HBPA Presented by LYM to Series of Ongoing Hearings on Foreclosures Hosted by Massachusetts Attorney General
In four of the hardest hit cities in Massachusetts being devastated by the spreading plague of home foreclosures, Attorney General Martha Coakley is holding a series of four field hearings over the course of this week, on the subject of certain limited, state-level initiatives to combat deceptive mortgage practices, and provide assistance to families suffering foreclosures. The LaRouche Youth Movement has been given the opportunity to testify at the first two of these hearings, taking place in Worcester and Brockton, respectively, raising LaRouche's Homeowners and Bank Protection Act during their testimony to both.
As are the LYM all over the country detecting, the horror stories are endless in these two towns. Speaking to the secretary of the city manager in Worcester, she reported that she had just lost her house at the same time her sick husband had been hospitalized, and that she had found herself paying all of his hospital bills the same month that she was being forced to leave her home. And in Brockton, members of the LYM spoke to a secretary to the mayor, who had spent the entire morning receiving telephone calls from citizens of Brockton whose homes were being foreclosed on. As she answered one of these calls, she heard a desperate voice on the other end of the line, telling her that he was so frightened about losing his home, that he was considering committing suicide…
At both of these hearings, as the youth organizers read the text of the proposed HBPA, there was expressed support from both the audience and the panelists. A number of elected officials responded to the presentation of the idea of saving the homeowners by freezing foreclosures, and to the explanations of the full history of the housing collapse and the hedge funds, by approaching these organizers and presenting their contact information, requesting meetings with representatives of the LaRouche PAC on the subject of this proposed bill. One state Representative was so enthusiastic, he gave the legislative proposal a big thumbs up during the hearing.
At the Brockton hearing, after an LYM representative presented the HBPA, the Mayor of Brockton testified, emphatically insisting that the attendants did not understand how bad this foreclosures crisis really is, emphasizing that this crash is going to especially impact poor people, and then will spread to everyone. This mayor was extremely grateful to receive the proposed Homeowners and Banking Act, more than willing to set up a meeting as soon as possible. In addition, two men who worked for a mortgage appraisal company testified, requesting the attorney general set out very specific parameters for home appraisals, because they said the rise in home values had been driven by pure corruption. They related an anecdote in which one of them had been contacted by a real estate agent in California, telling him that if he up-valued a certain piece of property to $600,000, he would be rewarded with plenty more jobs in the future.
The final two testimonies at this hearing came from two members of the LYM, in which they emphasized that this crash is systemic, and that LaRouche had forecast it. After reading off the list of all the cities in Massachusetts which are listed on Realty Trac's Top 100 Cities hit by foreclosures list, the organizers emphasized that the state-level solutions do not work, citing the example of Ohio's failed bailout plan -- federal intervention is needed. The hearing ended with a reading of Franklin Roosevelt's remarks to the Congress in 1933, in his statement asking for emergency action to stop foreclosures.