If you are a member of the media and would like to speak with an expert from the California Reinvestment Coalition or would like to receive CRC press releases, please contact Sean Coffey: email@example.com, phone: 415-864-3980.
Feds Crack Down on Payday Loans This article cites CRC and research about seniors in California as the largest group of payday loan borrowers in the state in 2016. AARP. Oct. 9, 2017. Gary Strauss.
We need these consumer laws now Liana Molina is quoted about the need for strong rules from the CFPB for high cost payday, car title, and installment loans, and for stronger regulation of overdrafts. Elliott. Oct. 9, 2017. Christopher Elliot.
Pros and cons: Should you get a reverse mortgage? Data on reverse mortgage foreclosures, obtained by the California Reinvestment Coalition using a FOIA request, is cited. LA Daily News. Oct. 1, 2017. Jeff Collins.
Fearing Trump's Policies, the Undocumented in California Go Underground CRC's new report on the impact of rhetoric and policies coming out of Washington DC is cited. LA Weekly. Sept. 29, 2017. Dennis Romero.
Activists Push Los Angeles to Hold Its Bank Accountable Paulina Gonzalez is quoted about responsible banking and how cities can choose banks who make responsible investments in the community. Capital & Main. Sept. 22, 2017. Larry Buhl.
Why is the GOP trying to hide the funding problems small businesses face? In this joint OpEd, Paulina Gonzalez and Luz Urrutia from Opportunity Fund explain that a new transparency mechanism for small business lending is at risk. The "Financial Choice Act," a new report by the Treasury Department, and the Acting Comptroller of the Currency have all targeted the CFPB's work to implement the 1071 data collection mechanism. Similar to the Home Mortgage Disclosure Act (HMDA), the 1071 mechanism would provide the public with transparency into who is getting small business loans- and who isn't. The Hill. Sept. 21, 2017.
New Rules Would Target Discrimination in Small-Business Lending CRC's new report, based on a survey of our small business members, is cited. KQED. Sept. 21, 2017. Farida Jhabvala Romero.
The Foreclosure Crisis and Its Impact on Today's Housing Market CRC's research on foreclosure costs to communities is cited. KCET. Sept. 20, 2017. Ryan Reft.
7 Things You Need to Know Before Freezing Your Credit Sean Coffey cites the expense and hassle for consumers who are forced to freeze their credit after the Equifax breach. Experian blog. Sept. 20, 2017. Brian O'Connell.
Still confused after the Equifax breach? Here’s what you need to know Sean Coffey comments on the challenges for consumers who are trying to freeze their credit after the Equifax breach. MarketWatch. Sept. 13, 2017. Maria LaMagna.
Can Fintech Advance Civil Rights? Paulina Gonzalez comments on fintech and concerns about transparency and credit in low-income communities. Gonzalez had joined representatives from the Center for Responsible Lending, New Jersey Citizen Action, the Center for Global Policy Solutions, and Lending Club at a NetRoots panel on this topic. Ozy.com. Sept. 4, 2017. Daniel Malloy.
Trump’s pardon of Arpaio a continued affront to nation’s Latino community CRC was proud to join with MEDA SF, New Economics for Women, Public Advocates, and the Greenlining Institute in this OpEd, condemning the pardon of Joe Arpaio. San Francisco Examiner. August 31, 2017.
Gentrification: Are the Social Costs Too High? Sean Coffey comments on gentrification pressures in the Mission District of San Francisco and in Oakland. SAGE businessresearcher. August 28, 2017. Kathleen Murray.
Criticized OneWest’s parent company investing in low-income communities Paulina Gonzalez comments on CIT Group investing in California communities. Pasadena Star-News. August 25, 2017. Kevin Smith.
SoFi’s bid for deposit insurance draws fire from top House Democrat CRC's opposition to SoFi's application for an industrial loan charter is cited. American Banker. August 25, 2017. Ian McKendry.
Can This Stamp of Approval Help Cities Bank Better? Kevin Stein speaks about B-Corp certification in relation to banking activities. Next City. August 16, 2017. Oscar Perry Abello.
Major Rental-Home Companies Set to Merge as U.S. House Prices Recover Kevin Stein raises concerns about this major merger in the REO to Rental industry- and how this further consolidation gives the new, larger company more power to raise rents. New York Times. August 10, 2017. Matthew Goldstein.
Why False Claims Act enforcement is still vexing under Trump Kevin Stein comments on recent uptick in False Claims Act Settlements, and explains that the law is an appropriate way to provide redress when consumers and taxpayers have been harmed. National Mortgage News. August 7, 2017. Bradley Finkelstein.
Treasury Secretary Mnuchin is angry about an unflattering nickname he wholeheartedly deserves CRC's research into the track record of OneWest Bank, including more than 36,000 foreclosures in California, is cited. Business Insider. August 2, 2017. Pedro Nicolaci da Costa.
Buyer Blocks: 4 Factors Keeping Millennials From Owning a Home Kevin Stein explains that rising rents are preventing potential homebuyers from saving up for their 1st homes. Realtor.com. August 2, 2017. Craig Donofrio.
Donald Trump's Pick For Key Bank Regulator Is A Foreclosure Kingpin, Of Course CRC's redlining complaint against OneWest Bank is cited. HuffingtonPost. August 1, 2017. Paul Blumenthal.
Trump bank regulator nominees under the spotlight CRC's opposition to the nomination of Joseph Otting and two new fact sheets on his record at OneWest are cited. Politico Morning Money. July 27, 2017. Victoria Guida and Aubree Eliza Weaver
Your Credit Score Is About to Go WAY Up—Here’s Why Sean Coffey explains that credit reporting agencies are well-known for making errors on credit reports- which can have impacts on the interest rates people pay. Reader's Digest. July 25, 2017. Lauren Cahn.
Nominee for banking post meets resistance due to fraud settlement Kevin Stein comments on Joseph Otting's nomination to be Comptroller of the Currency in relation to an $89 million whistleblower lawsuit that his former company had to settle for alleged fraud against the US government. Reveal. July 24, 2017. Aaron Glantz.
Critic of Charlotte bank merger takes concerns to Federal Reserve CRC's opposition to the PacWest and California United Bank proposed merger is cited. The Charlotte Observer. July 24, 2017. Deon Roberts.
California seniors tapping into payday loans Liana Molina explains that payday loans are easy to get into, but difficult to get out of, especially for seniors on fixed incomes. Record Bee. July 18, 2017. Kevin Smith.
Seniors increasingly rely on payday loans, fall into cycles of debt As a guest on the Take Two show, Liana Molina comments on a troubling new report about seniors being the largest age group of payday loan borrowers in California. KPCC. July 12, 2017. A. Martinez.
Loan Star: Oportun Comes Knocking in Blue-Collar Neighborhoods Liana Molina discusses Oportun within the broader context of consumer finance and the Responsible Small Dollar Loan Pilot. Capital & Main. June 29, 2017. Jessica Goodheart.
Congress targets bureau that returned $12B to consumers Paulina Gonzalez comments in a guest column on how the Consumer Financial Protection Bureau leveled the playing field between consumers and financial companies. The St. Louis American. June 23, 2017. Charlene Crowell.
4 ways Trump and the GOP congress will cost you money Sean Coffey highlights that the so-called Financial Choice Act includes a "carve out" for predatory payday, car title, and installment lenders. Avvo Stories. June 21, 2017. Mary Fetzer.
Treasury: Gut CFPB, overhaul residential mortgage lending regulation Paulina Gonzalez comments on a new Treasury report, explaining that it's a wish list for an industry that already caused one foreclosure crisis. HousingWire. June 14, 2017. Brena Swanson.
The Financial Choice Act would be a disaster for Californians In this OpEd, Paulina Gonzalea and Salam Nalia from Fresno CDFI, explain why the Financial Choice Act would be bad for California's working families who already lived through one foreclosure crisis and bailout of the banks. HousingWire. June 7, 2017.
Former CEO of OneWest Bank is Trump's pick for key financial regulatory post Paulina Gonzalez comments on the nomination of Joseph Otting to lead the OCC. June 6, 2017. Los Angeles Times. Jim Puzzanghera and James Rufus Koren.
Trump Picks Ex-Banker Otting to Regulate Wall Street at OCC Paulina Gonzalez comments on concerns about the nomination of Joseph Otting, who was the former CEO of OneWest Bank, prior to being fired in December 2015. June 6, 2017. Bloomberg. Jesse Hamilton.
Vocal community group protesting PacWest-CU Bancorp deal CRC's opposition to PacWest's proposed acquisition of California United Bank is the focus of this article, which cites CRC concerns around revolving doors, and an extraction of deposits from rural communities by PacWest, without a commensurate level of investments or lending. June 2, 2017. American Banker. Jackie Stewart.
Community groups oppose L.A. bank merger over low-income lending concerns CRC and a number of other community-based organizations are opposing the proposed merger of PacWest and California United Bank, this article cites concerns about PacWest's track record. June 2, 2017. Los Angeles Times. James Rufus Koren.
Your Bank is Lying to You This article cites a study by CRC and our partners based on secret shopping conducted at bank branches in Oakland, Chicago, New York City, and Durham, where secret shoppers received a variety of explanations about overdraft services and charges. June 4, 2017. Newsweek. Christopher Elliot.
The newest location for L.A.'s bank to the stars? A storefront in a Crenshaw strip mall Paulina Gonzalez comments on the benefits of City National opening a bank branch in Crenshaw within the broader context of the bank's CRA plan it negotiated with CRC as part of its merger with Royal Bank of Canada. June 2, 2017. Los Angeles Times. James Rufus Koren.
California Has an Opportunity to Stop Predatory Lending with AB 784 In this OpEd, Liana Molina explained that the California legislature had an opportunity to stop predatory lending in California by moving AB 784 forward, out of the Appropriations Committee. Unfortunately, the bill was held in the suspense file on May 26, 2017. Liana Molina. San Diego Free Press. May 25, 2017.
Could Wells Fargo's scandal boost mortgage discrimination lawsuits? L.A., other cities hope so Kevin Stein comments on the disproportionate impact the foreclosure crisis had on communities of color. James Rufus Koren. Los Angeles Times. May 25, 2017.
Bank previously run by Trump’s treasury secretary pays big fine for defrauding the government Data from CRC's FOIA request to HUD about reverse mortgage foreclosures by Financial Freedom is cited. Bryce Covert. ThinkProgress. May 17, 2017.
Steve Mnuchin's Old Company Just Settled for $89 Million for Ripping Off the Government on Dodgy Loans CRC's FOIA request to HUD about Financial Freedom- which revealed it was responsible for 39% of ALL HECM reverse mortgage foreclosures between April 2009 and April 2016 is cited. David Dayen. The Intercept. May 17, 2017.
Mnuchin's former bank agrees to $89 million settlement with the U.S. government CRC's FOIA request, which revealed that Financial Freedom was responsible for 39% of ALL HECM reverse mortgage foreclosures between April 2009 and April 2016 is cited. Julie Horowitz. CNN. May 17, 2017.
Wells Fargo — facing lawsuits about preying on minorities — just won a diversity award Kevin Stein comments on the impact Wells Fargo's products and practices have had on communities of color and low income communities throughout the US. Eric Rosenbaum. CNBC. May 4, 2017.
Total Disaster CRC's advocacy to stand up for the CFPB and consumers is cited. Tom Gogola. Pacific Sun. April 28, 2017.
Tears, shouts and a police escort: The scene at Wells' annual meeting Kevin Stein comments on Wells Fargo holding its annual shareholder meetings in locations that are difficult for advocates and shareholders to attend. Kristin Broughton. American Banker. April 25, 2017.
Wells Fargo investors should apply pressure to repair the damage In this American Banker OpEd, CRC's executive director, Paulina Gonzalez, and Sister Nora Nash from ICCR, explain why shareholders should vote for Shareholder Resolution #5 that would have required an outside, independent review and report about the account scandal. American Banker. April 21, 2017.
Are High-Interest Personal Loans a Necessary Evil? Liana Molina discusses Assembly Bill 1109 which would create a cap on the interest rates charged for high-cost installment loans. April 21, 2017. LA Weekly. Dennis Romero.
The Feisty Group That Exposed Wells Fargo’s Wrongdoing CRC comments on the Wells Fargo fake account scandal. Professor Peter Dreier. The American Prospect. April 13, 2017.
Mnuchin’s OneWest Avoided Force-Placed Insurance Class Actions During Crisis CRC's advocacy against OneWest foreclosures is cited. Llewellyn Hinkes-Jones. Bloomberg BNA. April 12, 2017.
Low-Income Tax Blues: April Can Truly Be the Cruelest Month Kevin Stein comments on the REO to Rental scheme, whereby Wall Street is buying up foreclosed homes, renting them, and securitizing the rents in a similar fashion to securitization of home mortgages. Bobbi Murray. Capital & Main. April 11, 2017.
Dollars and Sense: Panel Takes on the Banking Industry: CRC's executive director spoke at an event focused on banking and ways to improve the industry. Jessica Goodheart. Capital & Main. April 11, 2017.
Mnuchin’s OneWest Eluded Most Penalties During Foreclosure Crisis CRC's campaign against the OneWest and CIT Group merger, including FOIA requests related to Financial Freedom's troubling reverse mortgage foreclosure track record against seniors is cited. Llewellyn Hinkes-Jones. Bloomberg BNA. March 29, 2017.
Wells Fargo's steep CRA downgrade could cost it clients, hamper growth Paulina Gonzalez explains that 95% of banks receive a "Satisfactory" or better CRA rating, so Wells Fargo's new rating of "Needs to Improve" should be a wake up call to the Wells Fargo board of directors. Kevin Wack and Kristin Broughton. American Banker. March 28, 2017.
Feds Flunk Wells Fargo On Community Lending Exam Paulina Gonzalez comments on Wells Fargo's double downgrade, calling it "absolutely appropriate." Law360. March 28, 2017. Evan Weinberger.
Wells Fargo receives another blow in community reinvestment exam Paulina Gonzalez suggests a "double downgrade" for Wells Fargo was absolutely appropriate given the harm caused by the bank in low income communities and in communities of color. Rick Rothacker. The Charlotte Observer. March 28, 2017.
Regulators find ‘pervasive pattern’ of abuse at Wells Fargo Paulina Gonzalez comments on the double downgrade that Wells Fargo received on its new Community Reinvestment Act rating from the Office of the Comptroller of the Currency. Alistair Gray. Financial Times. March 28, 2017.
California Lawmaker Proposes to Curb High-Interest Loans This article cites AB 1109, a bill to limit interest rates on high-dollar consumer loans. Farida Jhabvala Romero. March 23, 2017.
California bill seeks to limit interest rates on auto title, finance loans Liana Molina discusses a new bill, AB 1109, which would restrict the interest rates that can be charged on high dollar consumer loans. Mark Anderson. Sacramento Business Journal. March 22, 2017.
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.
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.
Unlearning the lessons of the housing crisis Paulina Gonzalez speaks about the redlining complaint filed against OneWest Bank and CIT Group. Curbed. January 19, 2017. Rachel M. Cohen.
Foreclosure is 'your American nightmare' Several homeowners who spoke at a forum hosted by Senator Elizabeth Warren share their experiences of foreclosure by OneWest Bank and its subsidiary, Financial Freedom. Paulina Gonzalez, executive director at CRC, also spoke at the forum. Stephanie Rule/MSNBC. January 19, 2017.
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.
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.
Trump Treasury pick Steven Mnuchin has a 'widow foreclosure' problem CRC's research into Financial Freedom's reverse mortgage foreclosure track record is cited. CNN. December 15, 2016. Chris Isidore.
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.
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.
Can New CEO Tim Sloan Fix Scandal-Plagued Wells Fargo’s Corporate Culture? Paulina Gonzalez raises questions about Tim Sloan, and Wells Fargo's insistence on continuing forced arbitration. The American Prospect. Oct. 28, 2016. Peter Dreier.
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.
CA Lawmakers, Attorney General Are Right To Call On CFPB For Stronger Payday Lending Rule CRC and CRL's support for a strong final rule from the CFPB on payday, car title, and high-cost installment loans is cited. Tri County Sentry. Oct. 14, 2016.
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.
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. September 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. September 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. September 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. September 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). September 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. September 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. September 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. September 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. September 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. September 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 and Fiscal 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. September 9, 2016.
Exigen mano dura para las compañías de ‘payday loans’ Rosa Barragán, a consumer who used payday loans, and who spoke at a press conference with Hilda Solis, the chair of the LA County Board of Supervisors, about payday loans, is interviewed. CRC assisted with the press conference as well as the art installation- the "Pit of Despair" featured at the press conference. La Opinión. September 8, 2016. Jacqueline Garcia.
Bill to protect widows from foreclosure passes in the Senate and heads to Gov. Jerry Brown Kevin Stein comments on SB 1150 being approved and sent to Governor Brown. Los Angeles Times. Andrew Khouri. August 24, 2016.
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.
HMDA expansion creates opportunities and risks Kevin Stein discusses new changes to the Home Mortgage Disclosure Act (HMDA), explaining that the data can be provided in the aggregate so that privacy issues are addressed. Scotsman Guide. Bill Conroy.August, 2016.
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 Gutierrez. July 1, 2016.
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
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.
Feds Propose Crackdown On Payday Lenders Liana Molina comments on new rules by the CFPB for payday, car title, and installment loans. June 2, 2016. CBS Bay Area.
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.
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.
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.
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.
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.
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.
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.
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.
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 Dirks. Sept. 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.
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. David Dayen. 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).
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.
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.
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).