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SAFE newsletter

SAFE

Upcoming Actions:
  • 6:30 PM, Thurs., Nov. 1:  Envelope stuffing and mailing to all Seattle families whose homes are up for auction between now and the end of Nov.
  • 6:00 PM, Tues., Nov. 6:  ELECTION PARTY at Bethany!!! Lot’s of food and drink. If you’d like to bring along a potluck, please let us know.
  • Last week in Nov.: Another mailing to all Seattle families going to auction in Dec. and Jan.
  • 1st week in Dec.:  Mass phone calling to Seattle families to tell them about SAFE.
  • 2nd week in Dec.: Mass meeting of families in foreclosure and their supporters.
  • 3rd week in Dec.: We anticipate engaging in direct actions.

Other Upcoming & Ongoing Events:
  • 4:30 – 5:30 PM, Tuesdays:   Please join us for a SAFE Banner Drop on the skybridge over the intersection of Rainier Ave. and MLK Way.
  • 7:00 – 8:30 PM, Tuesdays:   Organizational Meeting at Bethany UCC.  All are welcome.
  • 4:30 – 6:00 PM, Wednesdays: Door-to-Door Canvassing. All are welcome. No experience necessary; we’ll train you!
  • 3:00 – 5:00 PM, Saturdays: More door-to-door canvassing.

This Past Week:

  • Our door-to-door canvassing brought us yet another family willing to fight for their home. At our Tuesday evening meeting Hussein introduced himself and told us his home would be on the auction block in less than 72 hours on Eid, a holiday as important to Muslims as Christmas is to Christians. On Wed. and Thurs. we called supporters, and on Friday morning 20 volunteers held up signs at Northwest Trustee Services warning buyers: SAFE Will Aggressively Resist the Eviction of Hussein’s Family. By the end of the auction, not one individual ventured to bid on this home.
  • On Tuesday, two SAFE members attended a meeting sponsored by the United Black Clergy to discuss foreclosure issues.
  • On Wednesday, a SAFE volunteer spoke about SAFE to members of the Emma Goldman Finishing School.
  • On Wednesday, Real Change published a cover story about SAFE and Luisa’s and Sue’s struggles to keep their homes.  (Thank you, Real Change!)
  • On Thursday, two SAFE members gave a presentation on SAFE and the foreclosure crisis to a class of Seattle Central Community College history students.

Questions?  Comments?

You can reach us at info@SAFEinSeattle.org or 206-203-2125.  Please visit our web site:  www.SAFEinSeattle.org.

Thoughts:

On 13 September 2012, the Federal Reserve launched its fourth bank bailout program, which involves the Fed’s buying $40 billion per month of mortgage debt from the big banks. While we wait for the so-called “trickle down effect” that never seems to happen, the banks are enjoying a windfall:

Third-Quarter 2012 results:
  • Chase: Mortgage banking profit up 57%; overall profit up 34%.
  • Wells Fargo: 225% increase in home loan earnings vs. Qtr. 3-2011. Like other big banks, Wells bundles most mortgages and sells them to investors with a government guarantee.
  • Bank of America: Revenue from mortgage origination and refinancing up 18%, even though overall profits are down.

Meanwhile on the legal front:
  • Chase: This month the NY attorney general sued Bear Stearns, which is owned by Chase, claiming it defrauded investors during the housing boom.
  • Wells Fargo: This week federal prosecutors sued Wells for defrauding the government and lying about the quality of their mortgages.
  • Bank of America: This week federal prosecutors sued Countrywide Financial, a unit of BofA, for “Brazen” mortgage fraud.

Bailing out the banks while suing them? Isn’t capitalism fantastic?

Housing is a Human Right!

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