Press Release: From the Front lines of the WAR on Foreclosures

May 18, 2008

Everyday I receive calls from people in panic across the Country who took ARM mortgages that are now resetting and payments are doubling. They can't pay. They can't refinance. They can't sell. They are trapped in a financial nightmare. But what many don't realize is the home they bought was not worth what they paid when they bought it. Or, the home they refinanced and took all the equity out of was bubble funny money equity, not real appreciation.

The market was artificially inflated due to irrational lending practices. I call it sign and drive without an airbag. They didn't care who the borrower was, if you could breathe and you could sign, you had a house. This strategy sent hordes of buyers into the market with five times the amount of money they would have really qualified for. Creating a buyers market on steroids. They didn't care about the loan quality because they sold them right away to Wall Street. Wall Street bought them eagerly and reaped huge rewards. This was a house of cards from the beginning that was destined to implode. The loan practices steadily degraded until in the end the lenders created some of the most dangerous loans in an attempt to keep things rolling, the Pay Option (Neutron/ Negative Amortizing Arm) loan. Now, millions of Americans are sitting in houses that they are trapped in.

Send a strong message to our government leaders, Americans will not stand by idly while our government protects the banks so they can steal our homes right out from under us. FIGHT BACK.