Thursday, November 10, 2011

Occupy Foreclosure disrupts Bank of America foreclosure auction

When the banks attack, these people fight back.

According to Occupy Worcester, a bank made a predatory loan to Pablo and Shirley Travieso to refinance their mortgage. The Travieso's couldn't keep up with the payments when the adjustable rate mortgage exploded. They tried to renegotiate the loan, but Bank of America refused. And so Occupy Foreclosure made sure the auction of their house was as uncomfortable as possible. 

According to Occupy Worcester,
The 44 protesters held signs and their chants included “Bank of America/Bad for America”, “Banks got Bailed Out/We got Sold Out”, and “What does democracy look like?/This is what democracy looks like!” The auctioneer, John Baker, acting for Bank of New York Trust, trustee for a bundle of mortgages in which this one was included, gamely proceeded with the auction at 11am despite the noise, and as there were no other bidders, the bank took back the house for $79,900.
Mr. Travieso said they still owed $193,000, and added that if the bank would reduce the principal on the loan to its current market value and set a reasonable fixed rate they could easily afford the payments.
If Bank of America gets bailed out, why shouldn't the Traviesos?