Nobody Mentions Some of the Reasons for Foreclosures
Our story is in Washington Monthly, has appeared in People Magazine, under "Contractors from Hell," and a seven page expose in Mother Jones Magazine. Google Jordan Fogal for more information.
Study: Texas riddled by foreclosures
Austin Business Journal - January 26, 2007
National foreclosure numbers are in, and they're not pretty.
Texas finished 2006 with a total of 156,876 foreclosure filings -- the highest aggregate total of any state, according to a year-end report by foreclosure source RealtyTrac Inc.
Nobody mentions some of the reasons for foreclosures: bad builders, substandard construction, and mandatory arbitration clauses that protect bad builders and bad lenders. Nobody mentions we no longer have access to the courts. Nobody mentions the ridiculous red tape stopping victims and protecting builders by the Texas Residential Construction Commission. The only reason for all these foreclosures that is mentioned ... is just stupid people. We are mostly poor and middle class hard working people, many first time homebuyers, and many senior citizens.
In the great state of Texas, are we going to believe that one out of very 51 Texans is just plain stupid and gets foreclosed on because they are stupid? Or are we going to look for the truth. More importantly are we going to do something about it?
This sickness in the economy is because of greed and crooks not stupid homebuyers. The problem has reached epidemic numbers and everyone except the FBI seems not to notice. There is so much mortgage fraud here in Houston, they have set up a special task force.
"Representative government and trial by jury are the heart and lungs of liberty. Without them we have no other fortification against being ridden like horses, fleeced like sheep, worked like cattle, and fed and clothed like swine. -John Adams 1774
This quote was taken from a great new book, Blocking The Courthouse Door, by Stephanie Mencimer