50 Percent of Homes in Foreclosure

Inquiring minds are stunned at the new data reported in The Bay Citizen showing how many homes in a Richmond, CA zip code are in or at risk of foreclosure:

According to a city report issued last month, almost half of Richmond homes in the 94801 zip code are in foreclosure or were mortgaged at subprime rates and thus at risk for foreclosure.

“Do we really intend to throw that many people out of their homes?” asked Alving Herring, an organizer of the protest.

People are beginning to get a little heated:

As security guards looked on, 25 Richmond residents stood on the sidewalk, chanting “Wells Fargo, stop stealing our homes!” and holding signs that said “55,000 thefts and counting.”

That number comes from the bank’s admission last month that it produced improper foreclosure affidavits for that many homes. Depositions from bank employees have shown that signatures on the paperwork needed to push a house into foreclosure were sometimes rushed through without verifying information.

Hopefully the people are getting a little tired of the banks and their excuses.


2 Responses

  1. Richmond is a hole. Murders, hookers, and an underground economy of drug dealing that supports.thousands of people.
    Half the time, news in the Bay area begins:
    “There has been a shooting in Richmond…”

  2. Request for Congressional Foreclosure Panel to Examine Foreclosure Lawyers
    “Although increasing numbers of courts are continuing to reject improper and fraudulent foreclosures, the Congressional Foreclosure Panel examination of mortgage services and foreclosure practices did not include foreclosure lawyers.

    Lawyers are officers of the court; knowledge of applicable laws and civil procedure is not required from mortgage lenders. In states that require judicial foreclosures, lawyers are the ones who file lawsuits to seize and sell property; and lawyers are responsible for filing and recording foreclosure property deeds.

    An investigation could prove helpful to sorting out whether improper and illegal foreclosure proceedings are linked to any self-dealing conduct disadvantaging lenders, investors, homeowners, and city governments. . .”


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