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Missionary Oblates of Mary Immaculate  United States Province

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News Archives » sub-prime mortgages

Big banks must clean up their mess June 17th, 2014

“Hannah Senft, Candy Savannah and Ron Taylor have been neighbors for more than 20 years in Georgetown South, a community of 800 town homes in Manassas, Virginia. It’s a diverse, working-class suburban neighborhood about 30 miles from the White House.”

“And it’s being decimated.”

Thus begins a powerful Op Ed calling for  requiring banks to rebuild communities they destroyed through predatory loans and resulting foreclosures published today in the The Hill, a daily newspaper/On-Line news site read extensively by Congress, their staff, and other Federal officials. The Oblate JPIC Office has been working with VOICE to try to get JP Morgan to agree to participate in the rebuilding of the devastated Northern Virginia communities.

The Op Ed details the suffering still experienced by communities hit by numerous foreclosures, but says: “… there is a sliver of hope: In November 2013, the U.S. Department of Justice (DOJ) secured a $13 billion settlement from J.P. Morgan Chase over its issuance of toxic mortgage-backed securities, including $4 billion for consumer relief. VOICE worked with Sen. Mark Warner (D-Va.), federal officials and other allies to include an option in the settlement for the bank to fulfill this obligation through grants to capitalize community equity restoration funds.”

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Oblates Work with Parishioners to Save Mortgages April 27th, 2009

artwomancnnJohn Lasseigne, OMI is a priest at Mary Immaculate Catholic Church in the Southern California community of Pacoima, where one in every nine homes is in some stage of foreclosure. He says the people in this community were targeted by predatory lenders and given loans they never should have qualified for.

Fr. Lasseigne and others at Mary Immaculate, has been working with One-LA, a community organizing effort in Los Angeles, to help parishioners re-finance problematic mortgages.

CNN recently did a story on this effort. Watch the video…

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