Foreclosure Mom's rap lyrics are so concentrated with truth that a news director could assign each verse from the rap song to a reporter as a story lead!
Here I sit all alone, and stare at the clock
Waiting for the moment when the sheriff will knock
Like so many others who manifested their dream
Convinced by the professionals in the great Wall Street scheme.
For the banks and the brokers, I had papers in hand
Tax returns, pay stubs, and maps of the land
Never had a loan and with the bank I debated
"Don't worry they said, that's why we go stated"
I gave unto them my bank statements piled tall
Oh no said the bank, we need nothing at all!
I thought to myself, how this could be
I was unaware of the paper feeding frenzy
Like so many Americans now living in shame
I was unaware of the securitization game.
All about finance I learned back in school
But nothing was taught about mortgage pools
The economy bad and about to go bust
I realized my loan was due to adjust
The bank reassured me, when my home I did buy
We will refinance you out of this loan, but that was a lie
I remember those words with angst and a frown
My home is underwater, completely upside down
I called up the bank to get justification
And ask them in fairness for a modification
"You're not in default, your payments on time
In order to help you must fall 4 months behind."
Americans are taught in our Institutions to trust
So I listened to my bank and did what I must
With credit now ruined I called to apply
I was put on hold until I wanted to cry.
After waiting forever and throwing a fit
I was given a list of documents to submit
I gathered up everything and faxed them my stack
After months of calling them, I finally heard back.
The response from the bank could not shock me more
A Notice of Default was nailed on my door.
Your foreclosure moves forward regardless they said
And your modification package has yet to be read
The day finally came when I was assigned agent Clarence
And soon the bank put me on a plan called forbearance.
For three months I paid more than I had paid before
But the uneasy feelings I couldn't ignore
Three months had passed with my payments on time
But what the bank did next should be a crime.
The bank needed financials and I asked them why
They answered because you may no longer qualify
What they said next went right to my core
In order to qualify I must pay $10,000 more
I sold many things big, medium, and small
The $10,000 booty, the bank got it all
I did all that was asked so our home we would save
I prayed every night and tried to be brave
I never imagined that at the end we would fail
But I knew it had happened when we received a Notice of Sale
The bank gave me a loan they said was a must
And they promised to change it before it adjusts
No court room, no judges, no madams or sirs
The money I owe is to a machine named MERS
My loan was bought many times, I know not the source
I will never find out who is "holder in due course"
So I loaded the cat, dog, and kids in the car
Took the last cash from our small cookie jar
I felt so alone, frightened, sad and so blue
If I could afford council, I would certainly sue
But alas, the bank won, their back gets a pat
No attorney for me they were counting on that.
Now read all about it and really get pissed
BOA pays 600 million dollars to investors on their list
Investors get their cash out of the toxic mortgage pool
While I lose my home and my son can't go to school.
Investors are not deemed to know the reps and warranties
Not required to notice the dotted i's and crossed t's
Borrowers they call us, folks like you and me
Servicer's say we're responsible, we signed the 1003.
Investors got paid and no one disputed
Homeowners speak up, we get prosecuted.