Monday, November 21, 2011

CALIFORNIA ADVOCATES CALL FOR HOLIDAY FORECLOSURE RELIEF

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For Immediate Release
November 21, 2011

California AG Kamala Harris joined California community groups who called for homeowner relief from foreclosures during the holiday season.


San Francisco, CA— A number of California community groups joined California Attorney General Kamala Harris on Monday afternoon to draw attention to the plight of homeowners facing foreclosure during the holiday season. The event was hosted by the Mission Economic Development Agency (MEDA) in San Francisco.

At a roundtable discussion with Attorney General Harris, homeowners shared their stories about how they have struggled to make their mortgage payments and work with their banks to modify their loans. Attorney General Harris outlined her office’s priorities for improving loan servicing and increasing transparency and accountability in the mortgage system.  


Darryl Davis, a MEDA client, spoke about his recent experience with foreclosure. After nearly a year of negotiations, Darryl and his two children were evicted from their home in late October. “This whole thing has been a nightmare for my family. The way these banks operate, where the left hand doesn’t know what the right hand is doing, it’s incredible that they’re not held accountable,” said Mr. Davis. “I’m just a guy with limited means, going up against these institutions with unlimited means. I told my son that’s why we’re going to MEDA today. We need to let our voice be heard so that we can help others who are just like us.”

At the event, the Mission Economic Development Agency (MEDA), California Reinvestment Coalition (CRC), Alliance of Californians for Community Empowerment (ACCE), PICO California, and the Center for Responsible Lending (CRL) joined together to call for immediate and long-term solutions that would ease the harmful effect of the ongoing foreclosure crisis and help homeowners stay in their homes.

The California groups highlighted the need for increased levels of principal reduction and ending the “dual track” servicing problem, and called for accountability of the banking system and restitution for homeowners who wrongfully lost their homes. In addition, the groups called for a foreclosure moratorium during the holiday season, to allow families to celebrate the holidays in peace and comfort.

The California groups committed to working in partnership with Attorney General Kamala Harris as she fights for short-term and long-term relief for California homeowners.

                                                                                      
Media Contact: Kevin Stein, California Reinvestment Coalition, (415) 864-3980

Alliance of Californians for Community Empowerment http://www.calorganize.org/
California Reinvestment Coalition http://calreinvest.org/
Center for Responsible Lending http://www.responsiblelending.org/
Mission Economic Development Agency http://medasf.org/


5 comments:

  1. If Kamala Harris cannot pull off a foreclosure moratorium then the people must take over. Please take action. . .whatever that means to you and get the message out, whether it's to the AG, every political, religious, community leader you know, and ask them to insist that the banks give Californians a ninety day holiday moratorium on ALL FORECLOSURES. People need a break, they need time to focus on their family and their sanity. LAST BUT NOT LEAST CALL AND WRITE THE BANKS. . .SEIZE THE TIME.

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  2. So, we should be grateful to our powerful masters because they gave us holiday foreclosure relief?! Excuse my language, but WTF????? So, while we are eating leftover turkey under our Christmas trees, we should sing praises for AG Harris because she postponed our “bad luck” until after the holidays!? These people are crazy, not ignorant or stupid anymore, but CRAZY! Instead of prosecuting banksters they are giving the victims this “RELIEF!?” They don’t know how mad we, the people are…no, they don’t know it yet!

    http://boston67.blog.com/state-attorney-generals-vs-banks/

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  3. As a victim of Bank of Assholes, ours started when they took over our mortgage which already had our homeowners insurance paid for the year. They took out another homeowner policy leaving our escrow in the negative. Every copy we sent of our current policy was "lost". They also changed our mortgage from joint to individual, dropping my wife from the mortgage. We had received a check for escrow overage just a couple of years before Bank of Assholes took over. Still in our home but fighting tooth and nail.
    Jay in Texas

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  5. http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2011/11/25/BUR61M3D1J.DTL

    Banks will hold off on some holiday foreclosures

    Andrew S. Ross, Chronicle Columnist

    Friday, November 25, 2011

    Wells Fargo will hold off on evictions around Thanksgiving and from Dec. 19, 2011 to Jan. 2, 2012

    Got an e-mail from Wells Fargo responding to my column this week suggesting that banks consider a moratorium on home foreclosure activities, at least during the holiday season.

    "Wells Fargo is suspending eviction actions from Nov. 23 to Nov. 25, and again from Dec. 19 to Jan. 2, 2012. We will not physically evict or conduct lockouts on the foreclosed properties in our owned portfolio during these times," said a Wells Fargo spokeswoman.

    "For loans we service for others, foreclosure-related actions may still occur, but Wells Fargo will not evict tenants during these periods." I checked with the other major banks, and with the government-run Fannie Mae and Freddie Mac, the nation's two largest home loan originators.

    JPMorgan Chase said it "will not complete foreclosure sales or evictions from Dec. 22 through Jan. 2, though this does not apply to Fannie and Freddie loans."

    Fannie Mae said it "will be announcing a suspension of evictions for the holiday period. Details should be available next week."

    Bank of America said, "For loans we own and those we service for investors who do not provide other guidance, we have a policy and procedures to avoid foreclosure sales or displacement of homeowners or tenants around the Thanksgiving and Christmas holidays. In addition to internal notifications of the policy, the contracted foreclosure attorneys and trustees have been instructed that they are not to schedule foreclosure sales, evictions or lockouts on covered loans during those periods."

    Ally Financial, which owns GMAC Mortgage, said, "Should a suspension of foreclosure activities be issued, GMAC Mortgage will follow the applicable investor requirements."

    Citigroup and Freddie Mac had not responded by Wednesday afternoon.

    Read more: http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2011/11/24/BUR61M3D1J.DTL#ixzz1elZvH12o

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