California Reinvestment Coalition in The News

If you are a member of the media and would like to speak with an expert from CRC, please contact Sean Coffey: scoffey@calreinvest.org, phone: 415-864-3980.

February

Making America great-ly miss Obama This OpEd cites research by CRC about the more than 36,000 foreclosures that OneWest Bank conducted in California. City College Times. February 27, 2017. Melissa Maria Martinez.

Steve Mnuchin, foreclosure king, now runs your US Treasury This OpEd cites research by Urban Strategies Council and CRC finding that 2/3 of OneWest foreclosures happened in majority minority communities in California. The Hill. February 17, 2017. Mark Plotkin.

From watchdog to turtle: Democrats pounding Heller on Mnuchin Research by Urban Strategies Council and CRC into the number of OneWest foreclosures in Nevada is cited. Las Vegas Sun. February 16, 2017. Ric Anderson.

Government will investigate Treasury Secretary’s bank for alleged redlining This article focuses on the Department of Housing and Urban Development (HUD) accepting a redlining complaint against OneWest Bank made by CRC. HUD announced that it was accepting the complaint. ThinkProgress. February 15, 2017. Bryce Covert

Treasury Secretary’s Old Bank Under Investigation for Alleged Housing Discrimination This article focuses on the Department of Housing and Urban Development (HUD) accepting a redlining complaint against OneWest Bank, made by CRC.  HUD announced that it was accepting the complaint. NextCity. February 15, 2017. Rachel Dovey.

Republicans Confirm Fox To Guard Chicken Coop: Wall Street Titan Steve Mnuchin Gets Top Treasury Post In this OpEd by Professor Peter Dreier, he cites CRC’s research on the over $1 billion in “shared loss” payments the FDIC made to OneWest Bank to cover their costs of foreclosures. HuffingtonPost. February 13, 2017.

Senate confirms Steven Mnuchin as treasury secretary Research by Urban Strategies Council and CRC into the number of OneWest foreclosures in Nevada is cited. Las Vegas Review Journal. February 13, 2017. Gary Martin.

Records here dispute Treasury nominee’s denial of mortgage-crisis ‘robo-signing’ This article cites advocacy by CRC on OneWest’s foreclosure track record. Seattle Times. February 11, 2017. Jim Bruner.

Treasury Pick’s Oversight of “Robo-Signing” Heats Up Nomination Proceedings CRC’s advocacy against OneWest foreclosures is cited. RegBlog. February 7, 2017. Alex Walsh.

Time for Sen. Heller, Mnuchin to come clean on foreclosure data In this OpEd, Paulina Gonzalez calls on Senator Dean Heller (R-NV) and Steve Mnuchin to share with the public how many Nevada families lost their homes because of OneWest foreclosures. The Hill. February 2, 2017.

January

Foreclosure fanatic: Mnuchin’s past actions make him a risky selection In this OpEd co-authored by Sarah Edelman, Jim Lardner, and Paulina Gonzalez, Mnuchin’s claims about his track record at OneWest Bank are debunked. The Hill. January 29, 2017.

What Exactly Did OneWest Do? In this extensive interview, Paulina Gonzalez discusses the impact of OneWest’s foreclosure practices on working families. KNPR (Nevada Public Radio). January 26, 2017. Carrie Kaufman.

Senate Committee Grills Trump Treasury Pick on Reverse Mortgage Foreclosures CRC’s FOIA request which revealed that Financial Freedom (a OneWest subsidiary) foreclosed on more than twice what one would expect, given the size of the market it is servicing, is cited. Reverse Mortgage Daily. January 22, 2017.

Sparks woman loses home at hands of Trump Treasury Secretary nominee The story of Heather McCreary, who traveled to Washington DC to share her story of foreclosure by OneWest Bank, as well as CRC’s advocacy, is cited. NBC 4, Reno. January 21, 2017. Olivia DeGennaro.

Steven Mnuchin bombed Research by CRC and Urban Strategies Council is cited. The Week. January 20, 2017. Jeff Spross.

Treasury Pick Steve Mnuchin Denies It, But Victims Describe His Bank as a Foreclosure Machine Homeowners who spoke at a forum organized by Senator Warren (which Paulina Gonzalez also spoke at) share their experiences of botched modification processes by OneWest Bank. The Intercept. January 19, 2017. David Dayen.

Steve Mnuchin’s Controversial History With the Foreclosure Crisis Research by Urban Strategies Council and the California Reinvestment Coalition about OneWest’s foreclosure track record is cited. ABC News. January 19, 2017. Meghan Keneally.

Homeowners Facing Foreclosure by Mnuchin’s Bank Urge Lawmakers to Reject His Nomination A forum that Paulina Gonzalez spoke at, as well as CRC’s redlining complaint against OneWest Bank, are cited. Democracy Now! January 19, 2017.

Treasury Nominee Mnuchin Supports Strong Dollar, Calling China Manipulator, Raising Debt Ceiling CRC’s research documenting the over 36,000 foreclosures by OneWest Bank under Steve Mnuchin’s leadership is cited. Forbes. January 19, 2017. Antoine Gara.

Foreclosure Victims Say They Were Mistreated by Trump’s Treasury Pick Two homeowners who shared their stories at a forum chaired by Senator Warren, where Paulina Gonzalez also spoke, are cited. Mother Jones. January 18, 2017. Russ Choma.

Democrats take aim at Mnuchin as confirmation hearing looms The forum where Paulina Gonzalez joined OneWest homeowners is cited. Reuters. January 18, 2017. Sarah Lynch.

Homeowners slam Mnuchin bank’s foreclosure record Analysis by Urban Strategies Council and CRC on foreclosures by OneWest Bank, which were concentrated in majority minority neighborhoods, is cited. USA Today. January 18, 2017. Kevin McCoy.

The shakiest Cabinet pick on Trump’s economic team CRC’s research into OneWest’s foreclosure track record is cited. YahooNews. January 18, 2017. Rick Newman.

Secretary of Treasury: Who Is Steven Mnuchin? CRC’s redlining complaint is cited. AllGov.com. January 18, 2017. Matt Bewig.

Elizabeth Warren: Trump’s treasury secretary pick ‘grinds families into the dirt’ Analysis by Urban Strategies Council and CRC on foreclosures by OneWest Bank, which were concentrated in majority minority neighborhoods, is cited. The Guardian. January 18, 2017. Dominic Rushe

Trump Treasury Pick’s Ex-Firm Subject of New Reverse Mortgage Investigation A new FOIA request by CRC which aims to better understand foreclosures against seniors and their families is cited. Reverse Mortgage Daily. January 18, 2017. Jason Oliva.

Resistance is Not Futile: Trump’s Troubles Are Just Beginning CRC’s advocacy on OneWest foreclosures is cited. San Diego Free Press. January 17, 2017. Doug Porter.

Reverse mortgages cost some surviving spouses their Bay Area homes CRC’s Kevin Stein comments on how HUD’s new MOE policy for surviving spouses is not being used for the surviving partner of a same-sex couple living in San Leandro. January 15, 2017. East Bay Times. Karina Iofffee

Treasury nominee Steven Mnuchin discloses holdings and pledges divestments if confirmed CRC’s advocacy on OneWest foreclosures is cited. Los Angeles Times. January 11, 2017. James Rufus Koren.

Top House Dem calls on feds to release Mnuchin investigation documents Research on OneWest foreclosures by Urban Strategies Council and CRC is cited. The Hill. January 9, 2017. Sylvan Lane.

Democrats tar Trump’s Treasury Secretary nominee CRC research on OneWest’s foreclosures practices is cited. NJ Today. January 6, 2017.

California Consumer Group Calls for Mnuchin Investigation After Leaked Memo CRC’s call for an investigation into the leaked AG memo is cited. American Banker. January 5, 2017. Kate Berry.

Napa Sen. Bill Dodd steps between consumers and lenders Kevin Stein comments on concerns about potential rollbacks at the Consumer Financial Protection Bureau that could prove harmful for consumers. North Bay Bohemian. January 4, 2017.

Questions Swirl Around Mnuchin’s Handling Of California Foreclosures CRC’s concerns about the practices mentioned in the leaked AG memo are cited. CBS SF Bay Area. January 4, 2017. Hannah Albarazi.

California investigators wanted to sue Mnuchin bank over foreclosures CRC’s call for an investigation into the leaked AG memo is cited. CNN. January 4, 2017. David Fitzpatrick.

California declined to sue Trump nominee’s bank over foreclosures CRC’s executive director comments on the leaded AG memo. SF Gate. January 4, 2017. Bob Egelko.

Problematic Practices At Steven Mnuchin’s OneWest? CRC comments on the impact of OneWest practices on families facing shortened timeframes to save their homes. CBS News. January 4, 2017.

Leaked Memo Coincides With “Foreclosure King” Campaign Against Mnuchin CRC’s executive director comments on the leaked AG memo. National Mortgage Professional. January 4, 2017. Phil Hall.

Treasury Nominee Steve Mnuchin’s Bank Accused of “Widespread Misconduct” in Leaked Memo CRC’s executive director discusses a 2013 memo from attorneys in the California Attorney General’s office that cited evidence of “widespread misconduct” at OneWest Bank. The Intercept. January 3, 2017. David Dayen.

Leaked Memo Alleges ‘Widespread Misconduct’ at OneWest Under Mnuchin Paulina Gonzalez comments on a 2013 memo from attorneys in the California Attorney General’s office. American Banker. Kristin Broughton. January 3, 2017.

December

After helping a fraction of homeowners expected, Obama’s foreclosure prevention program is finally ending Kevin Stein comments on the federal HAMP program. WashingtonPost. December 30, 2016. Renae Merle.

Trump’s Treasury Pick Excelled at Kicking Elderly People Out of Their Homes CRC’s FOIA request to HUD about Financial Freedom, a reverse mortgage servicer owned by OneWest Bank, is cited. Propublica. December 27, 2016.

Preparing for Trump: A Ten-Point Plan CRC’s advocacy on OneWest is cited in this OpEd by Professor Peter Dreier. BillMoyers.com. December 23, 2016.

Trump’s Treasury Pick Moves in Secretive Hedge Fund Circles CRC’s Freedom of Information Act (FOIA) request to HUD, which determined that Financial Freedom (OneWest subsidiary) had foreclosed on more than 16,000 seniors and their families with reverse mortgages, is cited. New York Times. December 19, 2016. Matthew Goldstein and Alexandra Stevenson.

Democrats eye confirmation fight over Trump’s Treasury pick CRC’s research on the foreclosure track record of OneWest Bank is cited. Associated Press. December 16, 2016. By Julie Pace and Julie Bykowicz.

Payday lenders concentrated in poor ZIP codes Liana Molina comments on a new CA Department of Business Oversight Report that finds payday lenders concentrate in low income zip codes. The Press Democrat. December 16, 2016. JD Morris.

Trump’s Treasury Pick Has a $230 Million Blemish on His Record CRC’s research on Financial Freedom foreclosures is cited. Bloomberg. December 13, 2016. Zachary Mider and Salesha Moshin.

No LGBT Ally Would Appoint This Cabinet CRC’s redlining complaint against OneWest Bank is cited. Advocate. December 12, 2016.

OCC Expected to Downgrade Wells Fargo’s CRA Rating: Reuters CRC’s research tracking Wells Fargo settlements, as well as our earlier advocacy is cited. American Banker. December 7, 2016. Kate Berry.

Reported downgrade of key Wells Fargo rating a big blow to bank CRC’s advocacy on Wells Fargo’s CRA exam is cited. The Charlotte Observer. December 7, 2016. Deon Roberts.

Wells Fargo faces huge regulatory hit to its community lending rating Paulina Gonzalez, executive director at CRC, comments on reports of a “double downgrade” for Wells Fargo. San Francisco Business Journal. December 7, 2016. Mark Calvey.

Exclusive: U.S. regulator set to fail Wells Fargo on community lending test – sources Paulina Gonzalez comments on the fact that Wells Fargo had not received a new CRA rating in eight years. Reuters. December 7, 2016. Patrick Rucker.

How Trump’s Grift Gave Government to the 0.01 Percent In this OpEd, Richard Eskow cites CRC research on foreclosures by Financial Freedom against seniors and their families. YubaNet. December 6, 2016.

Will All of Donald Trump’s Cabinet Nominees Be Approved? CRC’s redlining complaint against OneWest BAnk is cited. Heavy.com. December 5, 2016. Brendan Morrow.

Donald Trump voter lost California home to bank run by Treasury nominee CRC’s advocacy against the OneWest and CIT Group merger is cited. Associated Press. December 5, 2016. Josh Boak and Jeff Horwtiz.

Inside Trump Treasury nominee’s past life as ‘foreclosure king’ of California CRC’s research on reverse mortgage foreclosures by Financial Freedom is cited. The Guardian. December 2, 2016. Sam Levin.

Trump’s Treasury Pick Steven Mnuchin Ran a Bank Critics Call a “Foreclosure Machine” CRC’s research on the amount of “shared loss payments” (over $1 billion) the FDIC has paid to OneWest Bank to cover costs of foreclosures is cited. In addition, the record-setting opposition to the OneWest/CIT Group merger is cited. Newsweek. December 2, 2016.

Meet the victims of Steve Mnuchin’s ‘foreclosure machine’ OneWest foreclosure data from Urban Strategies Council, as well as research by CRC on “shared loss payments” is cited. ThinkProgress. December 1, 2016. Bryce Covert.

Trump Treasury pick made millions after his bank foreclosed on homeowners CRC’s redlining complaint and advocacy against OneWest foreclosure practices is cited. Politico. December 1, 2016. Lorraine Woellert.

November

Steve Mnuchin: Evictor, Forecloser, and Our New Treasury Secretary CRC’s multiple surveys of housing counselors- who ranked OneWest poorly- is cited in this OpEd by Professor Peter Dreier. The Prospect. November 30, 2016.

Dems to unload on Mnuchin Paulina Gonzalez comments that homeowners who lost their homes to OneWest should be allowed to speak at Steve Mnuchin’s hearing. Politico. November 30, 2016. Ben White and Andrew Hanna.

Trump’s Potential Treasury Secretary Headed A ‘Foreclosure Machine’ Kevin Stein comments on the “foreclosure machine” that Steve Mnuchin oversaw at OneWest Bank. NPR’s All Things Considered. November 29, 2016. John Ydstie.

One of Donald Trump’s Rumored Cabinet Picks Accused of Financial Discrimination, Blighting East Oakland  CRC’s redlining complaint against OneWest Bank is cited. The reporter also includes research on the cost of blight from OneWest, bank-owned properties in East Oakland. East Bay Express. November 22, 2016.

Nominating Mnuchin for Treasury Will Dredge Up Mortgage Meltdown Controversies CRC’s research on OneWest Bank’s foreclosure track record is cited. Bloomberg. November 21, 2016.

OneWest Bank, founded by Steven Mnuchin, accused of redlining in SoCal CRC’s redlining complaint against OneWest Bank is cited. The Real Deal. November 18, 2016. Chava Gourarie.

L.A. Minorities Got Too Few Home Loans Due to Segregated Banking, Complaint Alleges CRC’s redlining complaint against OneWest Bank is cited. LA Weekly. November 18, 2016. Dennis Romero.

Hensarling Seen to Vie With Mnuchin for Trump Treasury Pick CRC’s redlining complaint against OneWest Bank is cited. Roll Call. November 18, 2016. Alan Ota.

Bank Led By Donald Trump’s Top Treasury Contender Accused Of Racist Lending CRC’s redlining complaint against OneWest Bank is cited. November 17, 2016. Alexander C. Kaufman and Ben Walsh.

With Treasury candidate come possible conflicts CRC’s redlining complaint against OneWest Bank is cited. Washington Post. November 17, 2016. Ylan Mui and Renae Merle.

Steven Mnuchin’s Bank Has Been Accused of Discrimination CRC’s redlining complaint against OneWest Bank is cited. Fortune. November 17, 2016. Lucinda Shen.

Mnuchin-founded company accused of housing discrimination CRC’s redlining complaint against OneWest Bank is cited. Politico. November 17, 2016. Lorraine Woellert.

Mnuchin es investigado por discriminar a hispanos en préstamos CRC’s redlining complaint against OneWest Bank is cited. La Opinion. November 17, 2016.

Trump Top Treasury Secretary Candidate Ran a Bank Now Facing Accusations of Racial Discrimination CRC’s redlining complaint against OneWest Bank is cited. The New Civil Rights Movement. November 17, 2016. Stephanie Donald.

Possible Trump Treasury Secretary’s Former Bank Accused of Redlining CRC’s redlining complaint against OneWest Bank is cited. NextCity. November 17, 2016. Oscar Perry Abello.

Bank Led by Trump Treasury Pick Accused of Racial Discrimination CRC’s redlining complaint against OneWest Bank is cited. The Nation. November 17, 2016. David Dayen.

Bank tied to Trump adviser accused of discrimination CRC’s redlining complaint against OneWest Bank is cited. USA Today. November 17, 2016. Kevin McCoy.

Groups accuse OneWest, CIT Bank of violating Fair Housing Act CRC’s relining complaint against OneWest Bank is cited. KPCC. November 17, 2016. Mike Roe.

Steven Mnuchin’s OneWest Bank accused of redlining CRC’s redlining complaint against OneWest Bank is cited. HousingWire. November 17, 2016. Ben Lane.

Redlining Accusations Leveled at CIT’s OneWest Bank CRC’s redlining complaint against OneWest Bank is cited. National Mortgage News. November 17, 2016. Kristin Broughton.

Trump Treasury candidate’s bank accused of discrimination CRC’s redlining complaint against OneWest Bank is cited. Reuters. November 17, 2016. David Lawder.

Bank Run by Trump Finance Chief Accused of Racial Discrimination CRC’s redlining complaint against OneWest Bank is cited. Mother Jones. November 17, 2016. Stephanie Mencimer.

Mnuchin said to be top Treasury pick among Trump’s advisers Kevin Stein explains how OneWest Bank was a foreclosure machine in Southern California- with communities of color and working families bearing the brunt of the harm caused by the bank. Bloomberg. November 15, 2016. Saleha Mohsin, Kevin Cirilli and Jennifer Jacobs

Treasury candidate is a Wall Street executive who has backed movies such as last summer’s ‘Suicide Squad’ CRC’s research into OneWest’s foreclosure track record is cited. Los Angeles Times. November 12, 2016. Daniel Miller and James Rufus Koren.

 

October

Wells Fargo targeted vulnerable customers, evidence shows A resolution by San Francisco supervisors about cutting business ties with Wells Fargo is cited. CRC spoke at the press conference. New York Times. Oct. 20, 2016. Stacy Cowley.

Even the Better Business Bureau has disowned Wells Fargo A resolution by San Francisco supervisors about cutting business ties with Wells Fargo is cited. CRC spoke at the press conference. Washington Post. Oct. 20, 2016. Renae Merle.

Bay Area Whistleblower Told Wells Fargo CEO About Bogus Account Problem In 2007 A resolution by San Francisco supervisors about cutting business ties with Wells Fargo is cited. CRC spoke at the press conference. SFist. Oct. 19, 2016. Jay Barmann.

Wells Fargo’s ex-CEO quits Target, Chevron boards A resolution by San Francisco supervisors about cutting business ties with Wells Fargo is cited. CRC spoke at the press conference. CNN Money. Oct. 19, 2016. Matt Egan.

Santa Clara County Cuts Wells Fargo Ties, San Francisco May Follow  A resolution by San Francisco supervisors about cutting business ties with Wells Fargo is cited. CRC spoke at the press conference. CBS SF Bay Area. Oct. 19, 2016. Betty Yu.

Supervisors Calling on San Francisco to Cut Ties with Wells Fargo A resolution by San Francisco supervisors about cutting business ties with Wells Fargo is cited. CRC spoke at the press conference. NBC Bay Area. Oct. 18, 2016. Sharon Katsuda.

5 Things You Need To Know About Prepaid Cards Andrea Luquetta-Kern comments on the CFPB’s new rules for prepaid cards which take effect in October 2017. US News & World Report. October 18, 2016.Geoff Williams.

Wells Fargo’s hometown of San Francisco takes gloves off in battle over scandal A resolution by San Francisco supervisors about cutting business ties with Wells Fargo is cited. CRC spoke at the press conference. San Francisco Business Times. Oct. 18, 2016. Mark Calvey.

San Francisco — Wells Fargo’s hometown — might ditch the bank A resolution by San Francisco supervisors about cutting business ties with Wells Fargo is cited. CRC spoke at the press conference. Business Insider. Oct. 18, 2016. Bob Bryan.

San Francisco May Cut Ties With Wells Fargo Bank A resolution by San Francisco supervisors about cutting business ties with Wells Fargo is cited. CRC spoke at the press conference. San Francisco Patch. Oct. 17, 2016.

San Francisco & Santa Clara County supervisors consider cutting ties to Wells Fargo A resolution by San Francisco supervisors about cutting business ties with Wells Fargo is cited. CRC spoke at the press conference. KTVU. Oct. 17, 2016.

San Francisco supervisors to push for city and county to cut ties with Wells Fargo A resolution by San Francisco supervisors about cutting business ties with Wells Fargo is cited.  CRC spoke at the press conference. HousingWire. Oct. 17, 2016. Ben Lane.

$25-billion foreclosure settlement was a victory for Kamala Harris in California, but it wasn’t perfect Kevin Stein explains that similar to other mortgage settlements, the National Mortgage Settlement would have been improved with greater transparency into who was actually receiving the relief. Los Angeles Times. Oct. 16, 2016. Phil Wilson.

Wells Fargo CEO retires amid accounts scandal and is replaced by a longtime company insider Paulina Gonzalez comments on the appointment of Tim Sloan as Wells Fargo’s new CEO, and concerns about his nearly 30 year tenure at the bank. Los Angeles Times. James Rufus Koren. Oct. 12, 2016.

OCC Hasn’t Issued Wells Fargo’s CRA Score in Eight Years In this American Banker OpEd, CRC’s executive director, Paulina Gonzalez, explains that Wells Fargo hasn’t received a new CRA rating (measurement of how well the bank is meeting credit needs in the communities where it does business) in eight years. She urges a downgrade in the bank’s credit rating and that the Office of the Comptroller of the Currency release the grade immediately. American Banker. Paulina Gonzalez. Oct. 4, 2016.

Regulators need to hear from payday loan users Matthew Ari Jendian and Liana Molina, CRC’s director of community engagement, comment on the damage caused by payday, car title, and installment loans, and encourage people to weigh in with the Consumer Financial Protection Bureau as it finalizes its rules. Fresno Bee. Liana Molina and and Matthew Ari Jendian. Oct. 4, 2016.

California Enacts Law to Protect Senior Homeowners from Foreclosure Kevin Stein explains how SB 1150 will help seniors to protect the largest asset that most Americans will ever own: their homes. Reverse Mortgage Daily. Jason Oliva. Oct. 3, 2016.

September

Uber Is Moving. Its New Neighbors Are a Little Worried Paulina Gonzalez comments on Uber moving to Oakland and the importance of ensuring that Uber jobs are accessible to Oakland residents. Inc. Salvador Rodriguez. Sept. 30, 2016.

New California law protects surviving spouse from foreclosure This article provides an in-depth explanation as to how SB 1150, recently enacted (and co-sponsored by CRC), will protect surviving homeowners from ‘widow foreclosures.’ ConsumerAffairs. Mark Huffman. Sept. 30, 2016.

California Homeowner Survivor Bill of Rights Signed Into Law SB1150, co-sponsored by CRC, and signed into law, is cited in this article. National Mortgage Professional Magazine.Phil Hall. Sept. 30, 2016.

California Gov. Jerry Brown signs a bill that boosts protection for surviving spouses against foreclosure This article explains how a new law (SB 1150) that CRC co-sponsored with Housing and Economic Rights Advocates and California Alliance for Retired Americans, will prevent needless “widow foreclosures.”  California is the first state in the nation to enact these protections for surviving homeowners. Los Angeles Times. Andrew Khouri. Sept. 29, 2016.

Predator Banking This OpEd by Professor Peter Dreier cites research by CRC and ACCE on the financial impact of foreclosures by Wells Fargo and other banks on the city of Los Angeles (who subsequently sued). Pasadena Weekly. Peter Dreier (OpEd). Sept. 29, 2016.

Google-funded loan startup to pay $6.3m for ‘deceptive’ practices Liana Molina comments on LendUp’s settlement with the CFPB and CA Department of Business Oversight, urging strong, across-the-board protections for borrowers. The Guardian. Sam Levin. Sept. 28, 2016.

Why It’s Getting Tougher to Sue Your Bank Sean Coffey comments on the CFPB’s possible plans to eliminate forced arbitration clauses. DepositAccounts. Sheryl Nance-Nash. Sept. 25, 2016.

Wells Fargo booted from S.F. program Andrea Luquetta-Kern, commenting on Wells Fargo’s dismissal from San Francisco’s Bank On program, explains that the fake account scandal undermines the work of nonprofits who are working with consumers to get them “banked.”SFGate. Lizzie Johnson. Sept. 23, 2016.

Why Wells Fargo CEO John Stumpf is on the hot seat Paulina Gonzalez comments on the role of unrealistic sales goals and pressure from leadership at Wells Fargo contributing to the fake account scandal. CBS News. Cory Schouten. Sept 20, 2016.

2016 Analysis of Regulatory Violations & Consumer Complaints Andrea Luquetta-Kern explains what steps consumers can take if they’re having problems with their bank, including filing a complaint with the CFPB.  Luquetta-Kern cautions that forced arbitration clauses may limit consumer’s ability to hold their bank accountable for mis-deeds. Value Penguin. Robert Harrow and Chris Moon. Sept. 16, 2016.

Note: this analysis and Andrea’s commentary were included in two additional articles: San Diego Reader: Larger financial institutions receive lion’s share of complaints, study finds andFiscal Times: The worst banks in America (Wells Fargo isn’t even No. 1)

Why Aren’t Exec Heads Rolling at Wells Fargo? Paulina Gonzalez comments on the need for a thorough investigation at Wells Fargo. American Banker. Kate Berry. Sept. 9, 2016.

August

California Assembly Approves Survivor’s Rights Bill  Maeve Elise Brown, executive director of Housing and Economic Rights Advocates (HERA), a co-sponsor of SB 1150 explains the importance of the assembly approval of SB 1150 for protecting homeowners from unscrupulous foreclosure practices.” National Mortgage Servicing News. Jacob Passy. August 23, 2016.

Homeowner Survivor Bill of Rights Approved by Assembly Kevin Stein comments on the successful vote for Senate Bill 1150 to stop “widow foreclosures,” and recognizes the housing counselor and legal aid attorneys who have helped homeowners to navigate Kafkaesque bank bureaucracies. DSNews. Kendall Baer. August 23, 2016.

New CFPB Rule Gives Servicers Just Enough Rope to Hang Themselves Kevin Stein explains the need for state legislation (Senate Bill 1150) to protect surviving homeowners from needless foreclosures. Bonnie Sinnock. National Mortgage News. August 16, 2016.

3 Ways Scammers Find You Sean Coffey explains that mortgage modification scam artists, including some attorneys, use public records as part of the foreclosure process in order to target vulnerable homeowners. Geoff Williams. US News & World Report. August 16, 2016.

Insurance Industry Happy to Receive, But Not to Give This OpEd by CRC and Neighborhood Housing Services of Los Angeles County explains the importance of transparency in California’s primary program for insurance reinvestment. The legislation (AB 2728- Atkins) that would authorize the program (COIN) currently lacks this transparency mechanism, and this OpEd explains why that is so troubling. Paulina Gonzalez and Lori Gay, Capital & Main.August 12, 2016.

American Greed: Trump’s Economic Team Is A Who’s Who Of What’s Wrong This HuffPost column cites CRC’s call to investigate OneWest Bank’s troubling foreclosure record. Richard Eskow. August 8, 2016.

New rules aim to protect widowed homeowners from foreclosure Kevin Stein explains that the private right of action included in Senate Bill 1150 will ensure accountability from mortgage servicers to stop “widow foreclosures.” Los Angeles Times. Andrew Khouri. August 5, 2016.

Let’s prevent a repeat of the mortgage meltdown for small business owners Paulina Gonzalez and Amanda Ballantyne explain the importance of regulating a new crop of small business lenders whose loans are hurting small business owners throughout the US. The Hill. August 4, 2016.

July

What You Should Know About Online Lending Services Sean Coffey, media manager at CRC, cautions potential borrowers about the dangers and costs of obtaining high-cost loans online.  US News and World Report. Geoff Williams. July 26, 2016.

7 on Your Side Look at New Rules Coming to Payday Lending Liana Molina, director of community engagement at the California Reinvestment Coalition, explains that the overwhelming majority of payday and car title borrowers find themselves in a worse financial situation as a result of obtaining one of these loans. ABC 7 on Your Side. Michael Finney. July 7, 2016.

High-interest consumer lending jumps in Golden State Liana Molina comments on new research released by the California Department of Business Oversight. Molina explains that high-interest installment loans and car title loans are trapping people into inescapable cycles of debt. Sacramento Business Journal. Mark Anderson. July 5, 2016.

Formerly Redlined Brooklyn Community Now Regulates Banks CRC’s advocacy to improve the Community Reinvestment Act is cited. Next City. Oscar Perry Abello. July 5, 2016.

Leno bill would strengthen family heirs’ homeownership rights Senate Bill 1150, which CRC is co-sponsoring, is the focus of this article about a Sacramento area widower who is facing foreclosure. San Francisco Chronicle. Melody GutierrezJuly 1, 2016.

June

Predatory, High-APR Lending Booms In California Liana Molina responds to a new CA Dept. of Business Oversight report that found almost 10% growth in car title lending in California. The report also found that 65% of consumer loans between $2,500 and $4,999 come with interest rates of 70% APR or more. CBS SF Bay Area. June 30, 2016.

Proposed Bill Could Protect Widows, Children from Foreclosures Senate Bill 1150, which CRC is co-sponsoring, is cited in this story about a widower, Ric Hornor, who faced a needless foreclosure after the death of his wife. ABC 7. Michael Finney. June 28, 2016.

CRA Goals Are the Casualty of CIT-OneWest Merger  In this American Banker Op-Ed, Paulina Gonzalez from CRC and John Taylor from the National Community Reinvestment Coalition explain why the approval of this merger represents a step backwards for the Community Reinvestment Act, enforcement of it, and the trust in bank regulators. Paulina Gonzalez and John Taylor. American Banker. June 21, 2016.

California bill to protect surviving homeowners up for vote In this HousingWire Op-Ed, Kevin Stein and Hyepin Im from Korean Churches for Community Development explain the importance of Senate Bill 1150 in preventing more avoidable foreclosures for widows, widowers, and other heirs in California. HousingWire. June 16, 2016

June

Borrowing with auto title loan puts vehicle at risk Liana Molina explains that in comparison to shady car title lenders, at least car thieves don’t take half your income before stealing your car. Newsday. Sheryl Nance-Nash.June 11, 2016.

Federal Agency Proposes Rules to Crack Down on Payday Loans Liana Molina was one of four guests on the KQED Forum show, explaining the financial heartache that payday and car title loans have created for California families- and how new rules from the Consumer Financial Protection Bureau could address some of the worst predatory lending practices.KQED Forum. Mina Kim. June 3, 2016.

Uncle Sam Targets Payday Loan Industry With New Rules – But Leaves Loopholes Intact Liana Molina comments on new rules to better protect consumers using payday, car title, and installment loans. The Street. Brian O’Connell. June 3, 2016.

California Senate Approves Bill to Expand Rights of Widowed Spouses Senate Bill 1150, which CRC is co-sponsoring with HERA and CARA, is cited in this article. National Mortgage News. Jacob Passy. June 2, 2016.

May

The Worst of Wall Street: Meet Donald Trump’s Finance Chairman CRC’s campaign against the OneWest and CIT Group merger is cited, as is the fact that nearly two years after the merger was announced, the bank still doesn’t have a robust CRA plan in place. The Nation.May 10, 2016. Professor Peter Dreier.

Donald Trump’s Finance Chair Is the Anti-Populist From Hell OneWest Bank’s track record of a disproportionate number of foreclosures occurring in communities of color in California is cited. The New Republic. May 9, 2016. David Dayen.

Trump names hedge fund boss as finance chairman This article cites CRC’s FOIA request which uncovered that OneWest’s subsidiary, Financial Freedom, is responsible for 39% of the HECM reverse mortgage foreclosures that have happened since April 2009. World Socialist Website. May 7, 2009. Patrick Martin.

Trump turns to dark side for new campaign finance strategy Rachel Maddow cites CRC research on the more than 35,000 foreclosures OneWest Bank has conducted on Californians since April 2009. The Rachel Maddow Show. May 5, 2016.

Controversial Film Financier Steven Mnuchin Joins Trump Campaign as National Finance Chairman The subpoenas that CRC uncovered in CIT’s annual report is cited. Filmmaker.May 5, 2016. Scott Macaulay.

Trump’s New Money Man Has a ‘Repulsive’ Record of Throwing Homeowners Out on the Street CRC’s FOIA request about Financial Freedom’s foreclosure track record on seniors and their families is cited. Daily Beast. Gideon Resnick. May 5, 2016.

Donald Trump’s Finance Chair Is A Bank Exec Who Made ‘Yuge’ Profits From The Financial Crisis CRC’s campaign against the OneWest and CIT Group merger is cited. International Business Times. Matt Pressberg. May 4, 2016.

Bill to help widows stave off foreclosure passes state Senate committee This article explains how Senate Bill 1150 was voted out of the Senate Judiciary Committee. Los Angeles Times.Andrew Khouri. May 3, 2016.

Why more widowed homeowners are struggling to prevent a foreclosure Senate Bill 1150, co-sponsored by CRC And HERA, is the focus of this article. Jesus Sequeira, a surviving homeowner, explains the challenges he faced in avoiding foreclosure after the death of his wife in 2008. Los Angeles Times. Andrew Khouri. May 3, 2016.

April

Is Something Amiss in the Reverse Mortgage Industry? CRC’s FOIA request and fact sheet are cited in this article and a related webcast. DSNews. Brian Honea. April 28, 2016.

FOIA Request Sheds New Light on Financial Freedom Reverse Mortgage Foreclosures  After nearly a year and a half and a lawsuit against HUD, the California Reinvestment Coalition obtained data on the number of foreclosures on reverse mortgages since April 2009. Based on this data, CIT Group’s subsidiary, Financial Freedom, is responsible for 39% of Home Equity Conversion Mortgage (HECM) reverse mortgage foreclosures since April 2009- despite only servicing an estimated 17% of the market.  CRC’s fact sheet is cited. Reverse Mortgage Daily. Jason Oliva. April 27, 2016.

Attorney General Kamala D. Harris Announces Support for SB 1150, Homeowner Survivor Bill of Rights Kevin Stein is quoted about Senate Bill 1150 and how it would stop additional “red-tape foreclosures” on surviving homeowners. Imperial Valley News. April 22, 2016.

Sen. Leno’s Foreclosure Prevention Bill passes key committee Senate Bill 1150, co-sponsored by the California Reinvestment Coalition, is mentioned in this article about the bill being approved by the California Senate Banking Committee and moving forward to the Judiciary Committee. LGBT Weekly. April 21, 2016.

It’s Harder for Women to Get Business Loans (But It’s Not Stopping Them) CRC’s report on the dramatic decline in main street banks providing small business loans to women, African Americans, Asians, and Latinos, is cited in this report. HuffPost Business. Nancy Lewis. April 8, 2016.

Bank Chief Executive Pays for Pickup With Job  Paulina Gonzalez, executive director of the California Reinvestment Coalition, comments on the CIT Group and OneWest merger, and explains that despite the merger being announced a year and a half ago, the bank still hasn’t created a robust community benefit and reinvestment plan. Improving on its CRA plan was one of two conditions imposed on the bank in its conditional merger approval. Los Angeles Business Journal. Marni Usheroff. April 4, 2016.

Payday Loan Firms Are Extending Deals And Cleaning Up On Fees Liana Molina, Director of Community Engagement, shares the story of a consumer CRC spoke to.  She paid paid $6,700 over 24 months for a $2,529 car title loan with a 112.47% interest rate. Molina explained: “Throughout the term of the loan, she experienced threatening phone calls and was fearful that her car would be repossessed. These loans are an extremely expensive and stressful source of credit, and borrowers should be very careful and strongly consider all other options before resorting to these lenders.” Main Street. Brian O’Connell. April 1, 2016.

March

Rocket Mortgage Offers Speedier Mortgage Loans Kevin Stein comments on Quicken’s new “rocket mortgages” and urges homebuyers to slow down and take the time to understand their loans. Consumer Reports. Aimee Picchi. March 25, 2016.

February

California Bill Wants Foreclosure Protections for Surviving Spouses This article explains how surviving spouses being foreclosed on was also a problem with reverse mortgages until HUD enacted a new policy. SB 1150, a bill designed to help surviving homeowners who might otherwise face foreclosure, is cited. Reverse Mortgage Daily. Jason Oliva. February 28, 2016.

Bill introduced to protect California widows, widowers against foreclosure Kevin Stein, associate director at CRC, explains that 80% of California housing counselors have indicated that so-called “widow foreclosures” are an ongoing problem, despite federal guidance to banks and mortgage servicers. Bay City News Service. February 26, 2016.

California considering bill that would help widowed spouses keep their homes This article explains how a bill by California State Senators Mark Leno and Cathleen Galgiani would help surviving spouses to navigate their options for retaining their home after the death of a loved one. HousingWire. Ben Lane. February 26, 2016.

California Bill Addresses Homeowner Heir Rights This articles explains how SB1150 would close loopholes in the California Homeowner Bill of Rights to also protect surviving spouses, including widows and widowers and other heirs. National Mortgage Professional Magazine.Phil Hall. February 25, 2016.

January

How to Negotiate a Lower Modified Mortgage Loan  Sean Coffey explains that homeownes facing foreclosure should seek expert help from a housing counselor at a nonprofit, HUD-approved agency. GoBankingRates. Cameron Huddleston. Jan 26, 2016.

JP Morgan Chase’s Home Loans in Oakland Mostly Went to White and Wealthy Residents Kevin Stein comments on JP Morgan Chase’s mortgage lending record in Oakland, California. East Bay Express. Darwin BondGraham. Jan. 13, 2016.

November

After subprime collapse, nonbank lenders again dominate riskier mortgages A Los Angeles Times analysis finds that FHA loans made by non-bank lenders have higher default rates.  Kevin Stein comments on the fact that many of these firms are headed by executives who formerly worked at Countrywide. Los Angeles Times. James Rufus Koren. Nov. 30, 2015.

Study: Mortgage denials down for most Kevin Stein comments on regulator’s increasing willingness to go after banks for redlining (denying credit to certain neighborhoods). San Diego Union Tribune. Phillip Molnar. Nov. 5, 2015.

October

Oakland Struggles to Hold Banks Accountable  Liana Molina comments on JP Morgan Chase serving as the bank for the City of Oakland. East Bay Express. Darwin BondGraham. Oct 28, 2015.

Will CIT Group meet its promise to invest in underserved L.A. communities? The Los Angeles Times editorial board weighs in on the OneWest and CIT Group merger. Oct. 14, 2015.

Is HUD hiding embarrassing data on widow foreclosures? In this Op-Ed, Kevin Stein explains why CRC was forced to file a lawsuit after HUD improperly denied a fee waiver for a Freedom of Information Act request filed by CRC regarding widowed homeowners, reverse mortgages, and HUD’s response to this problem. HousingWire. Oct 6, 2015.

September

Hedge Funds: The Ultimate Absentee Landlords CRC’s advocacy against the REO to Rental scheme, including our 2015 report, is cited in this article. The American Prospect. Sept. 29, 2015. Peter Dreier and Aditi Sen

Oakland Accuses Wells Fargo of Steering Blacks and Latinos Toward Bad Loans Kevin Stein explains that the City of Oakland attempted to stop predatory lending through an ordinance- which the California banking lobby later defeated.  Stein explains that city leaders who see the direct costs and impacts of foreclosures may be turning to the courts. KQED. Sandhya DirksSept. 28, 2015.

Is it Time to Change Banks? Sean Coffey, communications manager at CRC, comments on a $15 fee that Wells Fargo tried to implement in 2011 which caused Coffey to close his account. US News & World Report. Geoff Williams. Sept. 16, 2015.

Branch Closings Could Increase Exposure to Discrimination Claims Andrea Luquetta, policy advocate at CRC, cites the example of Union Bank’s plan to close branches in San Diego’s City Heights neighborhood as an example of banks not serving communities well. American Banker. Jackie Stewart. September 14, 2015.

CA bank won’t make loans for Ellis Act rental properties This article focuses on First Republic Bank no longer offering so-called ‘displacement mortgage’ to investors and speculators who are conducting Ellis Act evictions. KPCC. Josie Huang. September 7, 2015.

Predatory credit is not worth protecting In this Op-Ed, CRC board member Roberto Barragán explains why Congressional Democrats defending payday lenders is a misguided approach: “But I have also seen the other side, in those same neighborhoods, where payday lenders prey on working families and bleed wealth out of communities that can least afford to lose a cent.” Los Angeles Daily News. Op-Ed. September 2, 2015.

 

August

Banks Get Credit for Helping the Poor — By Financing Their Evictions? This in-depth article explains the many weaknesses in the enforcement of the Community Reinvestment Act- and how it harms communities. The grading system- in which banks are compared to their peers- is akin to Lake Wobegon, where all of the children are above average. The Intercept. August 24, 2015.

Activists Protest Bank Funding Ellis Evictions Kevin Stein explains why organizations protested and held a press conference in front of First Republic’s headquarters: “This is bad,” Stein told me, “for the evicted tenants, bad for first-time prospective homeowners who face extremely high condo purchase prices and bad for the community as a whole” because thousands of rent-control living spaces are being removed from the market at an accelerating rate.” Beyond Chron. Carl Finamore. August 19, 2015.

First Republic Bank: No mortgages for Ellis Act evictions (Video)  “Protesters gathered at First Republic Bank’s San Francisco headquarters at lunchtime Tuesday got the message they wanted to hear: The bank will step up efforts to ensure its mortgages don’t finance the eviction of longtime tenants under the state’s controversial Ellis Act.” San Francisco Business Times. Mark Calvey. August 18, 2015.

Tenants Accuse San Francisco Bank of Financing Evictions Martiza Osorio, a long-term San Francisco tenant and resident, explains how First Republic making a ‘displacement mortgage’ to an investor that purchased her building and initiated an Ellis Act eviction against her. Article focuses on rally and press conference in front of First Republic’s headquarters. East Bay Express. Darwin BondGraham. August 18, 2015.

ATM Fees Drag Down People on Public Assistance In this American Banker Op-Ed, Banc of California CEO Steven Sugarman explains why his bank and 14 others waive ATM fees for people who are using a Banc ATM to access their public assistance benefits.  Sugarman points to a recent letter signed by CRC, several banks, and the California Department of Social Services, encouraging bank regulators to give CRA credit for banks that waive these fees. (August 24, 2015).

July

Regulators Should Hold CIT Bank Accountable for Strong CRA Plan In this American Banker Op-Ed, Paulina Gonzalez and Orson Aguilar explain the importance of the Office of the Comptroller of the Currency holding CIT Bank accountable to developing a robust and transparent CRA plan. July 29, 2015.

REO to Rental: Wall Street’s Latest Idea Hurts California Communities In this ROOFLINES Op-Ed, Kevin Stein and Divya Rao explain how the “REO to Rental” boom is harming 1st time homebuyers, nonprofit affordable housing developers, communities, and long-term tenants, and how it’s being funded by banks like JP Morgan Chase, Wells Fargo, and Bank of America. July 29, 2015.

Pick your plastic: Secured vs. Prepaid cards. Andrea Luquetta comments on differences in prepaid cards and secured credit cards, including that secured credit cards may have high interest rates and that you won’t make much interest on your deposit that is “securing” your secured credit card. Bankrate.com. Constance Gustke. July 29, 2015.

Upfront: Homewrecker CRC’s REO to Rental report is cited. North Bay Bohemian. Tom Gogola. July 9, 2015.

Reports Describe Inequitable Impacts of Housing Shortage CRC’s REO to Rental report is cited. California Planning and Development Report. July 6, 2015.

June

Reports detail housing woes for Southern California residents A new report by CRC, based on a survey of 80 community based nonprofits, details the many negative impacts of the REO to Rental boom on California communities, including nonprofit housing developers losing out on purchasing homes because of investors. San Gabriel Valley Tribune. Kevin Smith. June 28, 2015.

Investor purchases of foreclosures intensify housing crisis? CRC’s new report on the impact of REO to Rental in California is cited, as was an earlier analysis conducted by Urban Strategies Council. Oakland Tribune. Tammerlin Drummond. June 25, 2015.

SHOULD WE BLAME WALL STREET FOR L.A.’S HOUSING CRISIS? CRC’s new report on the impact of REO to Rental on California communities is the focus of this article. LA Weekly.Dennis Romero. June 24, 2015.

Housing advocates: REO-to-rental boom is bad for California renters, buyers CRC’s new report on REO to Rental is cited in this article. HousingWire. Trey Garrison. June 24, 2015.

REO-to-Rental Business Making Problems for First-Time Homebuyers? CRC’s new report on how California communities are being harmed by institutional investors (armed with financing from Chase, Wells Fargo, and Citi) is cited. Inside Mortgage Finance. Brandon Ivey. June 24, 2015.

Coalition Pulls Opposition to City National-RBC Deal The $11 billion CRA agreement that CRC negotiated in April 2015 with City National Bank is cited in this article. LA Business Journal. Matt Pressberg. June 24, 2015.

Interest-Only Mortgages Coming Back, But With Safety in Mind Kevin Stein comments on the dangers of interest only loans for homeowners and cites the value of meeting with a housing counselor. Bloomberg. Jody Shen. June 23, 2015.

The New Merger Requirement: A Better CRA Plan CRC’s support for CRA plans by Banc of California and City National Bank is cited in this article about the importance of robust CRA plans in bank mergers. American Banker. Kate Berry. June 19, 2015.

Janet Yellen should halt merger until banks make good: Guest commentary  In this Op-Ed, Professor Peter Dreier suggests that the Federal Reserve should not allow the OneWest and CIT Group proposed merger to move forward until the banks make a substantial affordable housing commitment. Los Angeles Daily News. June 17, 2015.

Consumer Advocates ‘Thrilled’ With HUD Reverse Mortgage Update This article focuses on HUD’s new policy to help surviving, non-borrower spouses after the death of a spouse. Reverse Mortgage Daily. Emily Study. June 15, 2015.

Housing advocates join industry applauding reverse mortgage change This article focuses on the new policy by HUD to better assist surviving spouses after the death of a borrowing spouse with a reverse mortgage. HousingWire. Trey Garrison.Trey Garrison. June 15, 2015.

Group calls for federal probe into OneWest Bank California foreclosures CRC’s call for a federal investigation into OneWest’s 36,000+ foreclosures since 2009 is cited. Inman News.Amy Swinderman. June 12, 2015.

Calif. Coalition Calls for Investigation of OneWest Foreclosures CRC’s call for a federal investigation into OneWest’s foreclosure record is the focus of this article. American Banker.Tanaya Macheel. June 9, 2015.

Banc of California Looks to Reshape Industry’s Views of CRA CRC’s work with Banc of California as part of a Clinton Global Initiative to develop a community investment fund.American Banker. Jackie Stewart. June 9, 2015.

San Gabriel Valley Tribune:Coalition seeks investigation of OneWest foreclosures  CRC’s call for a federal investigation into a concentration of OneWest foreclosures in communities of color is cited. Pasadena Star News. Kevin Smith. June 9, 2015.

Fed Asked to Probe New Foreclosure Data by CIT/OneWest Merger Critics A new analysis of OneWest’s 36,000 foreclosures (conducted by Urban Strategies Council) is cited in this article, as is CRC’s call for a federal investigation. CT Financial News. Robert Welkos. June 8, 2015.

May

Guest commentary: Banks must stop charging welfare-related transaction fees In this Op-Ed, the author cites CRC’s research on the $19 million in ATM fees that are charged to public assistance recipients. Oakland Tribune. Anna Salamone. May 18, 2015. (Op-Ed).

Consumers, lenders ask state lawmakers to take sides on proposed payday loan rules Paulina Gonzalez, executive director, and Liana Molina, payday organizer, both testified at a California Senate Banking Committee hearing about the CFPB’s new payday loan proposed regulations. Venture County Star. Timm Herdt. May 6, 2015.

Survey: Bank surcharges hurt finances for social assistance recipients statewide CRC’s new survey of EBT users and their experience with paying ATM fees is cited. San Jose Mercury News. Chris De Benedetti. May 6, 2015.

April 2015

City National critics want ‘bank to the stars’ to ‘cater to the poor’ The $11 billion CRA plan CRC members negotiated with City National (a plan that calls for more than double the investments that OneWest and CIT are proposing) is cited. Los Angeles Times. E. Scott Reckard. April 30, 2015.

12 surefire ways to create money and credit problems Liana Molina explains that while payday loans are marketed as quick-fix solutions, the reality for the majority of consumers is that they roll over their loans and incur enormous fees in the process. CreditCards.com. April 29, 2015.

Mortgage help needed for relatives of deceased AB244, a bill co-sponsored by CRC and HERA, is focused on in this article about surviving spouses and other family members facing foreclosure after the death of a loved one. Oakland Tribune. Tammerlin Drummond. April 26, 2015.

City National Commits $11B to CRA in Connection with RBC Merger CRC’s work to secure an $11 billion Community Reinvestment plan is cited. The plan is more than twice what CIT Group and OneWest Bank have proposed. American Banker. Kate Berry. April 24, 2015.

Critics Charge CIT-OneWest with “Misleading” Data on Mortgage Servicing Kevin Stein explains how CIT and OneWest failed to answer the many questions raised by the Federal Reserve. CT Financial News. Robert W. Welkos. April 24, 2015.

New Reverse Mortgage Policy Leaves Widows and Widowers Homeless The impact of HUD’s policy on surviving spouses is cited in this story that profiles Karen Hunziker, who is facing foreclosure from Financial Freedom. MainStreet.com. April 23, 2015.

New Kansas welfare spending law is ‘tax on the poor’ CRC’s $19 million ATM fee report is cited in this story about a new law in Kansas requiring public assistance recipients to only withdraw $25 at a time. Aljazeera. April 16, 2015.

Banking boldly through Jewish ethics CRC’s initial opposition to Banc of California’s acquisition of 20 Banco Popular branches is cited, as is CRC’s support for Banc of California’s community benefit plan that calls for an amount equal to 20% of deposits to be targeted for Community Reinvestment Act activities. Jewish Journal. Aron Chilewich. April 7, 2015.

A Loan to Pick CRC’s support for federal regulation of payday and other high cost consumer loans is cited. North Bay Bohemian. Tom Gogola. April 1, 2015.

March  2015

John Thain Is Still in the Game CRC member and ally opposition to the merger of CIT Group with OneWest Bank is noted. AmericanBanker.John Engen. March 29, 2015.

First-Time Home Shoppers Need to Hear This Advice From Recent Buyers Sean Coffey, CRC Media and Development Manager, shares the advice that first-time homebuyers consider taking a pre-purchase class at their local HUD-approved housing counseling agency. MainStreet.com. Brian O’Connell. March 27, 2015.

Public CRA Benchmarks Would Boost Transparency in Bank Mergers In this Op-Ed for the American Banker blog, Roberto Barragan, CRC board member and Earl ‘Skip’ Cooper, member of the Greenlining Institute, share why public Community Reinvestment Act benchmarks as part of the OneWest and CIT Group merger would boost transparency considerably. American Banker Bank Think Blog. March 20, 2015.

Consumer Advocates Concerned Over Non-Borrowing Spouses Facing Foreclosure Advocates outline concerns about the development of a new HUD policy that will likely not help the majority of people it’s intended to: widowed and widower homeowners whose deceased spouse had a reverse mortgage. DSNews. Brian Honea. March 16, 2015.

Non-borrowing spouses still face eviction despite fix to reverse mortgage program Odette Williamson, staff attorney with the National Consumer Law Center, comments on a a letter sent to HUD by NCLC, CRC, HERA, IOA, CU, NHLP about its new reverse mortgage policy for widowed and widower homeowners. Scotsman Guide. Victor Whitman. March 16, 2015.

Consumer Groups Push Back Against HUD on Non-Borrowing Spouse Changes A letter sent to HUD by CRC, NCLC, HERA, Consumer’s Union, the Institute on Aging, and the National Housing Law Project is cited. The letter expresses concern over a new HUD policy that advocates fear will not be helpful for widowed and widower homeowners who were not listed on their deceased spouse’s reverse mortgage. Reverse Mortgage Daily. Emily Study. March 12, 2015.

Will grandma get run over by HUD’s reverse mortgage policy? A letter sent to HUD about its new policy for surviving spouses of reverse mortgage borrowers who passed away is cited. CRC members and allies want HUD to improve the policy to assist more surviving homeowners. HousingWire. Trey Garrison. March 12, 2015.

CIT/OneWest Seen Closing by Mid Year The 21,000 individuals opposing this merger is cited, as is a lack of questions at the public hearing.  Kevin Stein discusses seniors, widows, and other surviving family members encountering difficulty in keeping their homes due to OneWest and Freedom Financial mortgage servicing practices. CT Financial News. Robert W. Welkos. March 6, 2015.

CIT-OneWest Merger Gets Public Hearing The groundswell of opposition to the proposed merger of CIT Group and OneWest Bank is cited. CFO.com. Katie Kuehner-Hebert. March 2, 2015.

February 2015

CIT Group, OneWest Bank say merger would be good for poor neighborhoods CRC board member Roberto Barragan comments on OneWest Bank’s lack of interest in meeting with non-profits until after the proposed merger with CIT Group was announced. Los Angeles Times. E. Scott Reckard. February 26, 2015.

In Unusual Step, Regulators Invite Public to Open Meeting on Bank Merger CRC board member Isela Gracian’s testimony about subsidies provided to CIT Group and OneWest Bank is cited. New York Times Dealbook. Michael Corkery. February 26, 2015.

CIT Chief Thain Prepares to Face Critics Kevin Stein comments on the merger of CIT Group and OneWest Bank, citing the need for accountability in the merger. The over 15,000 signed petitions against the merger, delivered by CRC and partners to the Federal Reserve, is cited.Wall Street Journal. Julie Steinberg. February 25, 2015.

Consumers Forgo Banks as Cost to Manage Money Rises Andrea Luquetta comments on overdraft as “one of the most expensive speedtraps” for the people who can least afford it.NerdWallet. Anna Helhoski. February 24, 2015.

Regulators Announce Public Hearing on Proposed TBTF Bank Merger In this Daily Kos diary, Paulina Gonzalez, executive director of CRC, explains how 15,559 petitions and a letter signed by 51 national and state organizations, built on month of opposition to the proposed merger of CIT Group and OneWest Bank and set a new record for the number of individuals opposing a bank merger. CRC Op-Ed. February 10, 2015.

Fed, OCC Announce Public Meeting for Proposed M&A Transaction CRC’s fact sheet on OneWest receiving an expected $2.4 billion under a controversial “shared loss” agreement is cited and Kevin Stein is quoted about the recently announced public hearing on the proposed merger of CIT Group and OneWest Bank.  Stein comments: “While it’s a very quick turn-around between now and the hearings, this is a good first step and shows that the regulators are taking seriously the concerns raised by community groups and tens of thousands of people across the country.” DSNews. Brian Honea. February 9, 2015.

Fed, OCC To Review CIT Group’s $3.4B OneWest Bank Buy  CRC’s opposition to the proposed merger of CIT Group and OneWest Bank is cited in this article. Kevin Stein comments: “We are hopeful that this hearing won’t be a dog and pony show by the bank followed by a rubber stamp approval of the merger by the regulators.” Law360. Zachary Zagger. February 9, 2015.

15,559 Sign Petition Opposing Merger to Create New “Too-Big-to-Fail” Bank The 15,559 people opposing the proposed merger of CIT Group and OneWest Bank is cited in this article.  Kevin Stein, associate director at CRC, comments that the proposed merger is the “poster child for inequality and bank bailouts gone bad.” AllGov California. February 9, 2015.

Threat of Delay to CIT-OneWest Deal Underscores Risk of Big M&A In this article about the public hearing to be held on this merger, Cornelius Hurley, director of the Boston University Center for Finance, Law & Policy, comments that the deal is “lawful but awful” and comments that transactions like this are the reason “people are cynical and outraged with our financial system.” American Banker. Robert Barba. February 6, 2015.

Regulators to Hold Hearing on CIT-OneWest Deal CRC’s opposition to a proposed merger of CIT Group and OneWest Bank, which would result in a Systemically Important Financial Institution, is cited. Los Angeles Business Journal. Matt Pressberg. February 6, 2015.

CIT’s $3.4 Billion OneWest Deal to Face U.S. Regulatory Hearing CRC’s opposition to the proposed CIT Group and OneWest merger is cited. Bloomberg. Elizabeth Dexheimer. February 6, 2015.

Public hearing planned on proposed sale of OneWest Bank to CIT Group The 15,559 individuals who oppose the proposed merger of CIT Group and OneWest Bank is cited in this article. Los Angeles Times. E. Scott Reckard. February 6, 2015.

Fed, OCC to Hold Meeting on CIT Group Acquisition The delivery of a national sign-on letter and 15,559 petitions to the Federal Reserve by CRC, Daily Kos, ACCE, and MEDA is cited in this article. Wall Street Journal. Julie Steinberg. February 6, 2015.

Merger of CIT and OneWest Faces Additional Scrutiny  The months-long campaign by CRC members and allies against the proposed merger of CIT Group and OneWest Bank is cited.DealBook (NYT). Michael Corkery. February 6, 2015.

Regulators to Hold Hearing on CIT-OneWest CRC member and ally opposition to the proposed merger of CIT Group and OneWest Bank is cited in this article. American Banker.Robert Barba. February 6, 2015.

January 2015

OneWest Bank takeover spurs email fight The Daily Kos petition, which more than 15,000 people signed, is cited in this article about the proposed merger of CIT Group and OneWest bank. Los Angeles Times. E. Scott Reckard. January 28, 2015.

Alameda County to install no-fee ATMs for families in need Andrea Luquetta comments on Alameda County installing ATM machines so that CalWORKs recipients can withdrawal their benefits without incurring ATM fees. A report released in March 2014 by CRC found that $19.4 million in ATM fees were paid by recipients of CalWORKs and other public assistance programs, and these machines will allow families to get their benefits without paying fees.Contra Costa Times. Chris De Benedetti. January 16, 2015.

OneWest Seeks Wall Street’s Help Lobbying Yellen on CIT CRC’s opposition to the proposed merger of CIT Group and OneWest Bank is cited in this article. Bloomberg. Matthew Monks and Elizabeth Dexheimer. January 8, 2015.

December 2014

Taxpayers Subsidize Top Philanthropists through OneWest Bank Deal Rick Cohen from NonProfit Quarterly raises questions about the extent to which taxpayers are subsidizing the philanthropy of the billionaire investors in OneWest Bank, citing both the $2.3 billion in TARP funds that CIT Group never repaid, and the expected total payout of $2.4 billion to OneWest from the FDIC under a shared loss agreement. NonProfit Quarterly. December 18, 2014.

Protestors Oppose Too Big To Fail Bank Merger of OneWest and CIT Group in California This article cites problems that surviving spouses have had with OneWest subsidiary, Financial Freedom, a reverse mortgage loan servicer. Juliette Fairley.MainStreet. December 17, 2014.

OneWest Expected to Receive Over $2.4 Billion From FDIC The FOIA request that CRC submitted to identify the amount of money the FDIC has paid to OneWest Bank under controversial shared loss agreements is cited in this article. Hannah Miet. Los Angeles Business Journal. December 16, 2014.

Protesters gather to oppose OneWest merger with CIT Group CRC members and allies released information about the FDIC paying out over $1 billion to OneWest Bank (with another $1.4 billion to come) at a press conference in front of the bank’s headquarters. Kevin Smith. Pasadena Star-News. December 16, 2014.

Advocacy group protests CIT Group deal for OneWest Bank CRC filed a Freedom of Information Act (FOIA) request to the FDIC, requesting information about the amount of money OneWest has received from the FDIC under controversial shared loss agreements. This article cites CRC’s FOIA, which uncovered that the FDIC has already paid out $1 billion to OneWest, and expects to pay another $1.4 billion by 2019. E. Scott Reckard. Los Angeles Times. December 15, 2014.

This is why reverse mortgage servicers need a foreclosure moratoria In this HousingWire Op-Ed, Kevin Stein cites three stories of seniors and widows who OneWest Bank attempted to foreclose on to explain why the bank should implement a moratorium on foreclosures until the Department of Housing and Urban Development creates a policy for surviving spouses and reverse mortgages. December 11, 2014.

November 2014

Activist Paulina Gonzalez puts pressure on banks to help the poor This Los Angeles Times “How I Made It” piece focuses on CRC’s executive director, Paulina Gonzalez. E. Scott Reckard. Los Angeles Times. November 30, 2014.

Can We Have Bank and Regulator Hearings in California Too? In this Op-Ed, Sharon Kinlaw (CRC board member) and Kevin Stein suggest that in addition to hearings on bank regulator caputre, the Federal Reserve should also hold public hearings about the Too Big To Fail bank merger of CIT Group (recipient of $2.3 billion in TARP it never paid back) and OneWest Bank (new version of IndyMac bank). California Progress Report. November 21, 2014.

Is the FDIC Subsidizing a ‘Too Big to Fail’ Merger? In this Op-Ed in American Banker’s BankThink blog, Kevin Stein, associate director at CRC, and Daniel Rodriguez, CRC board member and director of the community wealth department at East LA Community Corporation, analyze and discuss a “shared loss agreement” extended by the FDIC to the billionaire owners of OneWest Bank. American Banker. November 20, 2014.

Banc of California Chief on Handling Fast Growth, CRA Protests The initial opposition of CRC and 46 other organizations to Banc of California’s acquisition of 20 Banco Popular branches, until a public, strong CRA plan was developed, is noted in this interview with Steve Sugarman, CEO of Banc of California. Chris Cumming. American Banker. November 18, 2014.

Banc of California Completes Purchase of Popular Branches Banc of California’s Community Benefit and Reinvestment Plan, which calls for an amount equal to 20% of the bank’s deposits being contributed towards loans, investments, and philanthropy and other Community Reinvestment Act activities. Colin Wilhelm. American Banker. Nov 10, 2014.

Banc of California now O.C.’s largest Banc of California’s Community Benefit and Reinvestment plan, negotiated with the California Reinvestment Coalition, is cited in this article. Hannah Madans. Orange County Register. Nov 7, 2014.

California organizations urge CFPB to increase mortgage disclosure transparency Recommendations from CRC and 41 other California organizations to the CFPB about updating the Home Mortgage Disclosure Act are cited. Mortgage Professional America. Nov 3, 2014.

October 2014

CRC Opposition to CIT Bank and One West Bank (OWB) Merger In this in-depth interview, Kevin Stein speaks with Eric Frazier at the Power is Now radio about CRC’s opposition to the OneWest and CIT Group merger that would create a Systemically Important Financial Institution. Oct. 31, 2014.

California Presses CFPB for More Mortgage Disclosure Transparency Recommendations from CRC and 41 other California organizations are cited, with a focus on widowed homeowners and the challenges they face in keeping their homes after foreclosures. Jason Oliva. ReverseMortgageDaily. Oct. 29, 2014.

7 recommendations for CFPB to improve HMDA Recommendations from CRC and 41 other California organizations about the Home Mortgage Disclosure Act are cited in this article.Trey Garrison. HousingWire. Oct 29, 2014.

Groups oppose CIT’s planned acquisition of OneWest Bank Fifty organizations are opposing the CIT Group and OneWest Bank merger, and this article quotes CRC members and allies about why they are opposing the merger. Kevin Smith. Pasadena Star News. Oct 27, 2014.

Activists’ Protests On the Money  Paulina Gonzalez, executive director at CRC, is interviewed about CRC member’s successful negotiations with Banc of California that resulted in a strong Community Benefit and Reinvestment Plan. Gonzalez also discusses CIT Group and OneWest bank merger that would result in a Systemically Important Financial Institution (SIFI), otherwise known as “Too Big To Fail.” Matthew Pressberg. Los Angeles Business Journal. Oct 20-26, 2014. (Subscription required)

Progreso Financiero soars past $1B in loans Liana Molina, payday loan campaign organizer, is quoted in this article about Progreso Financiero and its viability as an alternative to payday lenders. Mark Calvey. San Francisco Business Times. Oct 21, 2014.

Millennials Face Trap Doors in Lease-to-Own Home Opportunities Kevin Stein comments on things consumers should be aware of when considering Lease-to-own home buying opportunities. Juliette Fairley. Mainstreet.com. October 17, 2014.

Groups urge U.S. to reject CIT takeover of OneWest Bank CRC and Greenlining Institute’s opposition to the creation of a Too Big To Fail bank merger of CIT Group and OneWest Bank is cited in this article. E. Scott Reckard. Los Angeles Times. October 14, 2014.

7 On Your Side Helps With Widow Foreclosure Nightmare The Catch 22 faced by widowed homeowners and other similarly situated family members is highlighted in this story, in which Kevin Stein explains that one option to address this problem is to extend the Homeowner Bill of Rights protections to widowed homeowners. Michael Finney. ABC7News. October 13, 2014.

Are Regulators About to Let Another Bank Get Too Big to Fail? The many unanswered questions about the CIT Group and OneWest bank merger are highlighted in this article. David Dayen.The Fiscal Times. October 10, 2014.

Critics Blame Cycle of Debt on Predatory Pay Day Loans This story about the dangers of payday loans includes a presentation by CRC Executive Director Paulina Gonzalez. NBC 4 Los Angeles. October 10, 2014.

Local Lawmakers Forced to Take on ‘Predatory Lenders’ CRC’s advocacy against predatory payday lending is cited. SanJoseInside. October 9, 2014.

Some Legal Loans Can Create Headaches For Borrowers Andrea Luquetta from CRC comments on the high-cost loans provided by CashCall. Julie Watts. CBS San Francisco. October 8, 2014.

Community Group to Oppose CIT-OneWest Deal CRC member’s concerns about a nearly $70 billion bank merger that would combine OneWest Bank (new version of IndyMac) with CIT Group is discussed in this article. Matt Pressberg. Los Angeles Business Journal. October 7, 2014.

Bill Clinton to Headline Banc of California Event CRC’s initial opposition to Banc of California’s acquisition of Banco Popular branches is cited. Matt Pressberg. Los Angeles Business Journal. October 2, 2014.

Banc of California Plans Massive Financial Literacy Event: CRC’s initial opposition to Banc of California’s acquisition of Banco Popular branches is noted. Jackie Stewart. American Banker. October 2, 2014.

What Branchless Banking Means for the CRA (Op Ed): Andrea Luquetta, policy advocate at CRC, explains that Wal-Mart’s new partnership with Green-Dot Bank is a clear example of why bank regulators need to update the Community Reinvestment Act. BankThink. October 1, 2014.

Mortgage servicers are still wrecking lives: This article focuses on a report by CRC and HERA that includes a survey of California housing counselors as well as 11 declarations from homeowners facing unreasonable challenges from their banks and mortgage servicers and how HERA attorneys assisted them to avoid foreclosure. Reed Karaim. Interest.com Oct. 1, 2014.

Checking the Check Cashers Liana Molina explains that payday loans harm the majority of consumers who use them because they are forced to renew the loans repeatedly.  Molina also explains that the Consumer Financial Protection Bureau will be releasing rules to address payday loans in 2015. Tom Gogola. North Bay Bohemian. October 1, 2014.

September 2014

California Law Addresses ATM Charges This article focuses on AB 1614, the EBT Protection and Empowerment Act, legislation that was signed into law by Governor Jerry Brown. The law requires that CalWORKs recipients receive information about options to avoid being charged ATM fees when accessing their benefits. The law also locks in best practices for the EBT vendors, including a 1-800 number and an online dashboard.  Future vendors will also be required to inform recipients and retailers if the EBT system has an outage lasting longer than one hour. Evan Nemeroff. American Banker. September 29, 2014.

HERA and CRC – Making the Case for Immediate Federal intervention In this radio show, Maeve Elise Brown from Housing and Economic Rights Advocates and Kevin Stein from CRC discuss the flood of investor cash into neighborhoods to purchase single family rental homes and create portfolios for securitization on Wall Street.  Eric Lawrence Frazier, Show Host,The Power is Now Radio Show. September 23, 2014.

Wells Fargo’s Biased Lending Cost LA Millions In Taxes: Suit The Los Angeles Unified School District has filed suit against Wells Fargo Bank alleging violations of the Fair Housing Act by targeting predatory mortgages to nonwhite homeowners and later foreclosing on them. CRC and ACCE research on the cost to the City of Los Angeles for a high number of foreclosures is cited. Igor Kossov. Law360. September 22, 2014.

Too Big to Fail Bank Merger in California Could Hurt Consumers The proposed merger between CIT Group, Inc (CIT) (NYSE: CIT) and OneWest bank is the focus of this article, as well as the troubled history of CIT Group, the recipient of $2.3 billion in TARP funds prior to filing the fifth largest bankruptcy in the U.S. (measured by assests),  and OneWest’s precedesor, IndyMac Bank, the 3rd largest bank failure in the US.  Juliette Fairley.Mainstreet.com. September 19, 2014.

Shouldn’t communities be considered ‘too big to fail’? This guest column by Paulina Gonzalez from the California Reinvestment Coalition and Orson Aguilar from the Greenlining Institute outlines community concerns about a proposed bank merger between OneWest bank (former IndyMac) and CIT Group, which received $2.3 billion in TARP funding prior to declaring bankruptcy in 2009.  Gonzalez and Aguilar suggest that communities should also be considered “Too Big to Fail.” Los Angeles Daily News. September 18, 2014.

Glitches, complaints plague Ocwen, other mortgage servicers CRC’s survey of housing counselors across California is cited, including the fact that Ocwen and Nationstar both moved into the 3rd and 4th “most difficult to work with” ranking by housing counselors. Stein explains that when mortgage servicing is transferred, homeowner modifications can be lost by the new servicer. E. Scott Reckard. Los Angeles Times. September 17, 2014.

Truce in CRA Fight Between Banc of California, Community Group Paulina Gonzalez explains that CRC is withdrawing its opposition to Banc of California acquiring 20 Banco Popular branches as a result of Banc of California developing a public community benefit plan. Chris Cumming. American Banker. September 5, 2014. (note: American Bankerrequires subscription for most articles. To view the plan or CRC’s press release, visit this link).

August 2014

Bank Of America Paying Record Settlement Over Mortgage Meltdown Kevin Stein is interviewed about the Bank of America settlement and highlights that the bank is incentiveized to get the relief out quickly to homeowners. Julie Watts. KPIX CBS San Francisco Bay Area. August 21, 2014.

Bank of America Settlement Likely to Benefit Few Kevin Stein is quoted about the amount of the Bank of America settlement vs. the devastation created for families and communities by the mortgage crisis. Josh Boak, Pete Yost, and Marcy Gordon. Associated Press. August 21, 2014.

BofA Credited in U.S. Deal for Other Firms’ Consumer Aid Kevin Stein comments on the Bank of America settlement and how modifications offered by the bank or others will be counted. Jody Shen and Hugh Son. Bloomberg Businessweek. August 21, 2014.

How much would you spend to save $19 million a year? In this Op-Ed, Paulina Gonzalez, executive director of CRC, and Paul Tepper, executive director of the Western Center on Law and Poverty, explain how the EBT Protection and Empowerment Act can help address the over $19 million in public benefits that are lost to ATM fees.Op-Ed. San Jose Mercury News. August 21, 2014.

For California, Bank of America settlement might not be as good as it seems Kevin Stein comments on the Bank of America settlement, expresses concern about activities in the settlement that the bank may already be engaged in, and cites the feedback from housing counselors in CRC’s most recent survey, wherein Bank of America was rated 2nd worst servicer. Ben Bergman. KPCC. August 21, 2014.

Payday lenders banned from Menlo Park Menlo Park’s ban on payday and car title lenders is the focus of this article, which mentions support from the California Reinvestment Coalition and other organizations. Rhea Mahbubani. San Jose Mercury News. August 20, 2014.

Evite préstamos imposibles de pagar, ¿cómo evitar los préstamos del día de pago? This clip focuses on the rally and press conference against payday loan sharks (as part of Shark Week) held by CRC, and our members and allies. Univision14. August 13, 2014.

Rally In San Francisco Calls Attention To Predatory Payday Lenders A rally CRC held with our members and advocates is the focus of this clip, wherei Liana Molina explains that we are hunting a different kind of shark for shark week- payday loan sharks. CBS San Francisco. August 13, 2014.

Confusion still surrounds overdraft policies A report that details the over 60 “secret shopping” visits CRC conducted with our national partners in North Carolina (Reinvestment Partners), New York (New Economy Project), and Illinois (Woodstock Institute) is cited. Andrea Luqueta, policy advocate with CRC, explains that the shoppers received conflicting information from bank staff when the shoppers inquired about overdraft policies and fees. Herb Weisbaum (The Consumer Man) CNBC. August 9, 2014.

US banks told to steer billions to hard-hit areas Kevin Stein explains that homeowners in the areas that were hardest hit by the foreclosure crisis still aren’t seeing adequate help. Kara Scannell. Financial Times. August 7, 2014.

Concern US housing relief skips the hardest hit Kevin Stein comments on the lack of transparency in the National Mortgage Settlement and explains that local housing counselors and legal advocates are not seeing much relief offered to homeowners. Kara Scannell.Financial Times. August 7, 2014.

Big Banks Flunk A Mystery-Shop Overdraft Test The “secret shopping” report by CRC and our three partners in Illinois (Woodstock Institute), North Carolina (Reinvestment Partners) and New York (New Economy Project) is cited in this article. Secret shoppers inquired about overdraft policies and fees at over 60 branch locations in the four states and received contradictory and confusing information. Kevin Wack. American Banker. August 5, 2014.

Impac Mortgage rolls out loans with easier qualifying terms Kevin Stein comments on new mortgage loans and cautions that riskier loans helped to fuel the mortgage and foreclosure crisis. E. Scott Reckard. Los Angeles Times. August 1, 2014.

July 2014

Community Advocates Protest Banco Popular Buyout Prominent leaders in the Los Angeles community turned out for a press conference in front of a Banco Popular branch in downtown LA, as part of California Reinvestment Coalition’s opposition to the proposed acquisition. Protest was covered in the Inglewood News and the Hawthorne Press Tribune . July 31, 2014.

Can LA’s Communities Bank on Antonio Villaraigosa? Professor Peter Dreier spells out community concerns when a representative from the Office of the Comptroller of the Currency explained that banks aren’t required to make their Community Reinvestment Plans public, and “You must take that leap of faith that they do have all their plans in place” Peter Dreier, Op-Ed, HuffingtonPost Politics. July 30, 2014.

Can Los Angeles communities bank on Antonio Villaraigosa?  In this Op-Ed, Professor Peter Dreier details the concerns from the California Reinvestment Coalition about a lack of transparency in Banc of California’s community reinvestment plans as it attempts to purchase 20 Banco Popular branches. Peter Dreier, Op-Ed, Los Angeles Daily News. July 29, 2014.

Advocacy Group Casts Lot With Former Mayor CRC’s opposition to Banc of California’s proposed acquisition of 20 Banco Popular branches is cited, as is former mayor Antonio Villaraigosa’s role in working with Banc of California. James Rufus Koren. Los Angeles Business Journal. July 28, 2014. (subscription required)

Communities Deserve Transparency in Bank M&A In this Op-Ed, Paulina Gonzalez, executive director of the California Reinvestment Coalition, explains why CRC is opposing Banc of California’s proposed acquisition of 20 Banco Popular branches. Gonzalez cites a lack of CRA transparency and questions how the Office of the Comptroller of the Currency can review the proposed acquisition when Banc of California has provided few details on bank activities that would qualify for credit under the Community Reinvestment Act. BankThink.July 24, 2014.

East L.A.’s Pan American Bank gets $6-million bailout from other banks In this article about 16 community and regional banks investing in Pan American bank, opposition to Banc of California’s proposed acquisition of 20 Banco Popular branches is cited. E. Scott Reckard.Los Angeles Times. July 23, 2014.

Fusión bancaria podría eliminar programas para latinos Prominent Los Angeles community leaders gathered at a local Banco Popular branch to speak out about the lack of transparency in Banc of California’s community reinvestment plans. Araceli Martínez Ortega.La  La Opinión. July 22, 2014.

Banc of California expansion opposed by advocates for minorities, low-income CRC’s concerns about Banc of California’s lack of a public Community Reinvestment Act plan are cited in this article. Paulina Gonzalez, executive director at CRC, explains the importance of transparency in building trust with customers. Josie Huang. Southern California Public Radio. July 22, 2014.

Advocacy Group Secures Review of California Branch Deal When Banc of California announced its intention to acquire 20 Banco Popular branches, it published notice in theOrange County Register and the New York Times. In CRC’s letter to the OCC opposing the acquisition until Banc of California is more transparent in its plan for the branches and community, CRC members expressed concern that current Banco Popular customers may not have seen the notice. This article explains that the Office of the Comptroller of the Currency required Banc of California to re-publish the notice in local media, including the Los Angeles Times and La Opinión. The OCC also extended the comment period on the proposed acquisition 30 days, until August 19th. Chris Cumming. American Banker. July 18, 2014.

Banc of California, Advocacy Group Spar over CRA Plan CRC’s opposition to Banc of California purchasing 20 Banco Popular branchs is cited in this article. Paulina Gonzalez is quoted about the bank lacking a public community reinvestment plan. Chris Cumming.American Banker. July 17, 2014.

What’s missing in mortgage settlements? In this Op-Ed by CRC’s executive director, Paulina Gonzalez, she calls on the US Department of Justice to implement public reporting requirements in mortgage settlements, similar to the data reporting required under the Home Mortgage Disclosure Act. Gonzalez cites CRC and GAO research suggesting that the same communities targeted for the most predatory loans are now receiving less help under mortgage settlements and the government’s main foreclosure prevention program, HAMP.HousingWire. July 16, 2014.

Banc of California Expects OK of Branch Purchases CRC’s support for Banc of California to release a public reinvestment plan prior to its acquisition of 20 Banco Popular branches is cited. Andrew Edwards. Los Angeles Business Journal. July 15, 2014.

Relief for California borrowers seen in $7 billion Citigroup settlement CRC concerns about Citigroup’s mortgage settlement with the US Justice Department is cited. Pete Carey. San Jose Mercury News. July 15, 2014.

Fleeced Again… Plundering Our Elders This review of the documentary Fleeced cites Annette Smith and CRC’s work against the bank version of payday loans- known as deposit advances. Ted Wysocki. ShelterForce. July 15, 2014.

Activists Oppose Banc of California Acquisitions CRC’s opposition to Banc of California’s acquisition of 20 Banco Popular branches is cited in this article. Andrew Edwards. Los Angeles Business Journal. July 14, 2014.

How the Kings arena will shake-up downtown Sacramento as we know it Paulina Gonzalez discusses the use of Community Benefit Agreements in the context of the new Sacramento arena and potential displacement that will result. Raheem F. Hosseini. Saramento News Review. July 3, 2014.

June 2014

Housing Advocates Push Arena Project to More For the Community Paulina Gonzalez discusses negotiations related to a potential new sports arena in Sacramento and how Community Benefits Agreements can mitigate the negative impacts on the local neighborhoods. David Greenwald. The People’s Vanguard of Davis. June 30, 2014.

Local Mortgage Lawsuits Could Pile Up For Banks Kevin Stein is quoted in this article, explaining how low income communities and communities of color were targeted for predatory loans, and as a result, foreclosures were more concentrated in these neighborhoods.  Stein also comments on the unequal and insufficient relief that has been provided by the National Mortgage Settlement. Timothy Hogan. Morning Consult. June 28, 2014.

Blighted homes linger in L.A., frustrating neighbors Research from ACCE and CRC about the high cost of foreclosures in Los Angeles is cited in this article about a foreclosure registry in Los Angeles that is not working as intended. Time Logan and Doug Smith. Los Angeles Times. June 10, 2014.

Lawyers Are Now The Driving Force Behind Mortgage Scams CRC’s 10th survey of housing counselors and legal aid attorneys is cited in this article about attorneys operating foreclosure modification scams. Ben Hallman. Huffington Post. June 9, 2014.

Wall Street Sets Its Sights on Renters Kevin Stein discusses whether or not large private equity firms are equipped to manage the approximately 200,000 single family homes they have purchased.  Stein also questions if companies may seek to raise rents to unaffordable levels. Samuel Oakford. Inter Press Service. June 9, 2014.

Citigroup Must Face L.A. Discriminatory Lending Lawsuit Research from CRC and ACCE is cited in this article about Citigroup losing its attempt to have a lawsuit by the LA City Attorney dismissed. Evard Petterson. Bloomberg. June 9, 2014.

City attorney takes aim at big banks  The 2011 report by CRC and ACCE is cited in this column about the LA City Attorney suing large banks for the damage caused to communities by predatory lending and the subsequent foreclosure crisis. Michael Hiltzick. Los Angeles Times. June 6, 2014.

Los Angeles sues JPMorgan over ‘predatory’ mortgages to minorities CRC and ACCE research is cited in this article about the City of Los Angeles suing JPMorgan Chase to recoup costs to the city due to predatory mortgages and the resulting foreclosures. RT. June 2, 2014.

May 2014

L.A. suit alleges discriminatory lending by JPMorgan Research by ACCE and CRC on the high costs of the foreclosure crisis to the City of Los Angeles is cited in this article about a lawsuit against JPMorgan Chase bank. Asher Klein. Orange County Register. May 31, 2014.

L.A. sues JPMorgan Chase over minority loans The research report by CRC and ACCE on the costs the city of LA incurred as a result of the foreclosure crisis is cited in this article about JPMorgan Chase being sued by the LA City Attorney. Scott Bridges. LA Biz. May 30, 2014.

LA City Atty Hits JPMorgan With Racist-Lending Lawsuit CRC and ACCE research reports are cited in this article about the LA City Attorney suing JPMorgan Chase bank to recoup costs from predatory lending that led to a wave of foreclosures. Beth Winegarner. Law360.May 30, 2014.

L.A. sues JPMorgan Chase, alleges predatory home loans to minorities This article about LA City Attorney Mike Feuer suing JPMorgan Chase cites CRC and ACCE research on the $1.2 billion in extra costs for the city of Los Angeles due to a wave of foreclosures from 2008-2012. Andrew Khouri. Los Angeles Times. May 30, 2014.

Foreclosures Lead to an Increase in Murders and Suicides Kevin Stein from CRC discusses results from CRC’s new survey of housing counselors and suggests resources for homeowners facing foreclosure. Juliette Fairley. Main Street. May 29, 2014.

Wells Fargo Can’t Shake L.A. Lawsuit Over Predatory Loans Research by CRC and by ACCE on the cost of foreclosures to the city of Los Angeles is cited in this article about a judge denying Wells Fargo’s request to dismiss a lawsuit by LA City Attorney Mike Feuer to recoup these costs. Edvard Pettersson. Bloomberg BusinessWeek. May 28, 2014.

Mortgage Companies Break The Law And Their Own Promises To Homeowners CRC’s new report is cited in this article, which also highlights two of the homeowner stories from the report.  Attorneys from Housing and Economic Rights Advocates worked with homeowners to share declarations about the challenges they faced when seeking loan modifications from their bank or mortgage servicers.  The 11 declarations are included in this report, as are the results of a survey of over 60 housing counselors located throughout California. Alan Pyke.Think Progress. May 21, 2014.

Foreclosure woes hit minorities hard, survey shows The articles covers CRC’s new report, which includes stories and declarations from 11 homeowners who worked with attorneys at Housing and Economic Rights Advocates, as well as the results of a survey of over 60 housing counselors and attorneys who work with homeowners throughout California. Antonie Boessenkool. Los Angeles Register. May 21, 2014.

Regulators Must Bolster Homeowner Protections In this American Banker BankThink Blog Op-Ed, Kevin Stein and Divya Rao from CRC cite results from CRC’s latest survey of housing counselors and legal aid attorneys in making recommendations to improve homeowner protections when seeking a loan modification. Kevin Stein and Divya Rao. American Banker BankThink Blog. May 20, 2014.

Report: When It Comes to Mortgage Loan Servicing, Banks Are Still Failing to Comply With the Law CRC’s new report with results from a survey of over 60 housing counselors and declarations from homeowners who worked with Housing and Economic Rights Advocates is cited. Darwin BondGraham. East Bay Express. May 20, 2014.

Foreclosure Overhaul Comes Too Slowly For Many Homeowners CRC’s new report which includes results from a survey of over 60 housing counselors, as well as 11 declarations from homeowners who worked with Housing and Economic Rights Advocates is cited. A homeowner from Oakland is interviewed, as is Lisa Sitkin, an attorney at Housing and Economic Rights Advocates. Chris Arnold. Morning Edition. May 20, 2014.

Homeownership in Sacramento plummets to lowest level in 40 years Kevin Stein comments on homeownership levels sinking in Sacramento, and cites foreclosures, a lack of credit for first-time homebuyers, and private equity investors as possible causes. Hudson Sangree and Phillip Reese. Sacramento Bee. May 12, 2014.

Blackstone unit Invitation Homes sued over rental house’s condition Kevin Stein discusses a lawsuit against Invitation Homes for the conditions of a rental property.  Stein questions if Blackstone has the capacity to manage the tens of thousands of homes the company has acquired as rentals. Andrew Khouri. Los Angeles Times. May 5, 2014. Article was also cited by Motley Fool.

Default Mode: How Ocwen Skirts California’s Mortgage Laws Kevin Stein comments about the number of complaints homeowners have made against Ocwen Loan Servicing. David Dayen. Capital & Main. May 5, 2014.

April 2014

Muchos clientes de Wells Fargo podrían perder su casa Paulina Gonzalez, Executive Director at CRC, is interviewed and discusses why CRC, New Economy Project, and Reinvestment Partners sponsored a shareholder resolution calling on Wells Fargo to conduct an independent fair lending audit. Univision San Antonio 41. April 29, 2014.

Wells Fargo blasted for ‘predatory lending’ The shareholder resolution sponsored by CRC, New Economy Project, and Reinvestment Partners is cited. Patrick Danner. SF Gate. April 29, 2014.

Wells Fargo CEO John Stumpf finds few protesters at annual meeting in Texas Hill Country The shareholder resolution sponsored by CRC, New Economy Project, and Reinvestment Partners is cited. Mark Calvey. San Francisco Business Times. April 29, 2014.

Mortgage Complaints Overrun Wells Fargo Shareholder Meeting The shareholder resolution sponsored by CRC, New Economy Project, and Reinvestment Partners is cited, as is support for the referendum by Institutional Shareholder Services, Inc. Saabira Chaudhuri. Wall Street Journal. April 29, 2014.

Consumer Advocates Protest Wells Fargo’s Annual Shareholders Meeting for Third Year Running A shareholder resolution sponsored by CRC, New Economy Project (NY) and Reinvestment Partners (NC) is cited in this article about Wells Fargo holding its shareholder meeting in San Antonio, Texas. The resolution would require the bank to conduct an external audit to ensure bank practices are meeting fair housing and lending laws. Darwin BondGraham. East Bay Express. April 29, 2014.

Wells Fargo moves annual meeting to Texas, but protesters follow A shareholder resolution sponsored by CRC, New Economy Project (NY) and Reinvestment Partners (NC) that would require Wells Fargo to conduct an external audit of its loan servicing practices is cited. E. Scott Reckard. Los Angeles Times. April 29, 2014.

Fannie Selling to Investors Backpedals on Homebuyers: Mortgages The concerns from 80 organizations about how Fannie Mae and Freddie Mac REO disposition policies are cited. Heather Perlberg. Bloomberg. April 11, 2014.

How Big Banks Swipe Millions From Welfare Recipients A Wells Fargo customer explains how she is charged $3 at Wells Fargo ATMs to access her CalWORKs benefits because her CalWORKs EBT card is considered “out of network” at Wells Fargo ATMs. Kevin Short.HuffingtonPost Business, also cited by Ebony.com, and Chicago Defender. April 3, 2014.

State Helps Banks Make Millions off Welfare Recipients The $19.4 million in ATM fees charged to recipients of CalWORKs and other public assistance programs in 2012 is cited. Ken Broder. AllGov California. April 1, 2014.

March 2014

Game of Homes The letter sent by 80 organizations expressing concerns about issues with private equity landlords is cited.  Rebecca Burns, Michael Donley, and Carmilla Manzanet. In These Times. March 31, 2014.

As state benefits go digital, banks cash in (Editorial) The report on $19.4 million in ATM fees is cited in this editorial by The Press-Enterprise. March 30, 2014.

Welfare recipients using ATMs with EBT cards cost taxpayers millions in fees The report on $19.4 million in ATM fees is cited. Nela Lichtscheidl. ABC 23, Kero Bakersfield. March 28, 2014.

Welfare ATM Fees Skim Benefits From Needy at Taxpayers’ Expense The $19.4 million in ATM fees paid by recipients of CalWORKs and other public assistance is cited. Nick Sanchez. Newsmax.com. March 28, 2014.

California Taxpayers Got Hit With A $19 Million ATM Fee – Again CRC’s new report on ATM fees is cited. Greg Zeman. Politix. March 27, 2014.

Single-family rental home giants form trade group in Washington The letter sent by 80 organizations to federal regulators, including HUD, SEC, CFPB, OCC, Federal Reserve, and FHFA about issues created by private equity and other investors is cited. Tim Logan. Los Angeles Times. March 26, 2014.

How much do you spend on ATM fees? CRC’s new report on ATM fees is cited. Mark Huffman. ConsumerAffairs. March 26, 2014.

Money for Nothing: Big Banks Skim Millions From California’s Poor The new report on $19.4 million in ATM fees is cited. Joshua De Leon. Ring of Fire. March 26, 2014.

California’s Welfare Recipients Lose Millions In Fees Just To Access Their Benefits CRC’s new report on ATM fees is cited. Bryce Covert. ThinkProgress. March 26, 2014.

Banks profit from fees paid by California welfare recipients Article cites CRC’s new report on the $19.4 million in ATM fees paid by people receiving public assistance in California in 2012. Chris Megerian. Los Angeles Times. March 25, 2014. Cited as a “must read” by East Bay Express, and cited by KCRW radio station in Santa Monica, World News Network, Capital & Main, and more.

Big banks’ ATM fees rip off $19 million from welfare recipients Article cites new report by CRC focused on the $19.4 million in ATM fees paid by people receiving CalWORKs and other public assistance programs in 2012. Gloria Shur Bilchik. Daily Kos, Occasional Planet blogs and San Diego Free Press. March 25, 2014.

How Big Banks Rake in Millions on the Backs of California’s Poorest Families  A new report by CRC is cited in this article about the $19.4 million in ATM fees paid by people receiving CalWORKs and other public assistance in 2012. Stephanie Mencimer. MotherJones. March 25, 2014.  Article was also cited by Opposing Views.

Study: Welfare recipients spend millions on ATM fees An interview with an Oakland resident highlights the personal impact of the $19.4 million in ATM fees faced by recipients of CalWORKs and other public assistance programs in 2012. Michael Finney. 7 on Your Side,KGO-TV, ABC. March 25, 2014.

Consumer groups seek bond oversight The letter sent to 80 regulators about single family homes being purchased by private equity firms and other investors is cited. Yahoo Finance Australia. March 24, 2014.

Groups sue Gov. Brown over mortgage settlement funds Kevin Stein explains the impact (fewer housing counselors, more foreclosures) of California state government diverting money from the National Mortgage Settlement away from housing counselors in order to plug the state’s budget problems. Tim Logan. Los Angeles Times. March 14, 2014.

Blackstone’s Home Buying Binge Ends as Prices Surge: Mortgages The letter signed by 80 organizations expressing concerns to national housing and bank regulators is cited. John Gittelsohn and Heather Perlberg. Bloomberg. March 14, 2014.

Ninja loans reborn in similar form The concerns outlined by 80 organizations about private equity and investor landlords is cited in this article.  Kevin Stein from the California Reinvestment Coalition is interviewed, as is Maeve Elise Brown, from Housing and Economic Rights Advocates.  Radio New Zealand News. March 10, 2014.

Could a Wall Street firm be your landlord? The letter sent by 80 nonprofit organizations to federal regulators is cited on a show that also includes an interview with Representative Mark Takano about his concerns with the REO to rental model.  A new report from the Center for American Progress about rental securitizatoin is also featured. Ari Melber. The Melissa Harris-Perry Show. March 9, 2014.

The Danger in Giving Payday Lenders a Pass Because “Their Employees Are Nice In this Op-Ed, Andrea Luquetta explains that “nice customer service” at payday lenders does not negate the institutional racism of usurious payday loans targeted to low-income communities and communities of color. Truth-Out.org. March 8, 2014.

First-Time Buyers Being Shut Out In Growing Numbers First-time homebuyers are prevented from purchasing homes when they are forced to compete with all-cash investors. The letter from 80 organizations to the SEC, HUD, CFPB, Federal Reserve, OCC, and FHFA is cited. Mike Wheatley. RealtyBizNews. March 7, 2014.

Want to buy a foreclosure? You may have to compete with a hedge fund Maeve Elise Brown, Executive Director at Housing and Economic Rights Advocates (HERA), outlines the concerns housing advocates have with private equity groups and other investors purchasing large numbers of single family homes.  Brown cites a letter sent by 80 organizations to federal regulators, asking for their assistance in addressing the impacts on tenants, homeowners, and communities. Mark Huffman. ConsumerAffairs. March 6, 2014.

Shut Out of the Housing Market? First-Timers Dwindle The letter sent by 80 organizations to federal regulators is cited. RealtorMag. March 6, 2014.

REAL ESTATE: Where are the boomerang buyers? A letter that 80 organizations sent to the SEC, HUD, CFPB, Federal Reserve, OCC, and FHFA is cited.  The letter calls on regulators to address the impact of private equity firms and other investors flooding into local housing markets and buying up homes. Debra Gruszecki. The Press-Enterprise. March 5, 2014.

Housing Activists: Rental-Property Bonds Might Herald Next Housing Bust The letter outlining concerns by 80 organizations about investor and private equity money pushing out first-time homebuyers, displacing long-term tenants, and changing communities is cited. Dan Weil.MoneyNews. March 5, 2014.

Regulate Wall Street home buying, consumers plead Eighty organizations signed onto a letter, expressing concerns about the impact on first-time homebuyers, long-term tenants, and communities as private equity and investors purchases large numbers of homes with the intention of securitizing the rents from these single family homes. Kim Miller. The Palm Beach Post. March 5, 2014.

78 Groups Urge Scrutiny of Wall Street Cash in Local Housing Markets The letter sent by the California Reinvestment Coalition, Housing and Economic Rights Advocates, and 78 other organizations is cited at approximately 14.25 into the program. Amy Goodman. Democracy Now. March 4, 2014.

California advocates want to put the brakes on REO-to-rental A letter sent by 80 organizations to the SEC, HUD, CFPB, Federal Reserve, OCC, and FHFA outlining concerns about private equity groups and investors buying up homes is cited, as are specific concerns and recommendations to the regulators. Trey Garrison. HousingWire. March 4, 2014.

Wall Street Has Found Its Latest Dangerous Financial Product, Activists Warn A letter sent by the California Reinvestment Coalition, Housing and Economic Rights Advocates, and 78 other organizations is cited.  In the letter, the nonprofit organizations ask federal regulators for help with investor and private equity cash pushing out first-time homebuyers, displacing long-term tenants, and changing communities. Benjamin Hallman and Jillian Berman.HuffingtonPost Business. March 4, 2014.

February 2014

Billionaire Erbey Fails to Halt Ocwen Slide on Probe: Mortgages Kevin Stein explains that Ocwen Financial Corp. is frequently cited by housing counselors in California as a loan servicer who is difficult to work with. Stein also questions whether servicing firms like Ocwen have sufficient capacity to accept more loan servicing contracts while also maintaining good servicing practices and not just foreclosing on homeowners. Kathleen M. Howley and Heather Perlberg. BloombergBusinessweek. February 27, 2014.

Wall Street Landlords Buy Bad Loans for Cheaper Homes Kevin Stein comments about companies like American Homes 4 Rent, who previously purchased foreclosed homes and are now buying distressed mortgages.  Stein comments on the danger for homeowners if a business model is focused on foreclosing on homes as compared to modifying mortgages. Heather Perlberg and John Gittelsohn. Bloomberg. February 21, 2014.

Q&A: Housing advocate Maeve Elise Brown, on homeowners’ rights Maeve Elise Brown, Executive Director of Housing and Economic Rights Advocates (HERA), discusses her work enforcing the California Homeowner Bill of Rights, unfair debt collection, and breaches of mortgage modification agreements by servicers.  Brown also discusses HERA’s work with CRC to address the flood of investor and private equity cash that is buying up homes, displacing tenants, and changing communities. Pete Carey. San Jose Mercury News.February 21, 2014.

Wall Street Landlords Buy Bad Loans for Cheaper Homes Kevin Stein is quoted about a new trend of hedge funds purchasing distressed loans and the impact this could have on homeowners if hedge funds are more interested in foreclosing than modifying mortgages. Heather Perlberg and John Gittlesohn. Bloomberg. February 21, 2014.

ConsumerWatch: Wells Fargo Customer Says Bank Went Too Far In Adding Services Paulina Gonzalez discusses banks adding on fees in an investigative story about a Wells Fargo customer who says a bank employee switched him into a more expensive bank account against his wishes. CBS San Francisco. February 20, 2014.

Big bank loans to Santa Cruz County small business down 60 percent” CRC’s new report on the decline in small business loans from 2007 to 2013 is cited in this article, as are CRC recommendations. Jondi Gumz. Santa Cruz Sentinel. February 8, 2014.

GAO Finds Potential Evidence of Fair Lending Violations Under HAMP” Fair housing concerns raised in a new February 2014 GAO report (Troubled Asset Relief Program: More Efforts Needed on Fair Lending Controls and Access for Non-English Speakers in Housing Programs) are discussed. CRC’s 2013 survey of 84 housing counselors and nonprofit attorneys is cited in the GAO report, as are concerns raised by CRC and other advocates about banks not translating materials for homeowners with limited English proficiency. Brandon Ivey. Inside Mortgage Finance. February 7, 2014.

Consumers lodge thousands of complaints about firms that service mortgages” Kevin Stein comments on a  Consumer Financial Protection Bureau that finds homeowners are facing ongoing problems with their mortgage servicers- including issues with private mortgage insurance premiums, incorrect reporting to the credit bureaus, and loan servicing problems. Kenneth R. Harney. Washington Post. February 4, 2014. Article was also carried by Daily Herald, Miami Herald, Worcester Telegram, The Day, Los Angeles Times, Seattle Times, Hartford Courant, and cited by HousingWire.

January 2014

Wells Fargo, US Bank discontinue payday loans in California under consumer pressure” CRC’s opposition to short-term, high-interest loans offered by US Bank and Wells Fargo, is cited in a news article about both banks announcing they would no longer make the loans. Truman Lewis. Consumer Affairs. January 19, 2014.

How to Get a Small Business Loan: Tips for Female Entrepreneurs” CRC’s new small business report, which found a 70% decrease in loans to women-owned small businesses from 2007 to 2013. Nicole Fallon. BusinessNewsDaily. January 19, 2014. Article was also carried by New Jersey Biz blog: “Breaking Glass” Fox Business Small Business Center, and Women Presidents’s Organization Chicago.

Wells Fargo to discontinue Direct Deposit Advance product” CRC’s opposition to the high-interest consumer loan is cited. Antrenise Cole. Birmingham Business Journal. January 17, 2014.

I Want a Bank that Wants Me” In a guest-opinion for American Banker‘s BANKTHINK blog, Andrea Luquetta discusses her experiences with banks and what she is looking for as a bank customer.  January 14, 2014.

It’s a brave new QM world – you just work there Kevin Stein is quoted about new rules from the Consumer Financial Protection Bureau going into effect on January 10, 2014, and explains they will help in originating mortgages that aren’t predatory, and that banks and loan servicers will be held accountable for meeting new loan servicing rules. Trey Garrison.HousingWire. January 9, 2014.

PayPal steps up small-business lending” Alan Fisher comments on small businesses turning to alternatives for small business loans (like PayPal) in light of CRC’s December 2013report that highlighted a 60% drop in small business lending in California from 2007-2013. Lily Leung. Orange County Register. January 1, 2014. Article was also carried by Contra Costa Times (1/2), E-Credit Daily (1/4), Seattle Times (1/9), Knoxville News Sentinel (1/9), ArcaMax(1/9), The Ledger (1/9), Wilkes Barre Times-Leader (1/13), Kitsap Penninsula Journal (1/13),The Commercial Appeal (1/19).

December 2013

Mortgage tax break expires despite bipartisan support in Congress” Kevin Stein is quoted explaning the significance of Congress not renewing the Mortgage Debt Forgiveness Act in the context of recent settlements with banks and servicers that include principal reductions for homeowners.  Unless Congress renews this Act, principal reductions could result in tax bills for this “income.” Jim Puzzanghera. Los Angeles Times. December 31, 2013.

California Banks Tighten Purse Strings, Small Businesses Suffer” Alan Fisher is quoted about CRC’s new report documenting a dramatic drop-off in small businesses loans in California since 2008, especially for small businesses owned by women, Latinos, and African-Americans. Michael Muckian. Credit Union Times. December 27, 2013.

Los Angeles files third mortgage-lending discrimination suit, this time against Bank of America” A joint report written by the Alliance of Californians for Community Empowerment and California Reinvestment Coalition is cited in an article about the City of Los Angeles suing Citigroup, Wells Fargo, and Bank of America for a wave of foreclosures in Los Angeles that has cost the city an estimated $1.2 billion. Gregory Wilcox. Los Angeles Daily News.December 9, 2013.

Banks’ Reverse Redlining Cost It $1 Billion, Los Angeles Claims” A joint report written by the Alliance of Californians for Community Empowerment and California Reinvestment Coalition is cited in an article about the City of Los Angeles suing Citigroup, Wells Fargo, and Bank of America for a wave of foreclosures in Los Angeles that has cost the city an estimated $1.2 billion. Matt Reynolds. Courthouse News Service. December 9, 2013.

LA Sues Bank of America for Causing Home Foreclosures That Depressed Local Tax Revenue” A joint report written by the Alliance of Californians for Community Empowerment and California Reinvestment Coalition is cited in an article about the City of Los Angeles suing Citigroup, Wells Fargo, and Bank of America for a wave of foreclosures in Los Angeles that has cost the city an estimated $1.2 billion. Liz Spear. ManhattanBeach Patch.December 8, 2013.

Los Angeles Sues Wells, Citigroup, Alleging Mortgage Bias” A joint report written by the Alliance of Californians for Community Empowerment and California Reinvestment Coalition is cited in an article about the City of Los Angeles suing Citigroup, Wells Fargo, and Bank of America for a wave of foreclosures in Los Angeles that has cost the city an estimated $1.2 billion. Erica E. Phillips. Wall Street Journal. December 6, 2013.

LA sues Wells Fargo and Citigroup, alleging predatory lending”  A joint report written by the Alliance of Californians for Community Empowerment and California Reinvestment Coalition is cited in an article about the City of Los Angeles suing Citigroup, Wells Fargo, and Bank of America for a wave of foreclosures in Los Angeles that has cost the city an estimated $1.2 billion. Andrew Khouri. Los Angeles Times. December 5, 2013.

November 2013

Banks Come Under Fire For Filling In The Payday Loan Gap” Annette Smith, a consumer who paid nearly $3,000 in fees over the course of five years with Wells Fargo “direct deposit advance” loans is interviewed in the context of new rules from the FDIC and OCC that will mean far greater scrutiny for banks who continue offering high interest loans. Robert Benincasa. Morning Edition on NPR. December 5, 2013.

Irvington Squares off against Wells Fargo in Fight over Foreclosures” CRC’s April 2013 survey of over 80 housing counselors and nonprofit attorneys is cited in a story about Irvington, New Jersey using eminent domain and the difficulties faced by a homeowner with dementia in obtaining a modification from Wells Fargo. Joe Tyrrell. NJ Spotlight. November 26, 2013.

Cutting to the (JPMorgan) Chase Mortgage Settlement” Kevin Stein’s analysis of the JPMorgan Chase settlement is cited. Rick Cohen. Nonprofit Quarterly. November 26, 2013.

JPMorgan Settlement Offers Little Help to Homeowners” Kevin Stein is quoted on recent JPMorgan Chase settlement, explains that forbearances may not be a permanent solution for homeowners facing foreclosure. Michael Kling. NewsMax. November 21, 2013.

Wells Fargo’s John Stumpf, the 2013 Banker of the Year” CRC’s April 2013 housing counselor survey is cited and Kevin Stein comments on the bank’s foreclosure activities. Maria Aspen. American Banker. November 21, 2013.

“‘Historic’ JPMorgan Settlement Won’t Help Most Of The Neediest Cases” Kevin Stein comments on JPMorgan Chase settlement, explains that while relief will be helpful, it is a “drop in the bucket” compared to the need. Ben Hallman. Huffington Post. November 20, 2013.

Here’s how Chase must spend $4 billion on consumer relief” Kevin Stein discusses JPMorgan Chase settlement and focus on principal reductions.  Also suggests that monitor of settlement should require Chase to report race, ethnicity, gender, income and neighborhood information to ensure relief gets to hardest hit communities. Kathleen Pender. Net Worth Plus Blog, SF Gate. November 19, 2013.

Oakland City Council members slow talk of anti-foreclosure plan in Oakland” Kevin Stein discusses a possible resolution by the Oakland City Council supporting the City of Richmond’s eminent domain plan, and explains that people continue losing their homes. Steven Tavares. Oakland Local. November 10, 2013.

October 2013

Judge denies auto-title lender’s petition over LB Council’s objection to moving into Wrigley” Liana Molina, CRC’s Payday Campaign Organizer, comments on a recent court case involving an out-of-state car title lender trying to open a business in Long Beach, California.  The City of Long Beach denied a permit for the lender, the lender sued, and a LA Superior Court Judge found that the City had appropriately denied the permit to the lender. Sean Belk.Signal Tribune Newspaper. November 1, 2013.

M&A: Big pricey deals dominated Q3” CRC’s request to federal regulators to attach CRA requirements to PacWest Bank’s acquisition of CapitalSource bank is cited. Sudarshan Agrawal. ABA Banking Journal. October 25, 2013.

How Not to Waste the $4 Billion JPMorgan’s Going to Give Homeowners” Suggestions by CRC and 13 other California nonprofit organizations are cited in the context of the Department of Justice and JP Morgan Chase mortgage settlement negotiations. Karen Weise. Bloomberg Businessweek. October 22, 2013.

Activists May Hold Up Lender’s Big Acquisition” Kevin Stein explains why CRC is asking the FDIC and Federal Reserve to hold hearings on PacWest Bank’s acquisition of CapitalSource Bank. Roberto Barragan, President of Valley Economic Development Center, and a CRC member, explains that he would like to see the bank make specific commitments for community development lending, small business lending, and charitable contributions. James Rufus Koren. Los Angeles Business Journal. October 14, 2013.

Banking on Fundamentals” CRC’s April 2013 Housing Counselor survey is cited, with housing counselors identifying Wells Fargo as the most difficult major lender to work with when trying to help a homeowner avoid foreclosure. Mark Calvey. SF Business Times. October 4-10, 2013.

PacWest Merger Opposed” Kevin Stein is quoted, and explains how PacWest Bank’s acquisition of CapitalSource would create a much larger bank.  James Rufus Koren. Los Angeles Business Journal. October 4, 2013.

Community Activists Seek Delay of PacWest-CapitalSource Deal” CRC’s support for hearings, additional time for community input, and CRA conditions being attached to PacWest Bank’s acquisition of CapitalSource bank is cited.  Sharon Kinlaw from the Fair Housing Council of San Fernando Valley is quoted, as is Glenn Hayes, from NeighborWorks Orange County.  Both organizations are CRC members. Sarah Todd. American Banker.October 4, 2013.

September 2013

Federal judge criticizes Wells Fargo’s duplicity with troubled borrower” CRC’s 2013 survey of over 80 housing counselors and legal service attorneys is cited. Mark Calvey. San Francisco Business Times. September 30, 2013.

Bay Area City Joins Movement Against Predatory Payday Lenders” Liana Molina, CRC payday organizer, and Kyra Kazantzis, attorney with the Law Foundation of Silicon Valley, explain that in the face of state inaction, local municipalities are utilizing ordinances to restrict fringe financial lenders including payday lenders, check cashers, and car title lenders.California Report. September 27, 2013.

Mortgage relief didn’t help many keep their homes, critics say” Kevin Stein discusses the relief provided to Californians under the National Mortgage Settlement and the fact that only 20% of the relief went to principal forgiveness on first mortgages. E. Scott Reckard. Los Angeles Times. September 25, 2013.

3 banks fulfill deal for mortgage relief in state” Kevin Stein is quoted in discussing a report from the California monitor on the relief provided to Californians under the National Mortgage Settlement. Kathleen Pender. San Francisco Chronicle. September 24, 2013.

Sunnyvale City Council to Consider Payday Loan Regulations” An ordinance to limit payday lending in Sunnyvale is mentioned. (The ordinance passed the following day). KLIV, AM 1590. September 24, 2013.

“Required to Do Good While Managing Risks” Alan Fisher comments on the value of the Community Reinvestment Act in pushing banks to look for qualified borrowers who may otherwise not be served.  Fisher also cautions against the CRA’s current system of measuring banks against their peers, which could lead to “grade inflation.” James Rufus Koren. Los Angeles Business Journal. September 23, 2013.

Eminent Domain Proposal in Richmond, CA Advances” The amici curae brief is cited in this analysis of the eminent domain proposal in Richmond and Wall Street’s concerns that the proposal may move forward.  Rick Cohen. NonProfit Quarterly. September 17, 2013.

Judge refuses injunction request in eminent domain case” The amici curae brief written by Relman, Dane & Colfax PLLC that CRC signed onto with the National Housing Law Project, Housing and Economic Rights Advocates, Bay Area Legal Aid, and the Law Foundation of Silicon Valley is cited within the context of US District Court Judge Stephen Breyer dismissing an injunction sought by Wells Fargo and Deutsche Bank.  Megan Hopkins.HousingWire. September 17, 2013.

Richmond homeowners beat Wall Street bullies 4-3” The amici curae brief written by Relman, Dane & Colfax PLLC that CRC signed onto with the National Housing Law Project, Housing and Economic Rights Advocates, Bay Area Legal Aid, and the Law Foundation of Silicon Valley is highlighted. Grace Martinez. San Francisco BayView. September 14, 2013.

Calif. City Forges Ahead with First-in-the-Nation Plan to Seize Underwater Mortgages” The amici curae brief written by Relman, Dane & Colfax PLLC that CRC signed onto with the National Housing Law Project, Housing and Economic Rights Advocates, Bay Area Legal Aid, and the Law Foundation of Silicon Valley is highlighted. Anna Challet. New America Media. September 14, 2013.

Richmond, California Defies Wall Street to Help Homeowners” The amici curae brief written by Relman, Dane & Colfax PLLC that CRC signed onto with the National Housing Law Project, Housing and Economic Rights Advocates, Bay Area Legal Aid, and the Law Foundation of Silicon Valley is highlighted. Peter Dreier. Huffington Post. September 11, 2013.

Richmond to move forward with eminent domain plan “The amici curae brief written by Relman, Dane & Colfax PLLC that CRC signed onto with the National Housing Law Project, Housing and Economic Rights Advocates, Bay Area Legal Aid, and the Law Foundation of Silicon Valley is highlighted. Carolyn Said. SFGate.com. September 11, 2013.

California City Advances Eminent-Domain Plan Despite Opposition” The amici curae brief is cited. Chris Cumming. American Banker. September 11, 2013.

Richmond: Divided City Council votes to stay on course with plan to use eminent domain to seize mortgages” The amici curae brief and concerns about redlining in Richmond are cited. Robert Rogers. Contra Costa Times. September 10, 2013.

Richmond plan to seize underwater loans faces key challenges” Kevin Stein is quoted, suggesting that instead of suing the city of Richmond, banks should focus on assisting homeowners to stay in their homes. The amici curae brief is also cited.  E. Scott Reckard.Los Angeles Times.  September 10, 2013.

Richmond city council to weigh eminent domain plan tonight” The amici curae brief and concerns about redlining in Richmond are cited. Carolyn Said. SFGate.com. September 10, 2013.

Realtors and residents debate Richmond’s eminent domain plan” The amici curae brief and concerns about redlining in Richmond are cited. Joaquin Palomino. Richmond Confidential. September 10, 2013.

Housing Groups File in Support of Richmond and Eminent Domain” The amici curae brief written by Relman, Dane & Colfax PLLC that CRC signed onto with the National Housing Law Project, Housing and Economic Rights Advocates, Bay Area Legal Aid, and the Law Foundation of Silicon Valley is highlighted. Concerns about the potential for redlining in Richmond are also cited. Jann Swanson. Mortgage News Daily. September 10, 2013.

Fair housing groups rally behind Richmond’s eminent domain mortgage plan” The amici curae brief written by Relman, Dane & Colfax PLLC that CRC signed onto with the National Housing Law Project, Housing and Economic Rights Advocates, Bay Area Legal Aid, and the Law Foundation of Silicon Valley is highlighted. Concerns about the potential for redlining in Richmond are also cited. Inman News. September 9, 2013.

August 2013

Beware of Foreclosure Scams, Warn Housing Nonprofits” Kevin Stein discusses how communities of color are impacted by redlining (not providing loans in certain communities), and reverse redlining (targeting certain communities for higher cost, predatory loans) in the context of the foreclosure crisis and loan modification scammers.  Rene Ciria-Cruz, New America Media. August 18, 2013.

Perfect Storm of Housing Ills Hits Communities of Color” Kevin Stein comments on California’s affordable housing crisis, bank investors pushing out first-time homebuyers, and CRC’s housing counselor survey of over 80 housing counselors and nonprofit attorneys is cited.  Anna Challet, New America Media. August 13, 2013.  (Article was also featured onThe Final Call and Epoch Times.)

Payday lenders prey on seniors” Annette Smith’s testimony is cited and Andrea Luquetta comments on the ability of banks to pay themselves back through customer’s bank accounts. Nisa Islam Muhammad, Final Call. August 1, 2013.

July 2013

Wells Fargo Customer Explains How $500 Loan Resulted In $3,000 In Fees” Annette Smith’s testimony to the Senate Select Committee on Aging is highlighted, as is her interaction with the CEO of Wells Fargo, John Stumpf at a shareholder meeting.  Chris Morran, Consumerist. July 26, 2013.

Wal-Mart Customers Access Loans With Progress Financial” Liana Molina discusses short-term loans that are “loaded” onto purchase cards and can then be used at stores like Wal-Mart.  Renee Dudley, Bloomberg. July 3, 2013.

June 2013

Overseer cites failings in mortgage settlement” Kevin Stein comments on the June 19th report from the National Mortgage Settlement Monitor, Joseph A. Smith, Jr.  E. Scott Reckard, Los Angeles Times. June 20, 2013.

National Mortgage Settlement Monitor Finds Few Flaws As Consumer Advocates Cry Foul” CRC’s April 2013 survey of over 80 housing counselors and non-profit attorneys is cited.  Shahien Nasiripour, Huffington Post, June 19, 2013.

Banks not following mortgage standards” Kevin Stein comments on the June 19th report from the National Mortgage Settlement Monitor, Joseph A. Smith, Jr.  Julie Schmit, USA Today, June 19, 2013.

National Mortgage Settlement compliance failures laced with 60,000 consumer complaints” Kevin Stein comments on the June 19th report from the National Mortgage Settlement Monitor, and CRC’s April 2013 survey of over 80 housing counselors and non-profit attorneys is cited. Broderick Perkins, Deadline News, June 19, 2013.

Banks Slow to Clean Up the Mortgage Mess” CRC’s April 2013 survey of over 80 housing counselors and non-profit attorneys is cited.  John W. Schoen, CNBC, June 14, 2013.

Abolish Payday Lending” Liana Molina is interviewed about payday lending (interview begins at 32:25 in the show).  Up Front radio show, KPFA Radio Station.  June 11, 2013.

Union Bank in California Debuts Underbanked Account” CRC’s support for a new type of banking account is cited. Chris Cumming, American Banker, June 4, 2013.

May 2013

Community Groups Find Banks ‘Out of Compliance’ With Attorney Generals Settlement”       A shareholder resolution for JP Morgan Chase, sponsored by CRC and NEDAP is discussed, Alan Fisher is quoted, and the CRC’s survey of over 80 housing counselors and non-profit attorneys is cited.  Jim Bliesner, San Diego Free Press. May 30, 2013.

Feds propose crackdown on payday lending loans” Andrea Luquetta discusses payday lending products, and the experience of a Wells Fargo customer, Annette Smith, who used a Wells Fargo Direct Deposit Advance product and paid $3,000 in fees for a $500 loan. Michael Finney, 7 On Your Side, KGO-TV.  May 28, 2013.

BofA, JPMorgan say they have fulfilled mortgage settlement terms” Kevin Stein comments on an update from the National Mortgage Settlement Monitor, Joseph A. Smith, Jr. on the amount of relief provided to homeowners under the AG settlement. E. Scott Reckard, Los Angeles Times. May 22, 2013.

JPMorgan shareholder meeting attracts protesters” Alan Fisher explains why CRC sponsored a shareholder referendum with JP Morgan Chase and cites CRC’s survey of over 80 housing counselors and non-profit attorneys. HousingWire, May 21, 2013.

Jamie Dimon easily survives vote to split his duties at JPMorgan Chase shareholder meeting in Tampa” Alan Fisher discusses CRC’s support for a shareholder referendum with JP Morgan Chase, citing ongoing foreclosure and modification challenges for homeowners. Mitch Perry,Creative Loafing, May 21, 2013.

ConsumerWatch: Be Wary Of Bank ‘Deposit Advance’ Loans” Andrea Luquetta discusses similarities between online bank advances and payday loans, and the experience of a bank customer, Annette Smith, who used a Direct Deposit Advance loan from Wells Fargo.  Julie Watts, CBS Bay Area, May 20, 2013.

Un Alivio Ante Los Embargos” Amelia Martinez discusses the results from CRC’s survey of over 80 housing counselors and non profit attorneys. Radio Bilingue. May 15, 2013.

Protesters show up for BofA’s annual shareholder meeting” CRC, the Neighborhood Economic Development Advocacy Project and Reinvestment Partners are cited for attending Bank of America’s shareholder meeting to discuss improving how the bank works with troubled homeowners. HousingWire. May 8, 2013.

N.Y. to sue BofA, Wells over compliance” CRC’s survey of over 80 housing counselors and non-profit attorneys is cited.  Kathleen Pender, San Francisco Chronicle.  May 7, 2013.

NY AG says Wells, BofA not fully complying with mortgage-servicing rules” CRC’s survey of over 80 housing counselors and non-profit attorneys is cited. Kathleen Pender, Net Worth Plus blog on SFGate. May 7, 2013.

N.Y. to sue Bank of America, Wells Fargo over alleged violations of mortgage deal” CRC’s survey of over 80 housing counselors and non-profit attorneys is cited.  Danielle Douglas,Washington Post. May 6, 2013.

Mortgage settlement violations persist in California, group says” Kevin Stein shares the experience of housing counselors and how well the banks are complying with the national AG settlement. CRC’s survey of 80+ housing counselors and non-profit attorneys is cited.  Andrew Tangel, Los Angeles Times. May 6, 2013.

“N.Y.’s Action Against B of A, Wells Likely to Draw Other States” Kevin Stein is quoted within the context of enforcement of mortgage servicing standards included in the National Mortgage Settlement.  Joe Adler, American Banker. May 6, 2013.

Are California Servicers Noncompliant?” Kevin Stein is quoted, discussing the results of CRC’s survey of 80+ housing counselors and non-profit attorneys. Servicing Management.May 1, 2013.

April 2013

Some bank loans prey on the poor” Annette Smith’s Wells Fargo loan is discussed in relation to new proposed federal rules around bank payday lending.  Chattanooga Times.April 27, 2013.

Regulators Warn Banks On Direct-Deposit Loans” Andrea Luquetta and Annette Smith discuss Smith’s direct deposit loan from Wells Fargo within the context of new federal proposed rules to regulate bank payday loans.  John Ydstie, All Things Considered, NPR, April 25, 2013.

“Wells Fargo payday loans under pressure from activists, regulators” CRC’s criticism of Wells Fargo Direct Deposit advance loan product is cited.  Mark Calvey, San Francisco Business Times. April 24, 2013.

Regulators to Restrict Big Banks’ Payday Lending” This article focuses on direct deposit loans and how regulators are taking steps to more closely regulate them.  Annette Smith, a Wells Fargo consumer who used a direct deposit loan, is featured in the story. Jessica Silver-Greenberg, DealBook, New York Times. April 23, 2013.

Mortgage lenders on hot seat again” CRC’s survey of 80+ housing counselors and non-profit attorneys is cited. Marilyn Lewis, MSN Money. April 19, 2013.

Sen. Boxer Seeks Investigation Into Banks’ Non-Compliance in Servicer Settlement” CRC’s survey of 80+ housing counselors is cited in the context of a letter sent by Senator Barbara Boxer to federal officials. National Mortgage Professional Magazine. April 14, 2013.

Boxer Urges Investigation Into Mortgage Settlement Violations” This article focuses on a letter sent by Senator Barbara Boxer in response to CRC’s survey of 80+ housing counselors and non-profit attorneys that found widespread noncompliance with the California Homeowner Bill of Rights and the National Mortgage Settlement. Victoria Finkle, American Banker. April 12, 2013.

Bay Area Foreclosures Shrinking but Bank Practices Still Criticized” Kevin Stein is quoted about bank compliance with the National Mortgage Settlement and California Homeowner Bill of Rights, and CRC’s survey of over 80 housing counselors and non-profit attorneys is cited. Pete Carey. San Jose Mercury News. April 11, 2013.

Survey: Counselors Report Dual-Tracking Problems Still Persist” CRC’s survey of 80+ housing counselors and non-profit attorneys is cited. Esther Cho, DSNews.com. April 8, 2013.

Banks Violate National Mortgage Settlement Rules, Counselors Say” CRC’s survey of 80+ housing counselors and non-profit attorneys is cited. eCreditDaily.com. April 8, 2013.

Banks Not Complying With Mortgage Settlement” CRC’s survey of over 80 housing counselors and non-profit attorneys is cited. HuffPost Live.

Lingering economic fallout, mortgage servicing violations prolong housing recovery for many Americans” CRC’s survey of over 80 housing counselors and non-profit attorneys is cited. Broderick Perkins, DeadlineNews.com. April 4, 2013.

Advocacy Group Claims Banks Are Ignoring Settlement Requirements” CRC’s survey of over 80 housing counselors and non-profit attorneys is cited. MortgageOrb.com. April 4, 2013.

Banks Continue to Violate Nationwide Servicer Settlement” CRC’s survey of 80+ housing counselors and non-profit attorneys is cited.  National Mortgage Professional Magazine. April 4, 2013.

Bancos le dan la espalda a compradores por hipotecas” CRC Board member Daniel Rodriguez discusses challenges faced by Spanish-speaking families in Los Angeles who are trying to avoid foreclosure. Univision 34. April 4, 2013.

Banks Are Violating Mortgage Deal, Report Says” Cheyenne Martinez-Boyette, Homeownership Program Lead at Mission Economic Development Agency, a CRC member, is interviewed about his experience working with homeowners trying to avoid foreclosure and the assistance (or lack thereof) he has received from banks and servicers.  Kevin Stein also discusses survey of over 80 housing counselors and non-profit attorneys.  Rachel Dornhelm, California Report, KQED. April 4, 2013.

Banks are not complying with mortgage settlement, survey finds” CRC’s survey of 80+ housing counselors and non-profit attorneys is cited. E. Scott Reckard. Los Angeles Times.April 3, 2013.

California Counselors Claim Banks Violate Settlement, State Bill” CRC’s survey of over 80 housing counselors and nonprofit attorneys is cited. Amylda Dymi, National Mortgage News.April 2, 2013.

March 2013

Community Advocates Seek Data on True Impact of Mortgage Settlement” CRC’s support for regulators collecting more specific data as part of the AG settlement, as well as CRC’s housing counselor survey of over 80 housing counselors and non-profit attorneys is cited.  ECreditDaily.com March 29, 2013.

February 2013

Big Payouts Help Homeowners Leave Homes” Kevin Stein reacts to a recent report from the Monitor of the National AG settlement, which found that a large part of the relief is being provided through short sales, not loan modifications that allow people to keep their homes.  Rachel Dornhelm, KQED. February 21, 2013.

Banks bail out thousands of California homeowners under mortgage settlement” Kevin Stein discusses a recent report from the Monitor of the National AG settlement, and suggests that modifications of first lien mortgages would be more beneficial for keeping people in their homes, as compared to relief provided through short-sale approvals. Pete Carey, San Jose Mercury News. February 21, 2013.

California falling foreclosures may be a mirage in the desert” Kevin Stein is quoted about the recently enacted Homeowner Bill of Rights. Kerri Ann Panchuk. HousingWire. February 15, 2013.

Are New Foreclosure Laws Altering Real Estate Landscape?” Kevin Stein is interviewed about the impact of the Homeowner Bill of Rights in California and explains that housing counselors continue to report noncompliance, including dual tracking and single point of contact issues. NBC Bay Area. February 15, 2013.

Nationwide Foreclosure Activity Down Thanks To California’s Homeowners Bill of Rights” Kevin Stein comments on foreclosure data in California, and the important role of the Homeowner Bill of Rights for California homeowners who are working with their banks or servicers. Mel Fabrikant, The Paramus Post. February 15, 2013.

How Do You Reinvent the Payday Loan? Scrap It” In an Op-Ed, Liana Molina and Andrea Luquetta, (CRC staff members) suggest that alternatives to payday loans are problematic if they are still charging APRs of over 200%. American Banker. February 12, 2013.

January 2013

Federal consumer bureau announces new rules to protect struggling mortgage borrowers” Kevin Stein discusses new rules focused on mortgage servicing released by the Consumer Financial Protection Bureau.  Pete Carey, San Jose Mercury News. January 18, 2013.

Woman claims she entered Wells Fargo ‘debt trap’” CRC’s opposition to the “Direct Deposit Advance” loan is featured in this story about Annette Smith, a Wells Fargo customer who ended up paying over $2,500 in fees for a $500 loan over the course of five years.  Michael Finney, 7 on Your Side, ABC 7.  January 16, 2013.

Bay Area foreclosure rate falls” Kevin Stein is interviewed about the number of foreclosures in California. Steve Johnson, San Jose Mercury News. January 15, 2013.

Californians could benefit in bank payments” Kevin Stein comments on the Independent Foreclosure Review, and discusses whether or not the benefit will reach communities that were hit hardest by the mortgage meltdown. Pete Carey, Daily Democrat. January 11, 2013.

Bay Area to feel impact of new mortgage lending rules” Kevin Stein speaks about new mortgage lending rules. Pete Carey, San Jose Mercury News. January 11, 2013.

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