They Get Rich, We Get Foreclosed On!
Mass Mobilization on the Mortgage Bankers of America Convention
Monday, October 10, 2011
Bus leaves @ 3pm from the Butler-Lindon Building, 6146 S. Kenwood Ave
Rally at 4pm @ The Hyatt Regency, 151 East Wacker Dr
Rally at 5pm @ The Art Institute of Chicago, 111 S Michigan Ave
Why the MBA?
The Mortgage Bankers Association (MBA) is holding their annual conference in Chicago on October 9-12, 2011. The MBA is one of the most powerful lobbying organizations for the big banks and they represent the mortgage arms/tentacles of the BIG 4--Wells Fargo (who happens to be sponsoring the conference), Bank of America and JPMorgan Chase, Citigroup--as well as numerous independent mortgage companies that created the housing bubble and blew up the economy in 2008.
One of the MBA claim's to fame is defeating Judicial Loan Modifications - a piece of legislation that Congress was attempting to pass in order to help millions of homeowners who had fallen victim to the housing crisis. Under the current law, if you only have one home you can’t declare bankruptcy and have a judge renegotiate your debts. But if you own two homes, or a boat, you can. This is unfair and biased against working and middle class families that don’t have boats, airplanes and homes in the Hamptons. Chicago has been hardest hit by foreclosures, mostly due to the MBA blocking this legislation.
http://www.chicagoantieviction.org
http://www.stopchicago.org
http://www.takebackchicago.org/
http://showdowninamerica.org/oct10
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