October 16, 2008
Survey Reveals Loan Modifications Still Uncommon, Government and Lenders Doing Little to Help Borrowers
CRC surveyed 44 California mortgage counseling agencies, who served 11,630 struggling homeowners statewide in September 2008, and found that despite a plethora of government initiatives and lenders’ promises to help mortgage borrowers, foreclosure is still the most common outcome for homeowners now facing deep economic challenges.
This was the fourth survey of a series that examines the extent to which home servicers are modifying loans. The results are consistent: loan servicers are not modifying loans to any significant degree, not conducting early outreach to borrowers at risk of default, and are most likely to foreclose on homes instead.
Click here to read the report.
Click here to read the press release.
Foreclosure Rally at the California State Capitol
The California Reinvestment Coalition, California ACORN and Sacramento Housing Alliance have been gathering the stories of troubled mortgage borrowers and their communities to present to the governor and legislature at a rally and press conference on the steps of the Capitol Tuesday, November 25. Borrowers and community leaders will be present to demand the state government do more to protect their families, neighborhoods and the economy from the devastating impacts of foreclosure.
Click here for flyer
Click here for news advisory
How Congress Can Respond to America's Economic Crisis
CRC prepared a one-page description of America's economic crisis with a list of possible solutions that we are urging Congress to take action on. Please use this as a resource when you are talking with your Congressional representatives.
Click here for talking points
Unregulated Bank Consolidation will Hurt Underserved Neighborhoods
Washington Mutual, Wachovia, Fannie Mae and Freddie Mac all disappeared without public input; the nation’s two remaining investment banks have become bank holding companies also without public scrutiny; and Bank of America has been allowed to break the bank monopoly barrier with more than 10 percent of the country’s deposits.
In response, the California Reinvestment Coalition (CRC) today asked the chairpersons of the Senate Banking Committee and the House Financial Services Committee to hold oversight hearings on the massive changes in the financial system and their potential to negatively impact neighborhoods, small businesses and home owners.
Click here to read the letter
Click for the press release
Mo’ Money, Mo’ Money, Mo’ Money
How Greedy Corporations Destroy the American Dream
The California Reinvestment Coalition produced this documentary, entitled "Mo’ Money, Mo’ Money, Mo’ Money: How Greedy Corporations Destroy the American Dream" to show how the foreclosure crisis affects everyone. Foreclosures destroy the dreams of California families and threaten the stability of small businesses, city governments and neighborhoods. .
Mo’ Money tells the story of borrowers who were lied to and ignored by their mortgage loan servicers, and the people who are working to keep them in their homes.
It also reveals how this disaster could have been avoided if regulators and government officials did not ignore predatory lending practices.
