Foreclosure Abuses by Banks Spurs Demonstrations

Foreclosure Abuses by Banks Spurs Demonstrations-Image by Getty Images via @daylife

While thousands of Americans are rallying as part of the Occupy Wall Street protests, community development and consumer advocates in Raleigh are calling upon state and federal officials to protect consumers against big banks overstepping their legal authority.

The rally sponsors include Community Reinvestment Association of N.C., N.C. Association of Community Development Corporations, N.C. Community Development Initiative, and N.C. United.

While not a part of the national movement, advocates will hold a rally and march on the grounds of the state capital at noon today to call attention to the same kinds of illegal activities that are driving Occupy Wall Street and putting Americans in danger – namely, the widespread legal violations used by some banks to pursue foreclosures.

Speakers at the rally will be calling on key public officials to serve as “cops on the beat” to enforce the laws that govern the mortgage industry and to be vigilant in protecting consumers from manipulative practices that have widespread impact on local property values and home sales.

The rally coincides with a N.C. Supreme Court hearing of Dobson vs. Wells Fargo, a case in which the bank is pursuing a foreclosure without proper documentation to show its ownership of the loan. If the court finds in favor of Wells Fargo, it will overturn well-established N.C. property rights laws, place extreme burdens and inequities on low- and middle-income families when defending against foreclosures, and cause devastating decreases in property values for thousands of North Carolinians.

“Our system of protecting private property is what makes it safe to invest in this country,” said Peter Skillern, executive director of Community Reinvestment Association of N.C. “The big banks cannot be allowed to turn that system on its head by falsifying documentation in order to snatch property back from homeowners.”

Additional events will take place in cities throughout North Carolina during the month of October in order to spread awareness of the consequences of fraudulent foreclosure practices and the remedies that are needed.

CONTACT: Peter Skillern; office: +1-919-667-1557×22; cell: +1-919-667-4201; Michael De Los Santos; office: +1-919-667-1557×23; cell: +1-919-672-4755; or Susan Perry-Cole; cell: +1-919-608-1158

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