DETROIT -- Jennifer Britt of Detroit's Rosedale Park is
like thousands of homeowners pushed to foreclosure by
economic disaster and personal loss. After the death of her
husband and the loss of her job, Britt exhausted her life
savings and paid Flagstar more than $45,000 to keep her
home. Flagstar not only refused to modify the mortgage, it
raised her monthly payments and then foreclosed.
Britt's supporters will distribute fliers reminding
festival goers that Flagstar, a co-sponsor of River Days,
is not the "community bank" it claims to be.
Since 2009, it has been owned and controlled by
MatlinPatterson of New York, a "Vulture
Investor," as Forbes magazine describes it, known for
"picking the bones of crumbling companies."
Flagstar recently confessed to mortgage fraud and has not
paid back the taxpayer bailout of $267 million it was
gifted in 2009.
Britt is working again and can afford reasonable monthly
payments, but Flagstar has sold the mortgage to Fannie Mae,
with taxpayers footing the bill. Eviction is
Flagstar claims they are no longer responsible for the
eviction now that Fannie Mae holds the mortgage. This is a
blatant evasion of the bank's responsibility for the
mortgage it initiated in 1999 and held through the
sheriff's foreclosure auction. State and federal
programs call for mortgage modifications, and Flagstar can
take back the mortgage from Fannie Mae and modify the loan.
There is no good reason that the Britt family should be
evicted, leaving another vacant house in Detroit.
People Before Banks is an alliance of community
supporters, housing advocates, faith-based activists and
unions, including the UAW, that calls for a moratorium on
foreclosures. We have successfully mobilized our supporters
over the last year to stop foreclosure evictions. We will
join the Britt family on Friday to protest her unfair
treatment by Flagstar Bank.
Here are more details of Friday's demonstration:
What: Protest and leafleting targeting Flagstar Bank,
sponsor of the Flagstar Music Stage.
When: Friday, June 22, 4:30 p.m.
Where: Starting at Jefferson and Beaubien in downtown
Detroit, march to River Days entrance.
Who: Neighbors, community advocates, UAW members and
faith-based activists allied with People before Banks.