We know many of the new owners (banks, mortgage or holding companies, LLCs) relied upon the legal system to compel anxious/frightened homeowners to leave their homes voluntarily, or face eviction proceedings. If we, like many judges across the USA, are asked to swallow the "bank is always right" and "must be right" argument must we also be asked to assume the foreclosure proceedings were all done according to the letter of the law simply because the bank's lawyer says, "You can trust us." Nothing could be further from the truth.
What if the "evidence" needed to establish the (alleged) lenders' demand for repayment, was faked? Counterfeited. Never existed. Cooked up and then presented as lawful "evidence" of 1) the proof of debt, and 2) proof of the rights required by law to collect that debt. That just isn't right! Or legal. If we pretty much can agree our economic and political systems are rigged by Wall Street interests, how can we - who barely keep roofs over our heads - mount a successful challenge against an enormous foe to stop all mortgage foreclosures and then move to recover our homes and lost equity? And how are we to do that if its rigged against us from the start? How? I propose the Re-Redistribution of Housing Wealth In America Program.
Call it whatever you want. It's what we need. And, like the latent magic asleep within Dorothy's ruby slippers, we have had the apparatus to challenge the financial charlatans and then take back much of the wealth which had been stolen from millions of homeowners across the USA. We need dust off that apparatus, decide democratically in whose hands we place its power, and then let our advocates use the power to restore housing wealth to its rightful owners and their communities.
Using existing law, we can legally and peacefully share in that redistributed wealth, collectively, with all who can muster the political will to organize and take action to recover what has been stolen. We'll have law on our side. But for how long? I'm sure there is a lot of pressure from Wall Street to get those damn laws changed retroactive to 1990.
LOST EQUITY? NOT LOST, BUT STOLEN.
WE CAN, AND MUST TAKE IT BACK!
The Re-Redistribution of Housing Wealth in America Program asserts mortgage notes are negotiable instruments, and considered property. Privately owned property. Mortgage Notes are financial agreements between specific Borrowers, and specific Lenders for the terms and conditions for repayment of a loan secured by a mortgage lien against a specific property. Some states use mortgage and notes while others use Deeds of Trust. Some states have judicial foreclosure proceedings, some use non-judicial power of sale. I think one state still has a "Knock. Knock. Get out!" policy on its books.
Every time a person or persons finances the purchase of a home, or refinances the debt, a new loan is made and a new mortgage note is created. While most mortgage notes created between 2002 and 2009 were created, traded, and serviced within the law, there are millions which are not and now considered toxic. I don't know how many millions. Nobody does. The toxic notes can and must be identified and then like a cancerous tumor in an otherwise healthy body, excised. Extinguished. This "cure" will require our political will, and judicial enforcement. We can put our political will to use right away by democratically forming and then empowering groups whose initial and sole purpose is to wage a very fair and legal warfare against foreclosure based on Wall Street's shaky claims. Claims supported by shaky, if not fraudulent evidence. We can use current Law to condemn toxic mortgage notes house by house, neighborhood by neighborhood, city by city, and state by state.
The Public's Right to Condemn Private Property
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