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Dozens of Homeowners Demand Ban on Foreclosures

msnbc.msn.comJune 26, 2012

Dozens of homeowners and community activists took to the streets of Sacramento Monday in protest over foreclosure fraud. They are demanding immediate action from the banks in response to the wave of defaults sweeping the nation.

Carlos Marroquin marched down Sacramento's Capitol Mall to shout slogans at the Bank of America.

"Bank of America, Bank for America," he chanted.

Marroquin's beef with the banks began in a fight over his home in Los Angeles. He claims he's a victim of foreclosure fraud.

"I was defrauded by some scammers and I took those people to court," Marroquin told KCRA 3.

Marroquin ended up losing his home.

Celeste Singh is close to losing her home after suffering a brain injury. Now she's in a fight with her lender.

"They cashed the check and then sent me a letter saying I was denied the modification because their investors didn't want it," Singh told KCRA 3.

Together they joined these Occupy Sacramento protesters, union activists and others in demanding an immediate ban on foreclosures in California.

"There are millions of people who have already lost their homes," said David Mandel of Occupy Sacramento.

"And few of them have actually gotten real compensation for their losses. And there are millions more in danger of foreclosure," Mandel stated.

In California, one in every 239 households is currently defaulting on a mortgage, according to Realty Trak. The demonstrators said they are using their protest as a teachable moment to send a message directly to the banks.

But lenders insist they are doing everything they can to help distressed homeowners.

"We've helped millions of homeowners across the country stay in their homes through loan modification programs, and we continue to do so," said Beth Mills of the California Bankers Association.

But banning foreclosures, the banks insist, would be bad public policy.

"We don't think that would be helpful to the economy here in California or the housing recovery here in California," Mills added.

But the protesters were adamant they are the ones feeling the pain, not the banks.

"The banks are not offering real solutions for people," Mandel stated. "And the federal government needs to force them to do that."

California Attorney General Kamala Harris has sponsored a number of mortgage relief bills. They are awaiting Capitol hearings later this week.


Back to June 2012 Archive

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