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03/13/2009 04:23 PM ID: 77587 Permalink   

Oakland Fighting Evictions By Real Estate Giants


Fidelity, JPMorgan Chase, and Smart Choice are some of the defendants in cases filed by Oakland City Attorney John Russo, claiming they are illegally evicting tenants.

Families who have never missed a rent payment are being evicted because their landlord has lost control of the building and the realty firm trying to resell the building wants to sell it in an unoccupied state.

Smart Choice has sent messages threatening to lock tenants out within 24 hours. City bylaws establish nonpayment as the just cause for eviction.

    WebReporter: Lolli_duPrie Show Calling Card      
ASSESS this news: BLOCK this news. Reason:
  Where has this world gone..  
this is so cruel, they make peoples lives impossible.
  by: captainjane     03/13/2009 04:38 PM     
  It would be smart of them to shop  
the occupied properties to investors first. Then, if they don't sell quickly, go through legal removal actions.

  by: bbeljefe     03/13/2009 05:24 PM     
If "I" were buying up rental properties, "I" would surely rather buy a fully rented out unit than an empty one.
Instant income to pay the mortgage with. Empty units means $$$ out of MY pocket!

But then, what do "I" know about it.hehhehe
  by: l33   03/15/2009 11:19 PM     
  Garbage banks...  
If they didn't want to get in the business of selling buildings to be rented, they shouldn't have.
  by: H. W. Hutchins   03/16/2009 02:08 AM     
Actually, it is unlawful for banks to be in the business of selling any kind of real estate except when the property is REO. When that happens they must use a broker for the sale as they cannot broker the sale themselves. Another thing to note is that if a bank holds to much REO property it becomes insolvent and therefore is subject to being shut down.
It is a sad thing that is happening to the renters in this story, but it is not the fault of these lenders that they must move these properties from the liability side of their balance sheets and they must follow strict regulations with respect to how they handle foreclosed properties in order to stay in business.

You can thank government regulation and interventionism for those problems.

  by: bbeljefe     03/16/2009 03:36 AM     
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