What happens after Charlotte

I kind of disagree. I think these people should file bankruptcy and push housing prices and values back where they belong. In the 1970's, you weren't generally allowed a home loan where the total amount of your monthly payments would exceed 1/4 OF YOUR TAKE-HOME PAY. Until housing costs fall back to this standard, or wages rise to meet current housing costs, the entire industry will be a deregulation-induced house of cards.

Dan

---------- Forwarded message ----------
From: "Ian Kim, Rebuild the Dream Innovation Fund" <info@rebuildthedream.com>
Date: May 10, 2012 12:59 PM
Subject: What happens after Charlotte
To: "Daniel Stafford" <aquarianm@gmail.com>

Dear Daniel, (from the America Underwater photo blog) Here's what two Rebuild the Dream members told us about Bank of America: "We are $53,000 underwater. I'm surprised we are still hanging on. We have put off some medical items, no new electronics or cars, have postponed orthodontic and dental procedures, and are living on a restricted budget. I'm hoping something positive happens soon." -- James in Escondido, CA "$200,000 underwater. I have been asking Bank of America to modify my loan since Sept 2009 and still NO HELP! They have given me the run around and made me sicker than I already am as a disabled person from STRESS. … My dreams have been destroyed and faith is broken! I don't know where to turn." -- Regina in Baldwin, NY Call President Obama now and tell him to take a stand for underwater homeowners. James and Regina's stories are so common in America that it is utterly heartbreaking. Millions of families are struggling to do everything right and survive an economic disaster they didn't cause. That's why yesterday, thousands of people organized a massive protest at Bank of America's  headquarters in Charlotte, NC, during the annual shareholder meeting. And it's about time: Bank of America was the biggest predatory lender leading up to the housing crash; was at the heart of the "robo-signing" foreclosure scandal; and took $230 billion in taxpayer bailout funds after the crash they helped cause. BofA's response to the protest? They arrested peaceful protestors, and locked out and silenced activist shareholders. Meanwhile, Bank of America approved a $7 million pay package for CEO Brian Moynihan. The conflict with protestors brought national media attention to Bank of America. Their shameful treatment of American homeowners is in the spotlight. But the only way we'll fix this mess is if pressure and media attention lead to action in Washington. Let's strike right now while the iron is hot. Call President Obama right now and ask him to support our 3-point plan to get justice for American homeowners. President Obama needs to do three things if he's serious about solving the mortgage crisis. Ensure a quick, strong federal investigation into mortgage fraud by big banks like Bank of America. Ensure large-scale principal reduction -- reducing underwater home loans to fair market value. Fire Ed DeMarco, the head of the Federal Housing Finance Agency, who is singlehandedly blocking principal reduction for millions of homeowners. Rebuild the Dream has been campaigning since January for justice and help for underwater homeowners. Hundreds of thousands of Rebuild the Dream members like you have called for principal reduction and ousting Ed DeMarco. And with the protest in Charlotte yesterday, the campaign is heating up. In his State of the Union address in January, President Obama said, "So if you are a big bank or financial institution, you're no longer allowed to make risky bets with your customers' deposits ...  the days of signing people up for products they can't afford with confusing forms and deceptive practices -- those days are over." Now it's time for the president to follow through and show that he meant it. The protestors at Bank of America did something big yesterday. Let's back them up. Call on the president to take a stand for James, Regina, and all underwater homeowners. Follow the link to get the phone number and a simple script. Thanks, Ian and the team at Rebuild the Dream Innovation Fund

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