To: NJ Association of Realtors
Homeowners Stand Up to Intimidation & Threats!
Tell the NJ Association of Realtors to Stop Spreading Lies & Misinformation about the Plan to Tackle the Foreclosure Crisis in Irvington and Hold Wall Street & Big Banks Accountable!
Why is this important?
We are Yves Louis, Denise Vines & Cheryl Skakel, and we are all homeowners in Irvington. Because of the economic crash and the housing bubble created by Wall Street, we are fighting to save our homes from foreclosure and keep a roof over our families’ heads –but the NJ Association of Realtors is threatening to undermine our effort. In fact, the NJ Realtors Association just issued a mailer to residents of Irvington in an attempt to intimidate us with misinformation and lies about Irvington’s efforts to fight the foreclosure crisis.
The truth is that Irvington’s plan will help 199 homeowners stuck with toxic mortgages that are locked in Private Label Securities (or PLS loans). With the consent of the homeowners, Irvington will condemn these 199 mortgages (not the homes), taking them from the banks by paying fair market value for them. The mortgages will then go back to the homeowner with a principal reduction and a fixed, low interest rate that will keep families in their homes.
There will be no cost to already cash-strapped taxpayers. The plan will include provisions that the investors must pay fair market value for the toxic mortgages and cover all legal costs that are incurred.
In their mailer to Irvington residents the NJ Association of Realtors threatened that mortgage companies – and their Wall Street backers - will not do business in Irvington if the township adopts this plan. That’s illegal!
The truth is that the banks are the ones foreclosing on Irvington homeowners and devastating our communities, preventing the economic recovery we desperately need. The Mayor and Town Council want to keep families in their homes – and this program will do just that! Stopping foreclosures raises property values for all Irvington residents and will help turn the tide against the blight created by foreclosed, abandon and vacant homes.
Residents of Irvington know firsthand just how badly the foreclosure crisis has hit our township. A simple walk down Ellis Avenue is all the evidence anyone needs to see what predatory and abusive lending by the banks have done to our town. Boarded up, vacant and abandon homes litter this once beautiful block. And we wish we could say Irvington is experiencing the worst of the crisis, but we haven’t. In fact, if Irvington doesn’t take action now, the blight created by foreclosures will only get worse. But the NJ Association of Realtors thinks we should sit idly by while our township continues into a downward spiral – but we believe in Irvington and we’re ready to fight!
We are proud that the Mayor and Town Council in Irvington are standing up to Wall Street, the Big Banks and the NJ Association of Realtors – and we are going to stand with them in this fight! Join us!
In Solidarity
Yves Louis, Denise Vines & Cheryl Skakel
Irvington Residents & Members of NJ Communities United
The truth is that Irvington’s plan will help 199 homeowners stuck with toxic mortgages that are locked in Private Label Securities (or PLS loans). With the consent of the homeowners, Irvington will condemn these 199 mortgages (not the homes), taking them from the banks by paying fair market value for them. The mortgages will then go back to the homeowner with a principal reduction and a fixed, low interest rate that will keep families in their homes.
There will be no cost to already cash-strapped taxpayers. The plan will include provisions that the investors must pay fair market value for the toxic mortgages and cover all legal costs that are incurred.
In their mailer to Irvington residents the NJ Association of Realtors threatened that mortgage companies – and their Wall Street backers - will not do business in Irvington if the township adopts this plan. That’s illegal!
The truth is that the banks are the ones foreclosing on Irvington homeowners and devastating our communities, preventing the economic recovery we desperately need. The Mayor and Town Council want to keep families in their homes – and this program will do just that! Stopping foreclosures raises property values for all Irvington residents and will help turn the tide against the blight created by foreclosed, abandon and vacant homes.
Residents of Irvington know firsthand just how badly the foreclosure crisis has hit our township. A simple walk down Ellis Avenue is all the evidence anyone needs to see what predatory and abusive lending by the banks have done to our town. Boarded up, vacant and abandon homes litter this once beautiful block. And we wish we could say Irvington is experiencing the worst of the crisis, but we haven’t. In fact, if Irvington doesn’t take action now, the blight created by foreclosures will only get worse. But the NJ Association of Realtors thinks we should sit idly by while our township continues into a downward spiral – but we believe in Irvington and we’re ready to fight!
We are proud that the Mayor and Town Council in Irvington are standing up to Wall Street, the Big Banks and the NJ Association of Realtors – and we are going to stand with them in this fight! Join us!
In Solidarity
Yves Louis, Denise Vines & Cheryl Skakel
Irvington Residents & Members of NJ Communities United