A Dream Foreclosed

A Dream Foreclosed

Black America and the Fight for A Place to Call Home

Book - 2013
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Real-life stories of how banks are ravaging the country--particularly African American communities--and how some families have joined together to fight back. The ongoing economic crisis has created one of the longest and largest displacements in U.S. history. While profiting from government bailouts, banks have evicted more than ten million Americans from their homes, destroying their life savings, their economic security and their dreams. Told through the eyes of four families, A Dream Foreclosed reveals the ongoing human tragedy of the crisis--and the spectacular possibilities that emerge when everyday people challenge the all-powerful corporations that the U.S. government considers "too big to indict." -- taken from back cover.
Publisher: New York : Zuccotti Park Press, [2013]
Copyright Date: ©2013
ISBN: 9781884519215
Branch Call Number: 332.72097 G713D 2013
Characteristics: 256 pages : illustrations ; 21 cm
Additional Contributors: Lusane, Clarence 1953-


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Jan 29, 2014

[Now this study, which the city gov't of Seattle is sitting on, is what this is all about!]
Recently, a classic case - - from the attorney's description and newspaper accounts - - of fraudclosure recently happened in the Seattle area: illegal foreclosure or fraudclosure by Chase, illegal eviction followed by illegal arrest. And the author, the journalist Laura Gottesdiener, explains the crimes committed: the robo-signing of affidavits or filing false affidavits, which is a felony when done once, but when done thousands and millions of times constitutes thousands and millions of felonies, yet our president tells us the bankers broke no laws? The criminal corporations: JP Morgan Chase, Goldman Sachs, Bank of America, Wells Fargo, Citigroup, Bank of New York Mellon, et cetera. (Author includes important details on Detroit's recent bankruptcy.) Ms. Gottsdiener most intelligently describes the securitization process/chain, although even she, likely because she is sane and rational, appears not to fully understand JPMorgan Chase's fraudclosure model: predatory lending, selling off the CDOs, taking out the unregulated insurance (CDSes and naked swaps), then illegally foreclosing [fraudclosure] which invokes the CDS - - paying out almost 100 times the money spent on it - - then selling the house again and again; repeating the same fraudclosure procedure.


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