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While Wells Fargo shareholders were meeting upstairs in downtown San Francisco last Tuesday, hundreds of Californians rallied downstairs to bring accountability back to banking and stop the foreclosures. Organized by a large coalition of labor, faith and community organizations, the march featured a funeral procession for the 5 million homes and 8 million jobs lost since reckless Wall St. practices brought our economy to the brink.
Self-Help Federal Credit Union's Micro Branch Launches in San Jose
The Micro Branch, Self-Help Federal Credit Union’s innovative new concept designed to bring better banking opportunities to San Jose’s Latino community held its official grand opening last month, and since then has been featured twice on CBS 5! Check out the Micro Branch story from CBS 5 consumer reporter Sue Kwon as well as director Haydee Moreno’s appearance on CBS 5’s Bay Sunday.
Foreclosure Legislation Moving Forward in California
Senate Bill 1275, sponsored by Sens. Mark Leno (D-San Francisco) and Darrell Steinberg (D-Sacramento) continues to make its way through the legislative process. The bill would require that servicers fully evaluate a homeowner’s qualification for a modification before commencing foreclosure. It would also allow for a limited remedy for homeowners whose homes were wrongly foreclosed upon. The State of Maryland just last week passed like-minded legislation, and Massachusetts is also considering a bill similar to SB 1275. Read the recent Pro Publica article on servicer snafus.
Ben Stein Says Yes to a Consumer Financial Protection Agency
Economic commentator Ben Stein, perhaps more famous for being funny than for being smart, recently showed just how much he knows during a segment on CBS Sunday Morning. Stein said that the “wild, out of control fraternity boys’” rule of Wall Street must come to an end, and a consumer financial protection agency (or bureau) is our best shot. Stein admits that he rarely “carr[ies] water for Obama” but the president is “so right on this one, it’s not even close.”
In the News
CRL-California director Paul Leonard penned an op-ed in the Sacramento Bee on foreclosure legislation, talked about the need for reducing loan balance to avoid unnecessary foreclosures to the Home Front blog and told the Los Angeles Times about the dangers that payment-option adjustable rate mortgages pose to housing market recovery.
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