Monday, January 30, 12 noon (blizzard date 1-31 - but it has to be BAD)
March with City Life/Vida Urbana, Chelsea Collaborative, Occupy Boston and Occupy Wall Street, and Mass Uniting.
Gather at 12 noon at JP Morgan Chase (50 Rowes Wharf). March to Fannie Mae (265 Franklin) and Bank of America (100 Federal St)
(or gather at City Life office at 11 am)
Principal reduction for underwater mortgages
What was the TARP bank bailout? = $700 billion
What is the total underwater negative equity? = $700 billion
The proposed AG’s settlement gives how much to underwater mortgages? = $20 billion. That's why we are marching.
25% of mortgages nationally are underwater. This means that the amount owed on the mortgage exceeds the value of the house. In this situation a homeowner can make years of payments without ever owning anything.
Wall Street Banks profited off of (and promoted) a housing bubble that left millions with underwater loans, then received trillions in taxpayer bailouts. Still they want to keep homeowners on the hook for wildly inflated prices and evict families who can actually afford their homes at real value.
We can’t get out of the mortgage crisis (or the economic crisis) without principal reduction to solve the problem of underwater mortgages.