Bed Stuy's Ed Towns calls for foreclosure halt
Bed Stuy rep Ed Towns was on Democracy Now calling for a temporary halt in foreclosures. http://www.democracynow.org/2010/10/12/as_fraud_scandal_grows_white_house Talking from his experience in Bed Stuy, he said, “People have lost their homes that should not have lost them because the paperwork was done improperly. To walk the steets and listen to people that the only thing…
Bed Stuy rep Ed Towns was on Democracy Now calling for a temporary halt in foreclosures.
http://www.democracynow.org/2010/10/12/as_fraud_scandal_grows_white_house
Talking from his experience in Bed Stuy, he said, “People have lost their homes that should not have lost them because the paperwork was done improperly. To walk the steets and listen to people that the only thing they own is their home and to lose it in this fashion and sometimes even almost outright trickery….time out. Let’s get this right, let’s do this right.”
Should foreclosures be looked at? Yes. But this is just a political ploy by one of our nation’s laziest congressmen.
Ed Towns, the stealth congressman. I agree with the fact that this is a last ditch effort to remind people he is our congressman, just as November elections are coming up.
NYGuy7 – the country can’t move forward economically till the banks get the bad stuff through and off their books.
Not saying it should be done fraudulent or in error (in which case they have a huge liability if sued)
Its like having food poisoning and taking immodium a-d to stop the diarrhea. Your body needs the toxins out and you purposefully stop it up.
If there is negligence sue them. Otherwise we need to get the crap out of the system and move on with the economy.
First of all, this is a federal issue. He’s US congressman. You’re all bitching because he lives in Bedstuy? The guy is talking about a national problem. That’s what people in the federal government do. This is just another problem in the shady mortgage business that was allowed to go on. I love everyone get’s all pissed off about people getting foreclosed on maybe not getting foreclosed in right away but hey, as long as the banks got their bailouts and are making cash hand over fist it’s all good.
Ed Towns does exactly two things – no more, per term, to remind people he is actually still in office?
He says:
“even if you have one that should go forward and 10 that should not” doesn’t mean you shouldn’t have a moratorium
Ed Towns is saying that 90% of foreclosures are wrong or fraudulent.
actually he has another example seconds after that where he implies 99% are incorrect or fraudulent
laying it on a bit thick?
Ed Towns most likely doesn’t even understand the “paperwork” issues as demonstrated by his statement.
The foreclosure process starts because of lack of payment. The “paperwork” issues are issues with the subsequent sale and transfer of the property, having nothing to do with the original homeowner who went into default.
Shows real stupidity on the part of a typical politician.
invisible is more or less correct. The NY foreclosure process is tough on banks so they were getting their foreclosures rejected here while they were getting them through the process in other states.
Because of securitization of mortgages, it is very complicated to show who is the owner of a particular mortgage instrument, and many banks were lazy about their paperwork over the years. NY Justices have refused to sign off on the foreclosures that many other states have allowed to go through. The banks were cutting procedural corners to make up for prior errors and speed things along. Now, we are stuck.
He doesn’t have to prove that it happened in Bed Stuy because it’s happening all over the US.