More than 20 people demonstrated outside a convention center in Manhattan New York City to protest the auction of hundreds of foreclosed homes by Real Estate Disposition Corp. It is possible that among these foreclosed homes are tax foreclosure properties.
Several of the demonstrators are carrying signs that say banks get rescued while homeowners get evicted. They explained that they are not against the people who went to the auction to look for homes. They said they are protesting against banks that received billions of bailout funds from the federal government after launching lending schemes that increased their profits but put millions of homebuyers into foreclosures. While the banks get rescued, individuals whose assets became tax foreclosure properties due to the economic downturn do not receive any bailout from the government.
Larry Holmes, spokesperson of the Bail Out the People Movement, insisted that they understand the situation of people looking for cheaper homes and are not angry at them. They are not protesting against them. He said his group staged the protest rally at a REDC auction because REDC is the country’s biggest private auction company for foreclosed homes, which in all likelihood include tax foreclosure properties. He claims REDC is making money out of other people’s hardships.
Additionally, Holmes called on the federal government to declare a national moratorium on foreclosures to give time to distressed families to improve their finances. Previous owners of tax foreclosure properties or individuals troubled by tax foreclosures would have wished that Holmes included tax foreclosure properties in his intentions. Because of continued corporate downsizing and layoffs, a lot of real estate assets are also being turned into tax foreclosure properties.
Holmes specifically questioned the auctioning of homes that are still occupied by families. He questioned the idea of forcing families out of foreclosed homes into cars while giving billions to financial multinationals like AIG and Citicorp.
American International Group and Citigroup received billions of bailout money from the Troubled Assets Relief Program in 2008 under the Bush Administration. These financial companies, in addition to others in the financial industry, are again being evaluated for possible further bailout by the federal government under the Obama administration.
Finally, Holmes’ group said foreclosure proceedings are violating the U.S. Housing and Economic Recovery Act. They announced they are going to hold a major protest rally on April 3 on Wall Street.
Author Resource:-
John Cutts has been educated in the finer points of the foreclosures market over 5 years. Read articles about foreclosures information at ForeclosureDeals.com - Your online source for home foreclosures.
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