Toward Sustainable Habits and Durable Prosperity
In a society where risk takers reap the rewards but are protected against losses, it is nice to hear the President of the country express concern about predatory lending and illegal foreclosures. Unfortunately, nothing is done about it, or nothing was done until the Occupy movement got involved to save homes from rapacious shenanigans. In the fall of 2011, Eloise Pittman had been living at 404 Glen Iris since 1953 when she was notified that Chase Bank began foreclosure proceedings on the home where she, her daughter and granddaughter were living. She died two weeks later.
In 1996, Eloise Pittman borrowed money from a predatory lender that inflated the value of her home to concoct a high commission loan that could never be repaid. On January 12th, after several weeks of occupation of the Glen Iris home, Chase decided to allow the Pittman family to renegotiate their loan. Occupy Atlanta will not celebrate until papers are signed. Pressure on the bank escalated yesterday, January 14th, with a huge display of solidarity.