Minneapolis is Site of Foreclosure Standoff
People in Minneapolis are Flocking to the Side of an Elderly Woman
© Jon Pike
Aug 12, 2009
People in the largely African-American neighborhoods of North Minneapolis, are fighting, with others to keep their homes. In one example, people have been congregating at the home of Rosemary Williams. About 75 people showed up at Williams’ house after what appeared to be an ultimatum from the company that owns her mortgage, GMAC. GMAC presented Williams’ lawyer with an ultimatum: pay $5,000.00, or we’ll send in the police. People had been planning a rally at noon at city hall in support of Williams. That was quickly cancelled to a gathering at Williams’ home. The standoff has lasted at least six days as Williams has refused to leave her house and authorities have not taken the step of evicting her. Williams has lived in her house for over 50 years.
The Case Of Rosemary Williams
According to the website for the MN Coalition For A People’s Bailout. Williams had been living in the house for 55 years and was currently living in the house with two grandchildren. She had been talked into an Adjustable Rate Mortgage. Adjustable Rate Mortgages substitute a fixed rate with a rate that could go lower, or higher. ACORN has termed such loan practices, particularly in areas where poor people and minorities cannot do effective shopping for loans, predatory practices. Acorn contends that, such practices, capitalize, “on buyers’ lack of understanding of the complicated transactions or use outright deception to close loans that inevitably lead to a loss of equity or foreclosure.”
According to the coalition website, Williams original home loan was securitized. That it is, it was sold multiple times to multiple companies. Under such circumstances, it is often difficult to determine who owns the loan. Advocates say that under such circumstances, it is impossible for people who have little understanding of the financial system.
Foreclosure Battles Beyond The Williams Case
The Williams case is but one case in which people are demanding action in the foreclosure crisis. With securitized deposits, it has been hard for creditors to produce the actual mortgage note with which to evict people and seize their property. But as the Williams case and others show, people are willing to engage in direct action and come to the aid of others in numbers to force the hand of the authorities and the mortgage companies and, essentially stare them down and see who blinks. So far, in the Williams case, it is not Williams and those who are assisting her doing the blinking.
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