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News :: Organizing : Social Welfare
Eviction Blockade Thursday in Milton
21 Mar 2011
Eviction Blockade Thursday, March 24, 9:30 am

Beliard family, 21-23 Austin St., Milton

The Norfolk Country sheriff has delivered a notice to the
Beliard family that they will be forcibly removed from their home at 10 am
on Thursday, March 24. *We will block this eviction!*
The Beliards have been approved for a new mortgage through Boston Community
Capital (BCC) and BCC made a cash offer to buy the property. After buying
the property, BCC would mark it up 25% and resell it to the Beliard’s for
60% of loan value! However, US Bank wants more money than BCC has offered
and has continued the eviction.

We have formally made two proposals to US Bank:

1. Let the Beliards stay and *pay rent*. Market the property occupied.
If someone buys who signs an affidavit that they intend to move in, we will
move. If US Bank can’t get a purchase and sale above what BCC offered, then
sell to BCC!

2. OR, reinstate and modify the loan at close to the bank-declared
value and take a share of any increased appreciation the same way BCC would
do.

These demands are completely reasonable. US Bank loses nothing and can test
the market; the bank arguably does significantly better than through an
eviction. The Beliards are not evicted, and a home does not go vacant. But
US Bank/MidFirst has rejected both and will instead throw two sisters, a
baby and an elderly person onto the street.

Our proposals are so reasonable that most people scratch their heads and ask
“Why wouldn’t the bank take this offer?” This is not about the Beliard’s
house. It’s about preserving bank power nationally by avoiding increasing
calls for principal reduction.

*If you plan to come Thursday*: If possible, arrive between 9 am and 9:30
am, *before* the sheriff comes. To reach the Beliard’s house, go south out
of Mattapan Sq. about 2 blocks, following signs for Rt. 28. One block after
Rt. 28 and Rt. 138 split, make a right onto Austin St. There is limited
parking on Austin St. Another option is to park in Mattapan Sq. and walk. 21
Austin St. is a one-block street running between Rt. 138 and Rt. 28. * As
always, please follow the discipline of City Life and the Bank Tenants
Association in regard to signs, chants, and picket line behavior.*



*The importance of principal reduction*

City Life has been demanding “principal reduction” for 4 years
as the key to solving the foreclosure crisis. The miserable failure of most
loan modifications we believe is largely due to the failure to include
principal reduction. In Boston, however, working with BCC and Legal
Services, we have been winning de facto principal reduction in building by
building battles through buy-backs.
Recently there has been increased national attention to the need
for principal reduction. The 50 Attorneys General have included a form of
that demand in trying to resolve their lawsuit against the Wall St. Banks
for robo-signing.
However, Wall St. banks are strongly resisting any such
direction. Already Bank of America has declared they will not go along!

See this link for an article in Business Week on the growing
concern about principal.
http://www.businessweek.com/magazine/content/11_12/b4220031777731.htm

Our continued demand for this key strategy has national
significance. Our action on Thursday not only defends the Beliard family
but continues to press this demand.

This work is in the public domain.
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