Ellen Brown: While banks and investors were busy counting their profits behind the curtain of MERS, homeowners and counties have been made to bear the losses. The city of San Bernardino is in such dire straits that on August 1, it filed for bankruptcy.
Ellen Brown: We may not be able to beat the banks, but we don’t have to play their game. We can take our marbles and go home.
Vijay Prashad: The “safety net” that Romney mentioned has been frayed beyond recognition since the 1980s. One of the most grotesque problems is hunger.
Ellen Brown: In his State of the Union, President Obama announced that he would be creating a mortgage crisis unit to investigate wrongdoing related to real estate lending.
Carl Bloice: There are an estimated 3.5 million seriously delinquent mortgages out there. There were nearly 2.7 million foreclosure filings on about 1.9 million homes last year. That’s down from 2007, but it’s still about one out of every 69 homes in the country.
Peter Dreier: If the Occupy Wall Street activists join forces with the unions and community groups, they could catalyze a massive nationwide movement to resist foreclosures and block evictions.
Paul Kiel and Olga Pierce: The Obama administration has relied on a voluntary program with few sticks, that simply offers banks incentives to modify mortgages.
Marian Wang: Though foreclosures continue to speed through courts in some states, in recent months some judges have increasingly questioned banks bringing foreclosure cases in court, forcing them to prove their legal standing to foreclose.
Peter Dreier: In Los Angeles this Thursday, members of the Alliance of Californians for Community Empowerment (ACCE) — a statewide community organizing group — will sponsor a demonstration at a major bank that will include civil disobedience and probably arrests.
Marian Wang: Several recent reports about robo-signers have brought fresh attention to another angle of the foreclosure scandal: Robo-signing didn’t just occur in the foreclosure process. It also occurred in the processing of mortgage assignments.