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In case you haven't heard, Occupy San Francisco held a protest on Tuesday to protest foreclosure of a home. Turns out that the homeowner is the cause of the foreclosure about 10 times over and now they look like idiots... again.
Earlier this week, the Occupy movement honed in on foreclosed homes across the country. In over 25 cities across the country, Occupy protesters staged rallies on behalf of foreclosed homeowners facing eviction (http://www.sfgate.com/cgi-bin/article.cgi?f=/n/a/2011/12/06/national/a142101S11.DTL - broken link). Here in San Francisco, protesters congregated in the Bayview community to highlight the plight of a foreclosed homeowner in the neighborhood. Unfortunately, Occupy protesters didn’t seem to have done their homework, as our friends over at SocketSite did about the home and homeowner they selected. On Tuesday, Occupy organizers descended upon 1279 Quesada Avenue, rallying around homeowner Vivian Richardson as she undergoes foreclosure proceedings. Calling herself the victim of predatory lending, Vivian Richardson purchased her home at 1279 Quesada Avenue for $215,000 in 1999. Beginning in 2002, the home was refinanced each year for larger and larger mortgages until 2007. In her last refinance in July of 2007, she borrowed $664,000 against her home – a $590,000 first mortgage and a $74,000 second mortgage – which was more than three times what she paid for it.
Quote:
Purchased for $215,000 in 1999, the owners of 1479 Quesada Avenue borrowed $590,000 in July of 2007 and pledged their property as collateral. By the end of 2008 the owners were already $14,695 past due on their payments. And this past April, title to the house was taken back by the bank with no bidders at $379,000 on the court house steps.
This morning, "Occupy" organizers plan to rally at 1479 Quesda Avenue to protest "unfair foreclosure proceedings" at the property. No word on how being evicted for borrowing over a half-million dollars and then failing to pay it back constitutes being unfair, other than to those who made the loan.
The Occupiers sure do know how to pick people to support don't they?
Ms. Richardson acquired 1479 Quesada in 1999 from John Pereira with a recorded transfer price of $215,000. In 2002
In 2002, Ms. Richardson refinanced the home with a $281,250 mortgage.
In 2003, Ms. Richardson refinanced the property with a new first mortgage for $318,760. And in 2004, Ms. Richardson refinanced the property with a new first for $381,000.
In early 2005, Ms. Richardson added a second loan to the property in the amount of $39,750, a loan which was paid off later in the year when the property was refinanced with a $500,000 first.
In March 2006, Ms. Richardson refinanced her home with a first mortgage for $556,000 to which another loan for $50,000 was added that October.
In July 2007, Ms. Richardson once again refinanced her home with a $590,000 first mortgage. At the same time, Ms. Richardson also secured a second for $74,000.
By the end of 2008, Ms. Richardson was already $14,695 past due on her first mortgage. And in May of this year, the bank foreclosed on the property with $728,129.33 in principal, fees and accrued interest due on that $590,000 loan alone.
Was this lady foolish? Yep. You can't discount the fact that there was an aggressive campaign from Wall Street bankers to get people to borrow money, however. Every homeowner in 2000-2006 got hundreds of junk mail ads and phone calls begging them to refinance. Wall Street needed new debt to create derivatives to sell to European suckers. So let's not blame it entirely on the homeowner, shall we?
Sure, a crackhead is a fool who shouldn't do crack. However, crack pushers are jerks too.
Was this lady foolish? Yep. You can't discount the fact that there was an aggressive campaign from Wall Street bankers to get people to borrow money, however. Every homeowner in 2000-2006 got hundreds of junk mail ads and phone calls begging them to refinance. Wall Street needed new debt to create derivatives to sell to European suckers. So let's not blame it entirely on the homeowner, shall we?
Sure, a crackhead is a fool who shouldn't do crack. However, crack pushers are jerks too.
Well that's certainly an easy and quick way to eliminate most of this woman's responsibility for what she did and her losing her house. I like the way liberals instantly look for someone to blame but it's never the person who actually caused the problem.
Was this lady foolish? Yep. You can't discount the fact that there was an aggressive campaign from Wall Street bankers to get people to borrow money, however. Every homeowner in 2000-2006 got hundreds of junk mail ads and phone calls begging them to refinance. Wall Street needed new debt to create derivatives to sell to European suckers. So let's not blame it entirely on the homeowner, shall we?
Sure, a crackhead is a fool who shouldn't do crack. However, crack pushers are jerks too.
Refinance for a lower interest rate is one thing ... refinance to take out equity is another ... and obviously the owner didn't pay the mortgage after they pulled the money so the owner scammed the system.
I blame our government more than anyone in the housing market scandal and the global financial collapse. The government changed the rules to allow this to happen and they did nothing to stop it. The government encouraged the sub-prime market. Everyone else just took advantage of what the government set-up.
I don't see what's wrong with this. We have the inalienable right to keep our homes under any administration or banking system. And we're not asking politely; we are demanding.
On this assignment, they definitely get an F for failing to do their homework!
They are all idiots. If I knew they wouldn't vote they'd be funny.
But I have a masters degree in
Puppetry. Puppetry!
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