Tell Christie to Prioritize Homeowners Over Big Banks!

In the background of Chris Christie’s aspirations to run for President are thousands of New Jersey homeowners who’ve been tossed aside in favor of Wall Street and the Big Banks. In fact, the foreclosure crisis in New Jersey leads the nation – and the Christie administration has favored the desires of the banks over the needs of New Jersey residents. Several big banks have negotiated large settlements with the US Attorney General’s Office for their role in the housing bubble and subsequent economic collapse – but homeowners in New Jersey and around the country have not benefited from these agreements.

While the historic settlements sound promising on the surface, a study by Denbeaux & Denbeaux law firm exposes why struggling homeowners shouldn’t hold their breath waiting for relief. The report, “Mortgage Fraud” finds that New Jersey homeowners were stripped of their legal rights by back room settlements between banks like Wells Fargo and various state Attorneys General. New Jersey homeowners were sent a settlement agreement which contained promises and protections they already had and a check in the amount of $178.04 in exchange for all their rights and defenses!

The result of the legal acrobatics and out-of-court settlements has essentially let Wells Fargo and other big banks off-the-hook for their predatory lending practices in low-income communities of color. Wells Fargo preyed on these communities then negotiated away the rights of homeowners to take legal action. Homeowners deserve their day in court – or at the very least, enforcement from the Office of the New Jersey Attorney General.

Join NJ Communities United to demand that Chris Christie and the State of New Jersey report results of mortgage settlements, release assurance reports required by settlement agreement(s), enforce homeowner protections according to state laws and the original agreement between New Jersey & Wells Fargo, and enforce & enhance homeowner protections & predatory lending laws!

The full report, “Mortgage Fraud” from Denbeaux & Denbeaux can be found online at: http://bit.ly/1vJ0tqm

The white paper, “Stagecoach Robbery” from NJ Communities United can be found online at: http://bit.ly/10ERmeQ