Tag Archives: Mortgage loan

Action for Fair Settlement

Campaign for a Fair Settlement a project of Action for the Common Good

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We need to make sure local communities can decide their economic futures.

Full scale Wall Street freak out.

Five years after Wall Street criminals destroyed our economy there are still millions of underwater homeowners and millions more foreclosures in the pipeline.

The good news is that Home Defenders and local elected officials have figured out an innovative way – called Local Principal Reduction – to deal with this problem. The bad news is that Wall Street criminals are in in full attack mode fighting as hard as they can to stop us.

Tell Wall Street bankers: Stop bullying communities advancing local principal reduction and cooperate in keeping struggling families in their homes.

Here’s what’s happening. We have figured out a way to purchase certain underwater loans, reset them to fair market value, and then get the homeowners into new, sustainable mortgages. The costs of the program are borne by the private funders who the cities are partnering with and the beneficiaries are the homeowners, with affordable mortgages and new equity, and our communities, with greater economic activity.

The key to making this program work for everyone is the use of eminent domain – the ability of a government to take property for the public benefit – to acquire the underwater mortgages if the Wall Street investors refuse to make a fair deal. And that’s what’s freaking Wall Street out.[3]

Tell Wall Street: End your outrageous efforts to block local principal reduction programs that will keep families in their homes and rebuild local economies.

We are facing a stark choice. Either we and our elected officials control our economic future, or Wall Street criminals and their banks do. It’s clear where Wall Street bankers stand. The Securities Industry and Financial Markets Association (SIFMA), made up same old Wall Street bankers that brought you the foreclosure crisis, JP Morgan, Morgan Stanley, Bank of America, Wells Fargo, US Bank, etc., is bullying and threatening cities that are exploring local principal reduction programs including El Monte, La Puente, and Richmond, CA; and North Las Vegas, NV. [4]

But that’s not stopping us. Stand up and tell Wall Street criminals to keep their hands off of Main Street and help struggling homeowners rebuild their lives and their wealth.

This fight is just starting; Wall Street and SIFMA are committed to fighting as dirty as they can to keep this from happening. With your help Home Defenders and our cities will take bold and courageous action to build a future that works for all of us, starting with the struggling underwater homeowners in our own back yards.

In solidarity, Brian, Campaign for a Fair Settlement

[1] http://www.marketwatch.com/story/underwater-mortgage-percentage-falls-below-20-2013-06-12

[2] http://www.newbottomline.com/underwater_mortgages_and_1_million_jobs

[3] Robert Kuttner “Seize the mortgages, save the neighborhood” Los Angeles Times. http://articles.latimes.com/2013/jun/29/opinion/la-oe-kuttner-eminent-domain-mortgages-20130630

[4] Peter Dreier “To Rescue Local Economies, Cities Seize Underwater Mortgages Through Eminent Domain” Huffington Post. http://www.huffingtonpost.com/peter-dreier/to-rescue-local-economies_b_3614326.html

Kate Livingston via Change.org

                          Wells Fargo: Stop the foreclosure on my friend Cindi — a stage 4 cancer victim’s — home.                        
      Sign Kate’s Petition


Cindi Davis is a close friend of mine, and has been for five years. She is one of the most generous people I know, having taken in seven special needs pets over the years. Pretty amazing for someone who is also fighting late stage breast cancer.

My friend Cindi and her husband Kirk have struggled to cover the cost of her cancer treatment and keep up with their mortgage over the years. But when they could no longer make full mortgage payments, Wells Fargo moved foreclosed on their home instead of working with them to adjust their loan.

I’ve heard of other homeowners successfully saving their homes from foreclosure by starting Change.org petitions — and now I’ve started my own to help Cindi. Click here to sign my petition asking Wells Fargo to stop the foreclosure of Cindi and Kirk’s home.

Cindi and her husband work hard to pay for their mortgage and medical treatments.  Together with Cindi and Kirk and many of our friends, we’ve all chipped in to help cover their bills, treatments, and medications. Cindi’s sold some of her quilting work, and friends and neighbors have chipped in by organizing yard sales, raffles, and even selling candy bars.

Cindi says she explained her situation to Wells Fargo, and a bank representative said they would consider a solution — but the next she heard from the bank was a foreclosure notice. Wells Fargo has even refused to accept partial payments, and they’ve added fees and more penalties. They don’t know how to keep up.

Click here to sign my petition asking Wells Fargo to work with Cindi and Kirk and modify their mortgage so they can stay in their home.

Thank you for your support,

Kate Livingston Chaparral, NM

Here’s how to know if you’d qualify for refinancing

The White House, Washington

Hello —President Obama’s plan to give mortgage relief to responsible homeowners boils down to one important principle. He wants to simplify the refinancingprocess.And the very first step is to let people know if they would benefit from the President’s proposal — so we’ve built a tool to help answer that question.Just enter a few basic facts about your mortgage, and this tool will help you figure out if you currently qualify for easy, low-cost refinancing — or whether, like millions of families, you need Congress to act to help you lower your interest rate.

Get started now.  

As tens of thousands of people have spoken up and written in to the White House, we’ve heard one message loud and clear: The refinancing process is anything but easy to navigate.

Even homeowners who have done everything right and made all their payments on time are getting caught up in unnecessary red tape. Sitting down and reading through some of these stories is a powerful reminder of why it’s so important that we get this done right away.

One mom in Maryland, raising two teenage boys by herself, wrote in to say that she’s working 15 hour days to make her mortgage payments and keep current on her bills. Another family from Illinois is hoping to lower their mortgage payments so they can help pay for college for their kids. One woman in Arkansas called the President’s plan a “no brainer” and talked about how much good it would do for the broader economy.

So if you are like these people and think that both you and our economy could stand to benefit from the President’s refinancing plan, give the tool a try, then take a moment to share it with your friends:




Brian Deese
Deputy Director
National Economic Council

USA.gov.: learn more – frauds&scams, permanent res, voting info for uniformed&overseas,student aid, tornados

Learn more about frauds and scams so that you don’t become a victim.

Learn more about the options and steps to becoming a permanent resident.

Visit the voting assistance guide for uniformed and overseas citizens.

 How can I prepare for a tornado?

Learn more about federal student aid and how to apply.

What is Fix a Leak Week?

According to a new settlement, some Servicemembers and Veterans may receive housing relief.Relief could affect those who were:

  • Wrongly foreclosed upon
  • Wrongfully denied the opportunity to reduce their mortgage payments through lower interest rates
  • Forced to sell their homes for less than they were worth due to a change in station

As part of an effort to reduce barriers and costs for refinancing, FHA will cut its fees for refinancing loans already insured by FHA. An estimated 2-3 million borrowers could be eligible for this savings.

Get further details about these new provisions for military homeowners.

We can’t wait …James Kvaal, BarackObama.com

Now that each and every Senate Republican has vowed to block measures that would create jobs, President Obama is not going to wait for them to rebuild the economy and bring financial security back to the middle class.

Today, he announced new rules on federal mortgages to prevent more families from losing their homes to foreclosure. And that’s just the beginning — the President said he would continue to make the changes he can by executive action, while continuing to urge Congress to act on legislation to strengthen the economy and create jobs.

If Congress doesn’t act, he will — because millions of Americans can’t just wait for Congress to do their jobs. That’s why thousands of you have been calling and tweeting your representatives over the past month, joining the President in sending a message to lawmakers in Washington that they need to act now.

We’re not just going to continue to wait — and we’ll be keeping up the pressure by making sure they’re hearing from folks across the country every day about why they need to act.


Republicans in Congress have repeatedly filibustered the President’s ideas to create jobs now — ideas that until recently were supported by Republicans.

The President’s action today also stands in stark contrast to the positions of the Republicans running for president. Mitt Romney even told a newspaper last week that we actually shouldn’t act; we should let the housing crisis “run its course” and “hit the bottom” so that “investors” can come in and buy up these homes at cheap prices. He’s saying to homeowners that they are on their own, forcing thousands of families to explain to their kids why they have to give up their homes.

Doing nothing while families struggle: that’s the opposite of what this president and this campaign stand for. President Obama isn’t going to let Congress’ inaction stop him from doing what he can right now.

So here’s what the President’s announcement means:

— More families whose homes are under water will get help and save money on their monthly mortgage payment through the Home Affordable Refinance Programs.

— If the value of your mortgage is $100,000 and your house is valued at $75,000, you previously weren’t able to refinance to save your home — forcing many families to pay higher interest rates. As a result of today’s announcement, many more responsible homeowners will be able to lower their rates and pay their debts.

— And this is just one of the incremental changes to come. Next, the President will announce new steps to help young people manage their federal student loan debt while they look for a job and get on their feet. He’ll also take action to help small businesses and entrepreneurs, spur the engines of job growth, create new jobs, and assist veterans in finding them.

These measures alone are not a comprehensive solution to the economic challenges we face. That needs to come out of Congress — and if they’re going to finally put party aside, they’re going to need to keep hearing from us. President Obama is stepping up the pressure, and he’s counting on us to keep going, too.

Get the President’s back and keep the heat on Congress — tell your story of why we can’t wait any longer: