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Facing Foreclosure? Don't Leave. Squat.

In a recent interview, Ohio Rep. Marcy Kaptur told Americans: 'Be squatters in your own homes. Don't you leave.'

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Before the inauguration, Larry Summers, the chair of President Obama's National Economic Council, promised congressional Democratic leaders to "implement smart, aggressive policies to reduce the number of preventable foreclosures by helping to reduce mortgage payments for economically stressed but responsible homeowners, while also reforming our bankruptcy laws and strengthening existing housing initiatives."

According to a report by RealtyTrac, "Foreclosure filings were reported on 2.3 million U.S. properties in 2008, an increase of 81 percent from 2007 and up 225 percent from 2006." As the financial crisis deepens, people facing foreclosure should take Kaptur's advice and tell their bankers, "Produce the note."

 

Amy Goodman is the host of the nationally syndicated radio news program, Democracy Now!