Defenders of Mary Ward, 82-Year-Old Facing Eviction, Join with Occupy Wall Street to Fight Foreclosures

MaryWardThumb.png
Michael Premo
The group Organizing for Occupation will bring Occupy Wall Street to Downtown Brooklyn on Thursday, in a joint action from the two groups at Brooklyn Supreme Cout that will call for an end to foreclosure auctions.

"O4O" first made news in August, when their members surrounded the home of 82-year-old Bed-Stuy resident Mary Ward in an "eviction blockade." Staffing her home with volunteers willing to get arrested, they kept marshalls at bay from removing Ward from her home of four decades. Stunningly, two months later, Ms. Ward is still there. In that time local representatives, and even Attorney General Eric Schniederman's office, have gotten involved. This week, negotiations are continuing about possible ways to keep Ms. Ward in her home.

If successful, it stands to be a significant win for O4O, and an unusual end to a foreclosure story. Properties are foreclosed on and sold at auction every week in the five boroughs, and none in recent memory has had any kind of the international news coverage as Ms. Ward's.

We wondered when O4O's efforts (which predated Occupy Wall Street) would join up with what's happening in Zuccotti Park. It turns out Occupy Wall Street reached out early on to O4O, and though conversations have been happening between the leaderless former movement and the more structured latter one, Thursday's protest will be the first joint event planned between the two.

Both groups are calling for protestors to meet at Brooklyn Supreme Court, to protest the foreclosure auctions that will be happening there. According to the press release:

"Wall Street is the cause of this systematic displacement of New Yorkers. Wall StreetBankers turned mortgages into 'securitized instruments' and sold them for profit. Their greed demanded the creation of mortgage-backed securities. Without blinking, they used predatory loans to lure homeowners into mortgages with impossible--and unseen--interest rates."
They are hoping to stop the foreclosures of three Brooklyn addresses on Glen Street, Dean Street, and Flatbush Avenue, which are scheduled to be sold at auction, just like Ms. Ward's home was.

However, there is something very different about the fight they are waging this time: they don't know who is currently living in these homes, or who the current owners are. O4O was able to wage a successful media campaign by showing how an 82-year-old woman received a loan so predatory, the broker reportedly lost his license and the lender was put out of business. Nobody really wants to be seen throwing a church going great-grandmother out on the street. The absurdity of her story was particularly obvious because Ward was being evicted for defaulting on a loan she never received, sixteen years after the fact. The bad loan ended up getting repackaged and resold so many times that by the time a bank sold it at auction to the current landlord, it was unclear who held the actual deed to the house.

But at Thursday's auction, the unknown narrative is much less clear. Karen Gargamelli of the firm Common Law (which represents Ms. Ward*) and Michael Strom, a key figure from Organizing for Occupation who has linked up with Occupy Wall Street -- explain that it was important to start standing up against foreclosures of all homes, regardless of who is inhabiting them. Their demonstration in Brooklyn will be followed up by similar ones in the Bronx and Queens.

Neither O4O nor Occupy Wall Street have any idea whose home they'll be defending tomorrow, or how the properties ended up in foreclosure. They don't know if the occupants of these buildings are owners who know how underwater they are, or tenants who might not have a clue that the building they are renting is about to be sold at auction.

Either way, none of them have any idea that their building is the next satellite battleground of Occupy Wall Street, and that the same people who have successfully kept Ms. Ward in her home for two months past her planned eviction now plan to come to their aid.

We want to know who these people are, so the Voice will be paying a visit to these homes on Glen Street, Dean Street, and Flatbush Avenue. Stay tuned.

In the meantime, we're also planning to check out the first official Occupy Wall Street function in Brooklyn, tomorrow. Here are the details from the press release we got from Gargamelli.

O4O/OWS Press Release -- Brooklyn Supreme Court protest

(*Correction: Gargamelli writes that Common Law "never formerly represented Ms. Ward. Now, she is represented by Bed-Stuy Legal Services at the negotiation table.")

sthrasher@villagevoice.com | @steven_thrasher

For more Voice coverage of Occupy Wall Street and other New York news, go to Runnin' Scared.

Previous:

Mary Ward, 82-Year-Old Facing Eviction, to Meet with Attorney General's Office
Mary Ward, 82-Year-Old Facing Eviction, Still in Her Home (and on Russian TV)
Crowds Gather Outside Home of Mary Ward, 82-Year-Old Bed-Stuy Resident Fighting Eviction


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Vvsucks
Vvsucks

This letteer is so assinine it is sad it was written by an attotrney.  Does anyone remember the 1980s when mortgage rates were in the high teens?  Well, guess what helped them to plummet - right - collaterilzed debt obligations.   The fact that a bank could make a loan, and the sell it, allowed them to make additional loans.  It is perhaps the greatest innovation in finance and the most beneficial one ever made to homeowners.  It provided liquidity in a market that had historically been illiquid.  Further, areas such as Bedford-Stuyvesant had, in the bad old days, been 'red-lined' meaning that banks made them off-limits for loans.  The same is true in hot-spots like Cobble Hill and Carroll Gardens.  Back when, because many of the area residents were dock workers, banks thought they were bad risks.

We ran into trouble when our government - Barney Frank and others, decided everyone should own a home.  Everyone should not own a home.  They forced Fannie and Freddie to make loand to those who weren't qualified.  Thereafter, S&P and other rating agencies whored themselves to give these loans high ratings anyone with 1/2 a brain knew they didn't deserve.  The problem was - it was a runaway train and a race to the bottom.

The mortgage brokers and lending officers were mainly local people taking cruel advantage of their own neighbors.  I could cry seeing a house that hadn't had a mortgage on it in 80 years, and had stayed in one family, lost because some sneaky bastard tricked the owner into taking a loan and 'cashing in' on the equity in the house.

Homeowners were greedy for cash.  Mortgage brokers were greedy for 'points' on every note they wrote.  The rating's agencies were greedy because the one willing to provide the highest ratings to these bonds got the jobs.

Overall, "Wall Street" was a place where these bonds were traded - not originated.  Look in your own backyard and find the mortgage broker who was selling these loans and you'll find he looks like everyone else in his or her neighborhood, but has had his $50,000 Mercedes repo'd because he couldn't make the payments after the industry came to a halt.

Fools with no knowledge of this industry write the dumbest crap and it all leds to dumb people following them and saying and doing dumber things.  Get your heads out of your asses.  Finally, what do you see as a solution to the problem.  If I lent you $300,000 and the collateral was your house - should I have the right to take the collateral if you don't make good on your loan?  If not, we'll be back to the 1970s and 80s (and we are close) because banks will not lend when they know they cannot enforce a contract. 

If that's what you want, you better start saving today, because 100% downpayment is pretty steep when it comes to buying your first house.  Or, an 18% loan will again become the norm as banks charge excessive interest rates to cover their massive losses from being unable to foreclose when the payments stop.

Finally, buyers at auctions aren't bad people.  They serve a purpose, just in the same way the person does who takes the cans from your recycling bin and brings them to the store for nickels.  They risk their own money, restore houses, and sell them for a profit.  How are they different from anyone else?  This is the only way a community can get to the fourth stage of its life cycle which runds from birth, to developement, to decline, to RENEWAL. 

By the way, your probably thinking that the government could fix this by giving these houses to people who could use them who make no money.  This has worked really well in public housing throughout the country.  In fact, it's one of the only ways to guarantee a neighborhood will never recover.

Bed-Sty will recover because there are many strong homeowners there and a beautiful housing stock, one of the best in Brooklyn.  But, the areas that have the lowest prices are the ones that surround the 'public housing' near Bainbridge Street.

Hang the mortgage originator, who was the true criminal in this whole charade - and B. Frank while you are at it - and Franklin Raines - who walked with millions, but nobody seems to mind. Remember - they're all Democrats - so it's OK!

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