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Foreclosure rap: Angry mom makes anthem for a broke nation

The lip-syncing is a bit off. The beat is simple. The graphics are old-school. The message is very much of today.

" 'Oh no,' said the bank. 'We need nothing at all.' I thought to myself, 'Well, how could that be?' I didn't know about the paper feeding frenzy. Like so many Americans now living in shame, I was unaware of the securitization game."

The anonymous mom goes simply by "Foreclosure Mom" and sings about her angst against a backdrop of Wall Street images.

The song comes just in time for Bank of America's announcement that it would be resubmitting paperwork Monday to restart foreclosures.

As Melissa Rosenthal wrote at BuzzFeed, "When moms start rappin' about somethin', you know it's real bad."

By Melissa Bell  | October 19, 2010; 1:30 PM ET
Categories:  What the Post?  
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Comments

I disagree with Ms. Rosethal: As Melissa Rosenthal wrote at BuzzFeed, "When moms start rappin' about somethin', you know it's real bad." When Moms start rapping about something YOU SHOULD LISTEN!

Posted by: FoodForThought44 | October 19, 2010 3:08 PM | Report abuse

Foreclosure Mom -- thank you for a much needed laugh!

The video, while really funny, is also spot-on. This has happened to millions of people -- bogus loan mods, robo-signed docs, foreclosure mill law firms, illegal foreclosures, run-arounds with the servicers and Fannie, Freddie, etc.

From one foreclosed mom to another, thank you for sharing your story and doing it in a way that made us laugh when we really feel like crying after all that we've gone through!

www.ourforeclosurestory.org

Posted by: bluebonnetsandbbq | October 19, 2010 3:45 PM | Report abuse

Foreclosures have a negative lasting effect upon the parent(s) and the children(s). One may use to propel themselves in life, but the stigma of that event lasts a lifetime. Those affected will think about every day of their remaining life. My situation occurred in 1957 and I'd give up the major portion of my adult achievements if my parents, brothers and sisters did not have to live through those days of day-to-day existance, parents without jobs, etc. I may have moved on economically, but my brothers and sisters never overcame. Those in government are to blame for this and here's hoping their misdeeds are punished. Forcing banks to make loans to people who couldn't comprehend or even afford a house, especially those in minority communities, etc was unconsciousable. Why celebrate some parasite and mock her?

Posted by: individual | October 19, 2010 4:22 PM | Report abuse

LIVING IN OBAMAVILLE -- THE FORECLOSURE MESS!

Will President Obama provide some real transparency of FANNIE MAE AND FREDDIE MAC, and specifically of individuals who were close to him, and of one individual who had congressional oversight (BARNEY FRANK)! WILL PRESIDENT OBAMA – in his investigation -- show the
American People how much money the following made in specified periods of time:

** Franklin Raines (How many Millions did he make over how many years???)

** Rahm Emanuel (How long did he work for this enterprise, and how many millions did he make??)

** Robert Rubin (Obama’s Economic Transition Team -- Connections with CITI)

**Jim Johnson (Obama’s VP Search Committee!!!!????)

** Jamie Gorelick (Obama’s Transition Team -- Did she really make MILLIONS??)

** Herb Moses (High Executive with Fannie in the 90’s -- Google it with Barney Frank!!)

PS: Would be some great investigative reporting in WaPo were to take this on – Googling would be a great start!!

Posted by: wheeljc | October 19, 2010 4:29 PM | Report abuse

So I guess we taxpayers should be paying the mortage that she signed up for? It's the banks fault? It's the lawyers fault? It's the taxpayers fault for not helping her? What a country we've become!

Posted by: IamWright | October 19, 2010 5:50 PM | Report abuse

This is why bailing people out doesn't work.

When people stop paying in order to qualify as delinquent, you know the government has created more problems that it solved with this "modification" process.

Sorry, but foreclosure is the necessary result of nonpayment, if only to encourage those who are close to the line to pay their mortgage.

Posted by: postfan1 | October 19, 2010 7:07 PM | Report abuse

I get that some banks engaged in predatory lending. I also feel awful for the millions who've been foreclosed on. Yet I cannot help but feel as though the borrowers have a large stake in the blame, here. When I buy my first house, I am going to make sure I understand the terms of my loan, and be as prudent as possible when assessing my ability to pay my mortgage in the future. Can we say that lending practices were unethical? I don't doubt that some banks' were. But let's take some responsibility as individuals!

Posted by: John_Keats | October 19, 2010 8:35 PM | Report abuse

John Keats wrote: "I don't doubt that some banks' were. But let's take some responsibility as individuals!"

While I applaud this statement, there is one problem, we are talking about Americans. It's always someone else's fault.

Posted by: xxx1 | October 19, 2010 10:04 PM | Report abuse

postfan1: Clearly you don't understand economics. It's not about the individual, it's about the system. To allow it to go into free fall, hurts the entire economy. One way or the other, those of us who paid our mortgages are going to pay the price.

Unfortunately, the literacy rate in this country is so low, many home owners not only don't read the loan agreements they sign, they wouldn't understand it if they did. In comes the banking and real estate industry, who no this real well, and capitalizes on the ignorant and uneducated.

That is the real problem, good old greed and exploitation. So now your property value is declining, even though you have paid on time and there is nothing you can do about it. So now with low values, the big banks take your money and invest it elsewhere, thus continuing the downward spiral. Eventually your property that you have worked so hard and paid for on time every month, is worth less than what you owe, but you taxed on the higher value. So what do you do?

Aha, you get a reassessment to lower your value and you taxes. So now your local government has less to work with so they cut services, your community continues its steady decline, and the banks who created the mess in the first place are off screwing up some place else.

I am no fan of the bailouts but, doing nothing is far worse.

Posted by: xxx1 | October 19, 2010 10:18 PM | Report abuse

xxx1: Clearly you don't understand economics.

It's called moral hazard. Look it up.

While "foreclosure rap mom" is cute, at the end of the day, she's failing to take responsibility for her own decisions.

That's worse for society than unscrupulous banks.


Posted by: postfan1 | October 20, 2010 12:52 AM | Report abuse

OK hold this is happeningto the 40 to 50 yr old sector not young danny and grandpa. we are the ones in the work force for the past 20 years with no salary increase, we are getting older and sicker, health insurance increased. we are also the ones on unemployment have teenagers and kids needinto go to college. we are struggling. most of us when we were approved for our mortgage were approved with some type of falsification either the appraisal was doctored, our salaries were doctored ect how else would we all be approved for quarter million dollar mortgage it was unsustainable and we are taking the hit. we are deadbeats we have eatin through all our savings and cant pay if we pay our mortgage we cant eat you tell me what choice do we have. those of you who can pay beleive me i was there to last year i did everything to save my house. we need to put our heads toggether and fix this mess i am not a dead beat i have worked for the past 25 years i am a registered nurse

Posted by: fourclosureRN | October 20, 2010 2:33 AM | Report abuse

Thankfully, I have but one personal experience --- not mine, but one of my adult children --- with foreclosure.

The married couple bought their house 15 years ago. They should have NEVER become homeowners. Neither had the slightest interest in maintaining the house, although they had the money. Always had the latest electronics; vacationed in Europe and Hawaii. House went to seed. I recall one time learning that they had paid for a new roof --- only after the husband had been hit by rain the forehead while standing in his kitchen.

Of course, they regularly refinanced and spent the money as the real estate market went nuts before the big crash. Then the husband decides to move out of state to take care of an ill relative. For a little while, he pays the mortgage, but then --- well, you know ---- he has expenses, too, so he gives up on the mortgage. Whether he tells the wife is still a matter of mystery in the family.

Anyway, one the two children, away at college returns home one weekend and finds an eviction notice on the door. Apparently the mortgage was more than a year in arrears.

House gone! Poof!

Husband still out of state, family resettled in an affodable rental.

Responsibility: certainly not the bank's. All they did was lend a lot of money to a couple of adults who promised to pay it back, but never did.

Posted by: Curmudgeon10 | October 20, 2010 6:42 AM | Report abuse

Fourclosurern: did someone force you to buy that house you couldn't afford? Was there some thug at closing with his hand on yours, forcing you to put your signature on all those papers.

Funny --- people seem to be perfectly knowledgeable of the car payment they can afford, and they seem to understand how a reposession works with cars: don't make payments; lose car.

But with real estate, its as if a whole new set of rules is in play, or should be in play. People are "forced" to take on unsustainble debt; when they can't repay it, evil forces are at work to take back the security on the loan.

The car, the house, the boat: they are all the same. Borrow money to buy them; pay it back, or lose the asset.

Posted by: Curmudgeon10 | October 20, 2010 6:48 AM | Report abuse

To Curmudgeon 10,

Everything you wrote was right on the money until the end. The bank is responsible because it stupidly lent money based on a speculative housing market. There were some banks who allowed 125% loans - that is loans that were valued at 25% over the FMV of houses. Banks were stupid and greedy, but are they really paying for their bad decisions or greed? Not really. The CEOs still get their bonuses, and that lizard creature Mozila who ran Countrywide is still rich and never has to go to jail. Meanwhile, the woman who made this rap has bad credit, forked over another 10k to her bank for nothing, and lost her house. I'm not saying she isn't responsible, but banks never should have offered these loans in the first place. Any sensible financial professional knows that these were toxic loans that would end up in foreclosure.

Posted by: mmreay | October 20, 2010 6:59 AM | Report abuse

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