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March 7 2012

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america-underwater: No savings, no college fund for my 3 kids, no retirement. Building industry collapse caused hardship. US Gov’t and big banks are to blame.   Bank Of America won’t work with me for a loan modification because the mortgage is in my X husbands name. Quicken loans did a refi with no documents and without my knowledge, consent nor my signature with $66,000 extra put into the loan. I have been foreclosed on. 1 in 4 American mortgages are underwater. Follow America Underwater to learn more stories about Americans who are . Visit their main website to see how you can get involved to help end the housing crisis.

america-underwater:

No savings, no college fund for my 3 kids, no retirement. Building industry collapse caused hardship. US Gov’t and big banks are to blame.   Bank Of America won’t work with me for a loan modification because the mortgage is in my X husbands name. Quicken loans did a refi with no documents and without my knowledge, consent nor my signature with $66,000 extra put into the loan. I have been foreclosed on.

1 in 4 American mortgages are underwater.

Follow America Underwater to learn more stories about Americans who are . Visit their main website to see how you can get involved to help end the housing crisis.

February 15 2012

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Bank settlement leaves much to be desired

Last week, the Obama administration announced a settlement with the nation’s five biggest banks over charges of mortgage fraud. This settlement between the banks and 49 states (Oklahoma has not signed on) amounts to an estimated $27 billion. The sum would be paid out in the form of principle reduction and restitution checks to homeowners and people who have lost their homes to foreclosure.

Yes, this is the largest payout by the banks since the start of the financial crisis. But we know that this amount can only begin the process of rectifying the damage the banks have done. The Washington Post reports that about 1 million households will have the size of their home loan reduced. An additional 750,000 families or individuals who lost their homes to foreclosure will receive checks of about $2,000 each.

The number of households that will receive relief and the dollar amounts that they can expect are a drop in the bucket compared to what’s actually needed. More than 7 million families have been displaced, one in five Americans is struggling to pay mortgages worth more than the value of their homes. And let’s not forget that taxpayers funded the big banks’ $700 billion bailout.

Upon hearing news of the settlement late last week, ColorOfChange Executive Director Rashad Robinson had this to say: ”While this deal begins to accomplish what tens of thousands of ColorOfChange members demanded of the Obama Administration, we continue to have deep concerns. This settlement excuses the banks from paying the true costs of the damage they’ve caused millions of Americans.”

There are a few reasons to believe the settlement is just the start of a process that eventually leads to justice: Americans who will receive assistance through the payout will still be able to participate in future lawsuits against their banks. And the state attorneys general are still able to continue their own investigations and legal actions against the banks, including New York AG Eric Schneiderman’s massive lawsuit. Additionally, a spokesperson from the Department of Housing and Urban Development told The Huffington Post, “This action, while significant, is only one step of many.” 

ColorofChange will continue to push for full accountability and real relief. That means thorough investigations, additional penalties and indictments of individual wrongdoers. As our online community knows, Black Americans were hit particularly hard by the financial crisis and the predatory practices of the banks, whose tactics of systemic predatory lending, mortgage fraud and high interest rates contributed to the sharp reduction of Black wealth and the decimation of many Black neighborhoods. President Obama and Attorney General Holder must conduct an investigation into the banks’ misconduct that matches the scale of the crisis and the damage it caused.

February 6 2012

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New York files massive bank fraud lawsuit

Lately, bad news for the banking industry has meant good news for the public — especially for the millions of people who continue to suffer through the housing crisis. So today was a good day.

This morning, New York Attorney General Eric Schneiderman filed a massive lawsuit against Bank of America, J.P. Morgan Chase, and Wells Fargo regarding their fraudulent use of robosigning and the electronic mortgage registry known as “MERS.” While the suit is specific to New York, it could spark other states to take similar action. According to the press release:

Once the mortgages went sour, these same banks brought foreclosure proceedings en masse based on deceptive and fraudulent court submissions, seeking to take homes away from people with little regard for basic legal requirements or the rule of law,” said NY Attorney General Schneiderman. “Our action demonstrates that there is one set of rules for all — no matter how big or powerful the institution may be — and that those rules will be enforced vigorously. Only through real accountability for the illegal and deceptive conduct in the foreclosure crisis will there be justice for New York’s homeowners.

The lawsuit seeks a declaration of criminal wrongdoing from the banks, a stop to some additional foreclosures, damages for harmed homeowners, and additional penalties. The lawsuit also seeks a court order requiring defendants to take all actions necessary to cure any title defects and clear any improper liens resulting from their fraudulent and deceptive acts and practices.

For the ColorOfChange community, this is another important step toward a full investigation, accountability, and relief for the millions of people hurt during this crisis. We know that the banks disproportionately targeted Black folks and communities of color with toxic loans and ballooning interest rates, and engaged in systemic predatory lending and mortgage fraud. Ensuring that the banks pay for the enormous harm and devastation they’ve created will take continued involvement from ColorOfChange members.

We’ll keep monitoring progress and make sure that the tens of thousands of ColorOfChange members who have spoken up will continue to be a loud voice for justice and real relief.

January 25 2012

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"So if you are a big bank or financial institution, you’re no longer allowed to make risky bets with your customers’ deposits. You’re required to write out a “living will” that details exactly how you’ll pay the bills if you fail –- because the rest of us are not bailing you out ever again."

Barack Obama (via newwavefeminism)

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UPDATE: Obama announces an investigation of Wall St banks!

Last night, President Obama announced the creation of a special unit of federal prosecutors and state attorneys general to investigate the abusive practices of Wall Street banks during his State of Union speech. ColorOfChange will continue to push for true accountability and real relief for the millions of people who are suffering as a result of the housing crisis. Our official statement can be viewed here.