The Alliance for Homeowner’s justice and their Caravan for Justice stopped in at Indianapolis’ Lockerbie Central United Methodist Church on Saturday to tell the powerful story of workers, homeowners, and community members organizing together to reclaim the American Dream.
The Caravan for Justice left Los Angeles on December 1 and concludes in Bloomfield Hills, Michigan at the headquarters of Pulte Homes, the nation’s largest homebuilder.
Turns out Pulte Homes might be more responsible for the housing crisis than any other homebuilder in America. As the Alliance for Homeowner’s justice reports:
Pulte was the #3 builder in 2006, raking in $14,274,000,000 in revenue and 41,487 closings in 2006. However, their huge profits were based on an unsustainable business model that undermined the industry by pushing homebuyers into homes and mortgages they couldn’t afford. Pulte’s in-house mortgage provider increased its sale of risky and unaffordable mortgages. While Pulte increased sales of their prime loans just 1% from 2005 to 2006, in the same timeframe, they increased their subprime loans 59.33%. Pulte’s total high-cost loans between 2005 and 2006 increased 51.91%–from 6.82% of their total loans up to 10.36%.
On this Sunday a few weeks before Christmas, we heard stories about Pulte from homeowners and workers. Homeowner’s talked about how they were misled about mortgages and closing costs while suffering through high pressure sales tactics to sell them homes that they could not truly afford. We also heard from workers who built these homes; forced to work piece-meal, as fast as possible regardless of quality, and for low wages. Nuvo ran a great story about the Indianapolis Caravan stop.
The Caravan ends in Michigan this week. The workers, homeowners, and community members need support as they take their powerful message to Pulte Headquarters.
If the Alliance for Homeowner’s Justice succeed, this emerging powerful coalition could change our economy–for the better!