Foreclosure moratorium is our victory

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As banks across the country begin the process of implementing foreclosure moratoriums, it is important for the left to step back for a second and claim the victory - something we are usually pretty bad at.

In fact, it's due to our hard work, due to the rallies, sit-ins, bank-lobby takeovers, protests, pickets and media actions, that the biggest banks in the nation have called for a foreclosure moratorium.

Of course they will claim it has nothing to do with the above-mentioned actions. Of course they will claim it had more to do with faulty bank practices, procedures and mismanagement.

Fine. Let them slice it and dice it any way they want. But the fact of the matter is: GMAC is delaying foreclosures in 23 states; Bank of America is suspending all foreclosure evictions in all 50 states; and JPMorgan Chase, and some other big banks, are expanding reviews of foreclosure paperwork.

The fact of the matter is: hundreds of thousands of people will be able to stay in their homes.

Yes, it is a partial victory. Yes, it is a victory on largely on their terms. Yes, it comes two years too late. However, it is still a victory. Anything that keeps people in their homes and stabilizes the housing market in my opinion is a victory. Anything that slows down or stops the crisis even temporarily is a victory.

Additionally, while news pundits and think tanks ponder the hypothetical economic repercussions of a foreclosure moratorium - some say it will hurt an already precarious economic "recovery," while others claim that we need to liquidate properties as quickly as possible until the market hits some magical supply-demand equilibrium - it is important for us on the left to not get side-tracked with such economic debates.

If the past few years have taught us anything it is that the "smart" people don't have a damn clue. They don't know what the hell is going on, what will happen next, or how we should respond.

So let them debate. Let them pontificate. Let them talk about the economy as if it were Economics 101. I don't care what they do as long as we keep rallying, sitting in, taking over lobbies, protesting and picketing.

Because, in the end - whether the big banks acknowledge it or not - we've won something. We've won a partial reprieve. We've won some time to regroup, strategize and plan. And we should claim it. 

Photo: People's World

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  • While this moratorium is a victory,the massive hoarding of capital and organizational and structural resources held by the government of the U.S,alongside its backward energy policies,used to enrich the monopolies in virtually every major city and state,we need to look deeper into this mammoth housing crisis and not only criticize and protest,sit in,rally,commandeer,and picket,but offer massive SOLUTIONS to the housing crisis,which stalks our land.
    Added to our housing situation and related to it,is its energy crisis, the use of hydrocarbons to enrich monopoly coal and oil like Peabody Coal or Peabody Energy Corporation or NYSE:BTU,based in St. Louis,MO.
    While our moratorium is a victory,we must recognize that our government,including our Obama administration,but very recently(stated 12 Oct,2010) resisted this moratorium,saying it would lead to bigger problems (especially since much of our government tax revenues are spent to enrich military-industrial monopolies).
    These "bigger problems"are made to order for monopoly capitalism,which has embedded policies including war policies all over the globe,in banking,realty,energy and manufacturing, which impoverish and leave homeless and jobless a great and growing mass of workers,retirees,students,including the elderly and children,not to mention,hungry. These policies amass munificent profits for big banks,big energy,and big real estate,while mortgages foreclose,violent crime,drug and alcohol abuse and addiction skyrocket,and utility rates spike,especially in our urban centers,where education,health care and access to wholesome nutrition,clean air and water become more and more scarce.
    For example,in St. Louis,MO ,our NYSE:BTU above is expecting to double its earnings to a whopping 91cents a share(over 40 cents last year),on nearly 2 billion dollars in revenue.
    These profits are in the 100 millions of dollars. Profits are generated by monopoly all over our U.S., in a fashion clearly explained in a cool,clear,recent article by Michael Parenti,Death and Profits:The Utility Protection Racket.
    How this obscene profit can be redirected from the hoarding bankers,utility monopolies,energy barons,and ,holding companies and invested in safe,spacious,clean,comfortable housing for the people of the U.S.,especially for the working poor and the whole working people,elderly,retirees and children is what we want to solve by protesting,picketing,sitting in and commandeering.
    Most of all,as many of the bank protesters in St. Louis of recent date have pushed: war policies,which bloat the military industrial monopolies and banks,are killing our economies,our housing,food and manufacturing base and communities,while literally killing and poisoning the world's communities.
    We must stop war and add it to the solution of the mortgage foreclosure to help make a solution of not only a moratorium,but of a massive investment in clean housing and energy,taken from the massive profits of the utility and banking-realty monopolies,enriching the substance,the air,water,food,and housing of the working people and their elderly and children throughout the United States and cities of America.

    Posted by E.E.W. Clay, 10/19/2010 7:00am (5 years ago)

  • from today's Washington Post:
    "But reviving the economy requires repairing the housing market, which won't happen until foreclosed properties and delinquent mortgages are dealt with. So the White House, which is looking past the midterm elections, has been restrained. Housing and Urban Development Secretary Shaun Donovan wrote over the weekend that "a national, blanket moratorium on all foreclosure sales would do far more harm than good, hurting homeowners and home buyers alike."

    Posted by wtillow, 10/19/2010 6:59am (5 years ago)

  • While the Obama administration continues to refuse to declare a moritorium on foreclosures and the Associated Press reports today that the Bank of America plans to resume seizing more than 100,000 homes in 23 states next week, your writer is declaring victory. some victory.

    Posted by wtillow, 10/18/2010 9:41pm (5 years ago)

  • u r absolutely right bro pecinovsky when a union negotiates a contract they don't always get the full monte the first time and given the present circumstances of this world wide recession and the global economy ( i can move your jobs to mexico, china etc) we may have to give back. but we get what we can get and if this keeps some folks in their homes a little longer that's good (unless u r super rich and have a home in the alps and spain and the riviera, etc.) but for us ordinary working class folks keeping our homes is very important. let's take this as a victory no matter how temporary. in solidartiy jim

    Posted by , 10/18/2010 4:25pm (5 years ago)

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