Friday, November 19, 2010

Banks Continue Mass Eviction of Tenants after Foreclosure: New Report Compares National Banks’ Rental Policies

In May 2010, in response to the devastating impact the foreclosure crisis has had on tenants and their communities, we delivered our Win-Win Proposal: A Proposal for Banks to Continue Renting to California Tenants After Foreclosure to all major national banks acquiring tenant-occupied foreclosed properties. The Win-Win Proposal demands that banks comply with existing tenant-protection laws and continue to rent to tenants after foreclosure, including those with month-to-month rental agreements.

Our new report, Without Justification: Banks Continue Mass Displacement of Innocent Tenants after Foreclosure, analyzes the rental policies and actions of the major national banks acquiring tenant-occupied foreclosed. As detailed in the report, banks continue to maintain callous and irrational rental policies that lead to the mass eviction of tenants after foreclosure. Only Fannie Mae, Freddie Mac and JP Morgan Chase have adopted policies in line with our Win-Win Proposal. Unfortunately, these rental policies are often undermined in practice by the actions of real estate agents and eviction lawyers hired by the banks to handle their tenant-occupied properties.

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