New Research Connects Toxic Mortgages to Blight in Newark
A new report from professors at Hofstra University and the City University of New York has found that underwater Private Label Security (PLS) mortgages are contributing to blight in the City of Newark. The study looked at 1,151 of these mortgages and found a sharp increase or elevated levels of vacant housing in seven of the nineteen census tracts in Newark. All told, seventeen census tracts demonstrated signs of distress related to PLS mortgages.
The report will be presented at a forum sponsored by NJ Communities United called “Newark’s Housing Crisis: A People’s Uprising to Protect Our Homes.”
“Too many Newark homeowners are struggling to save their homes from foreclosure,” said Trina Scordo, executive director of NJ Communities United. “But the crisis doesn’t stop at their front doors. This research demonstrates that toxic PLS mortgages are destabilizing Newark’s communities and contributing to blight.”
Newark's Housing Crisis - A People's Uprising to Protect Our Homes
Families in Newark continue to lose their homes to predatory lending and illegal foreclosures by banks. Meanwhile abandoned homes and vacant buildings created by the foreclosure crisis sit empty waiting for private equity firms from Wall Street to drop into Newark and make a quick profit off from our housing crisis.
Join NJ Communities United and our partners as we discuss Newark’s housing crisis and begin to build a movement to take back our our homes, our community and #OURNEWARK!
This FREE community event is organized by NJ Communities United with support from Newark NAACP, ACLU New Jersey, New Jersey Community Capital, CWA Local 1037, 1199SEIU and the Latino Action Network.
Visit https://www.facebook.com/events/1599523690309228/ for more information and to RSVP!
Tell Christie and the State of New Jersey to Hold Wells Fargo and Other Big Banks Accountable for the Foreclosure Crisis and the Lack of Enforcement by the NJ Attorney General’s Office!
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. SIGN THE PETITION AT http://bit.ly/ChristieBanks
Child Care Providers Ratify New Contract
“We worked incredibly hard to make this new contract a reality,” said Shanita Hargrove a child care provider in Newark, NJ. “We knocked on doors in counties across the state. We engaged the working parents we provide services for. We circulated a petition of support that generated more than 500 signatures. We packed buses filled with supporters to attend rallies in Trenton. We built a real movement. But this is just the beginning of what we can accomplish together moving forward.”
CWA Local 1037 partnered with NJ Communities United to work with child care providers to increase the grassroots organizing work needed to negotiate a strong second contract.
“This is a victory for child care providers and it’s a victory for working families who struggle to afford quality child care,” said Trina Scordo, executive director of NJ Communities United. “We engaged working class communities on this issue and built a movement of people dedicated to quality child care and early childhood education. The positive long-term impacts for providers and working families are beyond measure.”
Another Grandma Battles Another Greedy Bank
In 2010, Lavinia Curry & Paulette McQueen missed ONE mortgage payment. The very next month Paulette attempted to hand deliver the missed payment and the current month’s payment. Wells Fargo refused to accept ANY money and the foreclosure mill began. By 2013, their home was up for a Sheriff’s sale.
Just a few months ago Grandma Lavinia & Paulette were featured in news articles across the country as they stood alongside Irvington, NJ Mayor Wayne Smith to announce plans to seize underwater mortgages from banks and renegotiate fair terms for struggling homeowners so they could stay in their homes and in their community.
Wells Fargo saw the news and immediately reached out and agreed to stop the sheriff’s sale in order to negotiate a mortgage that would keep Grandma Lavinia & Paulette in their home. We need your help to keep these amazing grandmothers in their home and let Wells Fargo know that any deal they offer must be a fair market value mortgage with a low fixed interest rate!
Tell Cami Anderson, "Stop the One Newark Plan!"
Cami’s plans to close, privatize or otherwise re-purpose our public schools into profit-making ventures while trying to silence dissent is bullying at its worst. This is what a Christie-controlled school district does when the residents of Newark are denied a democratic voice in our own public school system.
Together we can take back control of our schools – click here and send Cami Anderson an email now!
Ultimately, this fight is about taking our democracy back and fighting for local control of our public schools. Under our own control, public schools will be protected from profit-making schemes, educators will speak their minds without fear of retribution and the community will ALWAYS have a democratic place at the table. But power concedes nothing without a fight – so let’s join together and fight!