Local station KTLA - 5 did a very good story on the efforts of Rose Gudiel and ACCE to save her some from an unjust foreclosure eviction. Watching it really brings home how important it is that the Wall Street banks who crashed the economy work with homeowners to foregive principle and come up with modifications that work for everyone.
Take a minute to watch the story and then share it with your friends and don't forget to follow all the Make Banks Pay California action on the Facebook page!
Her story was fishy from the get-go. Sheâs the sole owner on the deed paying $400K for a house in 2005 (near the height of the frenzy) on a repâs salary at EDD (somewhere around $60k). She was in way over her head on this purchase.
Then, we are supposed to believe that a bank foreclosed on her house, now worth only $260K, when she was only two weeks late on a single payment? Why in the world would a bank want to foreclose on a home that far underwater if the homeowner was still agreeing to pay? They wouldnât.
This is no story about fascism, conspiracies, or corporate greed.
This is a story about a woman caught up in the exuberance of a soaring housing market in 2005, who made some bad choices, and is now reaping what she sowed.