A US Congresswoman from Ohio, Marcy Kaptur, is encouraging her constituents to squat in their foreclosed homes, counseling them to to refuse to leave without "an attorney and a fight." She is advocating that homeowners stay put until the bank "produces the note" that proves it owns the home.
"During the lending boom, most mortgages were flipped and sold to another lender or servicer or sliced up and sold to investors as securitized packages on Wall Street," explains the Consumer Warning Network. "In the rush to turn these over as fast as possible to make the most money, many of the new lenders did not get the proper paperwork to show they own the note and mortgage. This is the key to 'the produce the note' strategy."
Kaptur addressed citizens from the floor of the House in Washington: "I say to the American people: you be squatters in your own homes. Don't you leave!"
Image by Jeff Turner, courtesy of Creative Commons license.Tweet