When my monthly mortgage payments jumped from $800 to $1300, I contacted US Bank right away to see how I could modify my loan. They told me there was nothing they could do until I missed a few payments--so I took their advice and went into default. But they sent me the wrong paperwork for a modification--and instead of working with me to correct their mistake, they foreclosed on my home of 13 years.
I thought there was nothing I could do until I met my neighbor Caylin Crawford, who was fighting the banks with Occupy Homes MN. Caylin had also been foreclosed on by US Bank and Freddie Mac. And, oddly enough, she had also fallen into foreclosure because US Bank had told her to stop paying her mortgage.
Caylin won a settlement from Freddie Mac to stay in her home, and I'm still fighting. But what happened to Caylin and me wasn't an accident. Wall Street banks targeted our communities to take away our homes. And despite increasing evidence revealing fraudulent activity and two federal settlements, no Wall Street executives have yet been prosecuted for their crimes against our communities.
As a mom, I know that without consequences, there are no changes in behavior. But the Obama administration insists that the banks are "too big to jail." That's why I'm going to Washington, D.C. next week to join with homeowners around the country at the Department of Justice to demand the Obama administration prosecute the Wall Street executives who crashed our economy. Only with a strong showing of victims of the banks' greed from around the country can we get the Obama administration to show the banks there are consequences for their actions.