Justice sought for the victims of foreclosure
Fannie Mae and Freddie Mac were prime players in the mortgage meltdown that led to the worst recession since the Great Depression. Those government-backed corporations own more than 60 percent of the mortgages in California, which is second only to Nevada in devastation from the foreclosure crisis. In the past five years more than 768,000 homes have been foreclosed upon in this state, including thousands in San Francisco from Bayview to Pacific Heights.
Foreclosure has turned the American dream into a nightmare for those forced to lose their homes. Some are also victimized by scam artists who charge hefty fees with false promises of loan modifications that will save their homes.
Foreclosure is also problematic for the surrounding neighborhood. Abandoned properties can become havens for criminals engaging in copper theft, drug trafficking and prostitution. The yards can become overgrown with weeds, resulting in fire hazards, and turn into dumping grounds for trash. The value of nearby homes can fall by thousands of dollars.
Send an e-mail to press@inman.com to tell us how you or a real estate colleague excels in tech mobility. In 2010, after owning what she describes as a "fairly traditional" real estate brokerage in Stockton, Calif., for 15 years, Nicole Truszkowski