Foreclosure Fact Sheet

Why Join Occupy Wall Street?

The housing crisis has destroyed wealth for the 99%.

  • American homeowners have lost $1.86 trillion in home equity, about $20,000 per household.
  • New York homeowners have lost $242 billion in home equity wealth, about $37,000 per household
  • Since early 2007, more than 7.5 million homes have entered the foreclosure process.
  • More than 10 million foreclosures may still be ahead.
  • One out of every five homeowners is at serious risk of foreclosure.
  • Nearly 11 million homes—22.5% of households with a mortgage—are under water, owing more than the home is worth.

Why Join Occupy Wall Street?

Wall Street pushed high cost loans onto people with good credit.

  • 61% of subprime loans made in 2006 went to people with credit scores high enough to qualify for a loan with better terms.
  • For many loan types, borrowers of color were 30% more likely to receive a higher-rate loan than white borrowers, even after accounting for income and credit.

Why Join Occupy Wall Street?

Wall Street caused the housing crisis — not poor people.

  • Fannie Mae/Freddie Mac financial losses came mostly from “Alt-A” mortgages, which are non-traditional loans not connected with affordable housing.
  • 94% of subprime loans were made by entities not subject to requirements under the Community Reinvestment Act.

Why Join Occupy Wall Street?

Proposed “solutions” target the 99% — not Wall Street.

  • Regulators are considering rules that would require borrowers to put down as much as 20% when buying a home.
  • Based on median salaries, an elementary school teacher would need to save for nearly 20 years to make a 10% down payment on a median-priced home.

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