In the past decade Americans have been subject to a new crime wave: Banks robbing families of their homes.
Since the early 2000′s banks have been targeting communities of color with predatory loans. In an attempt to feed swelling profit reports, banks began handing out loans that appeared, on face, extremely attractive. The catch: these loans turned ugly fast. By creating and pushing financial instruments like adjustable rate mortgages with teaser rates or pay options, loans with balloon payments, and interest-only clauses, banks offered loans that were affordable at a glance, and impossible to pay a few years down the road. In essence, they stacked the deck against hardworking Americans.
In recent years, Atlanta’s Old Fourth Ward has become a target for gentrification within the city. Properties in this historically black district of Atlanta have been scooped up by developers, demolished, and turned into pricey condominiums at the expense of the Fourth Ward community.
The Pittman family has lived in their home in the Old Fourth Ward since 1953. The late Eloise Pittman was a pillar in the community and a leader at her church. She was also a victim of one of the worst predatory loans that Occupy Atlanta has ever seen. Despite the fact that the Pittman family is now under immediate threat of eviction, Occupy Atlanta will do whatever it takes to defend the home.
On Wednesday, January 11th, 2012 at 12:00 pm Occupy Atlanta will be holding a press conference on the lawn of the Pittman family home at 404 Glen Iris Drive NE, Atlanta, GA 30308.
