage payment, or buy a realty blue book, then you are probably just need to rent.If you lose youre job and have to go into forclosure, it's a terrible thing .Plenty of white male protastants are going through this as we speak!GOD! Why is every f-ing thing a racial issue?

Who's calling it a racial issue? Even Jesse Jackson doesn't mention race in either of the stories.

[Lorax]

Sherwood Forest is "tony?"

Beautiful, yes, "tony", no.

[softailrider]

So we have two Detroit Public School teaches who have a 4 year degree at the least and most likely a Masters degree. I don't care if they're black or white, If they can't keep their fnancial house in order then they really should be renting, or living with relatives or something. Give me a break, don't blame the banks, blame the people who spend mre then they take in. It's as simple as that.

[Lorax]

So when was the last time you filled out a mortgage application? Most people, even college educated people have a hard time understanding them.

And most people don't default because they bought "too much house" as the right loves to expouse, but with their jobs vanishing- this is the main reason why defaults are happening.

Some even choose to walk away, when they owe more than the property is currently worth, which can be argued as logical unto itself.

Health related bankruptcies contribute to losing homes as well.

There is a greater responsibility by those lending to make it clear, and NOT lend to those whose credit is risky.

I just love this "blame the victim" mentality of those who seem to think it's the individual's fault the majority of the time.

There would be no mortgage crisis if people's jobs were intact, the terms and approval process weren't corrupted by greedy loan officers, and Wall Street hacks weren't willing to gamble with people's mortgages to make a quick buck.

Quit being an apologist for corporate America and side with your neighbors as a default position, and you'll probably find that's the right place to be.

[Danny]

The home on Sherwood Forest, owned by Lenore and Andre Hudson brought from whatever they have was NON SEQUITUR! to their cost of living arrangements or whatever income they have in their bank accounts or occupations. They could be victims from those quick loan scandals, liar loans, putting more equity to refinance their home turning it into their presonal ATM machine; or not knowing that their mortage brokers are using CDO's to have more unknown brokers cash in on their property by taking their piece of the monthy payments. They have made a terrible decision of buying a big fancy home in a historic upscale NW Detroit ghettohood of Sherwood Forest and they must pay the price from their mistake.

The Urban Studies professor from The Centers of Urban Studies from University of San Antonio contended that real estate companies of long ago are experimenting middle income neighborhood by luring in the poor. The result will be that the poor will not take care of their property or not able to pay off the mortage; thus causing the poor to lose their home right away. Property values to drop and more middle income families to move into other fancier sub-divisions in the suburbs or ex-urbs. The experiment is working too well that not even HUD could stop and regulate the real estate market.

Another result of poor real estate experimentation is causing the neighborhoods to become instant ghettos like the fewer areas in the E. Warren Ave. between Alter Rd. to Mack Ave. at Detroit's Northeast side of Morningside, East English Village and Balduck Park. They area has already become a instant ghetto due these real estate practices; doesn't matter that area looks very beautiful at the outside. They are crazy folks living in those homes. I feel really sorry for the Lenore and Andre Hudson for losing their beautiful home but next time they just check their income before they buy any home. Let The Rev. Jesse Jackson and his brothers and sisters in his church fight the broken system in order to let Lenore and Andre Hudson keep their home.


WORD FROM THE STREET PROPHET!

Capitalism is NOT PERFECT! You all better remember that for Neda Soltani's sake.

[Detroitej72]

Why do posts like these always seem to bring out all DY's resident racists?

Crawford has, in his typical fashion, shows once again that he hasn't a clue about anything. As usual, he doesn't let that stop him from offering his distorted views.

Where do you have knowledge that Detroit teachers make a 6-digit yearly income? You have no source to back up your claim, it is an out and out lie.

Also, I love all the folks who think that banks and mortgage companies are totally innocent in this crisis. If you believe that, I have some swampland in Antarctica to sell you. The mortgage companies knew damn well they were employing shady practices and are getting burned as a result of their reckless behavior. People bear part of the responsibility, but the main culprits are the companies.

[crawford]

Crawford has, in his typical fashion, shows once again that he hasn't a clue about anything. As usual, he doesn't let that stop him from offering his distorted views.

Please offer ONE instance where I "don't have a clue about anything."

Because I think Jesse "Hymietown" Jackson harms the black community? LOL!

Because I think greedy folks in prosperous neighborhoods like Sherwood Forest aren't exactly "victims" when they knowingly take out giant mortgages?

Where do you have knowledge that Detroit teachers make a 6-digit yearly income? You have no source to back up your claim, it is an out and out lie.

No, you have no idea what you're talking about.

Teachers in Detroit can easily make 50k+, and much higher.

50+50=100. The article said TWO teachers.

And my Mom was a DPS teacher, and made well above 50k before she retired [[and this was quite a few years ago, and she retired young, and not at top salary).

[crawford]

I think the bigger problem than idiots like Jesse, and "What, blame me?" homeowners, and yes, I agree, predatory and unethical banks, is the U.S. obsession with homeownership.

I will never understand our single-track emphasis on homeownership. It's NOT for everyone! You are NOT a failure if you don't own your home.

The vast majority of Germans, French, Italians and Japanese do not own their homes. These are all primarily renter nations. Do you really think most Germans have it that bad?

The strong majority of Detoiters who bought homes in the last few years are underwater on their mortgages. Does it really make sense for ALL of these people to have bought homes? Wouldn't many be better off as renters?

I think we need to get rid of the mortgage interest deduction. No reason for the govt. to subsidize homeownership. Other countries don't do this, and they are fine.

[Trumpeteer]

Incredible that when I bought my first home back in 1978 as a young single guy making about $15k/year, I knew enough to do my HOMEWORK and understand that the "rule of thumb" was that you should not buy a home more than 2 1/2 times your annual income and that your debt/earnings ratio needed to fall at or below something like 31% if I recall. Interest rates were around 16% so ARMS really were pushed by lenders then. I looked at the ARMS, saw that they either had a significant increase after 3 or 5 years depending OR that at the end of a few short years the ARM called for a Balloon payment and you were forced to refinance at the prevailing rate. None of that sounded like something I wanted to take a chance on so I financed at 16% and bought a $45,000 townhome. Buyers over the most recent few years DID NOT adhere to any kind of parameters as described above and bought WAY more house than they should try to afford because lenders were STILL pushing ARMS. BOTH lender AND buyer share significant responsibility for this mess. It's absolutely amazing to hear some poor wretched soul say that they "didn't know that they had an ARM" or that "they didn't know that the rate would automatically change", etc. Many buyers bought way over their heads with the intent that they would hold the house for a few years while watching the value increase by 10 - 30% a year and sell and walk away with a ton of money! Then the bottom fell out and now they're in a home they never could afford as the ARM adjustment kicks in. TOO BAD FOR BOTH! Take individual responsibility for your own actions or lack thereof. Oh, I forgot that I'm on DYes and that won't fly.

[iheartthed]

is the U.S. obsession with homeownership.

I will never understand our single-track emphasis on homeownership. It's NOT for everyone! You are NOT a failure if you don't own your home.

I do have to agree here.

Let's also not forget who is the primary peddler of this "American dream":

President George W. Bush announced, in his 2002 State of the Union address, that he would work with Congress this year to achieve "broader homeownership, especially among minorities." The President's announcement followed the U.S. Census Bureau's release of homeownership data on January 25, 2002, showing that there are now 73 million homeowners nationwide, more than at any time in history, and that the minority homeownership rate is 49 percent, also a new record. Former HUD Secretary Mel Martinez emphasized that "This Administration is poised to build upon this record with a new focus on making it easier for Americans to have a stake in their communities and shape their neighborhoods through homeownership. The President's down payment assistance initiative, increase in funding for housing counseling services, and stronger partnerships with faith-based groups will pave the way for thousands more to achieve the dream of homeownership."

http://www.hud.gov/offices/fheo/libr...norityhome.cfm

[NoHeartAnthony]

So when was the last time you filled out a mortgage application? Most people, even college educated people have a hard time understanding them.

Filling out a mortgage application may be one of the more important documents one fills out in their lifetime. College educated people should never be scammed out of money. If they had the resources to graduate college, they can certainly figure out a way to comprehend the application.

[janesback]

On both of my closings, one in 1987 and one in 1998, both times I brought a real estate attorney with me because of lack of knowledge on the closing of a house and the need to have an experienced professional there to assist me.

I spent $200.00 on a reputable attorney who went over each document as we were presented by the closing agents and mortgage people, as well as he reviewed each document and explained to me any questions I had. That is his job and he was recommended by numerous people in my area.....

The second real estate attorney charged me $375.00 and did the same, went over each document , asked them questions if necessary, and then I signed on the bottom line after making sure it was legitimate........

If buying a home is the largest investment a person makes, why cant they take the time and money to make sure that what they are contracting is legal and correct..Take a real estate atty with you at closing for help and assistance....

And as far as spending the money, if you dont have the extra money to get counselling and guidance , i.e, a real estate atty, to make sure you are not being victimized, then dont buy the house....... Jane

[janesback]

This was listed as the reasons why people may want to consider using one for their closing....Jane

"For buyers, attorneys:

• Review and negotiate the specific terms of contracts;
• Help assess financing options and explain the terms of loans;
• Evaluate all legal documents, such as the deed, title policy, mortgage, survey, closing statement, and seller disclosure statement;
• Attend the closing and make sure clear title is transferred;
• Scrutinize charges to make sure that they are consistent with estimates; and
• Provide updates of any facts that affect the property interest and provide counsel if difficulties arise"

http://www.mortgagenewsdaily.com/wik...e_Attorney.asp

[Detroitej72]

Please offer ONE instance where I "don't have a clue about anything."

Like in your first post you said the teachers tried to buy a $200,000 home on a $10,000/ year salary then backpedaled to say they make over 6 digit figures.

Teachers in Detroit can easily make 50k+, and much higher.

They can with seniority, that doesn't mean all make it. You assume they are long-tenured employees, and besides, many have either been laid off or taken pay cuts in the last year or so.

[Detroitej72]

I will never understand our single-track emphasis on homeownership. It's NOT for everyone! You are NOT a failure if you don't own your home.

The vast majority of Germans, French, Italians and Japanese do not own their homes. These are all primarily renter nations. Do you really think most Germans have it that bad?

The strong majority of Detoiters who bought homes in the last few years are underwater on their mortgages. Does it really make sense for ALL of these people to have bought homes? Wouldn't many be better off as renters?

I think we need to get rid of the mortgage interest deduction. No reason for the govt. to subsidize homeownership. Other countries don't do this, and they are fine.

I do for the most part, agree with these sentiments. American's are too obsessed with home ownership and there is nothing shameful or wrong with renting.