Keep Your Home California Program is Over

This blog featured a number of posts about the Keep Your Home California program and how its various programs could help homeowners in California who were possibly going to lose their homes.

In case you missed the announcement in August, 2018, the program is over and is no longer accepting applications. (More here)

More than 82,000 Californians benefited from this program.  You can learn more by reading The Economic Impact of Keep Your Home California: A Statewide and Regional Analysis.

Also, quarterly reports about the program are available on its website under the reports and statistics section.

If you’re a homeowner who used the program and have questions, there are still representatives available to answer your questions.

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Former OneWest and Financial Freedom Borrowers Encouraged to Share Stories

The California Reinvestment Coalition, which maintains the badbankmerger.com website, is asking homeowners and former homeowners who dealt with OneWest Bank or Financial Freedom (its reverse mortgage subsidiary) to complete a quick form about their experience.

California Reinvestment Coalition Denounces OCC’s Approval of CIT Group’s “New” CRA Plan — The Troubled One West and CIT Group Merger

The OCC has blessed a weak CRA plan from a SIFI bank created by two banks with troubled histories.

via California Reinvestment Coalition Denounces OCC’s Approval of CIT Group’s “New” CRA Plan — The Troubled One West and CIT Group Merger

Bill Creating Foreclosure Protections for Widows and Heirs Explained in New Video — California Reinvestment Coalition

“Red tape foreclosures” are a problem that are continuing to plague surviving homeowners throughout California, according to housing counselors and attorneys. New legislation introduced by Senator Leno and Senator Galgiani, The Homeowner Survivor Bill of Rights, Senate Bill 1150, would address this problem. SB 1150 clarifies the responsibilities of a mortgage lender when a borrower … Continue reading Bill Creating Foreclosure Protections for Widows and Heirs Explained in New Video

via Bill Creating Foreclosure Protections for Widows and Heirs Explained in New Video — California Reinvestment Coalition

Wells Fargo in the News For Overdraft and Foreclosure Lawsuits and Settlements

Wells Fargo

It’s been a busy couple of weeks for Wells Fargo Bank!

On April 4, the LA Times reported that the US Supreme Court declined to hear Wells Fargo’s appeal of a class action lawsuit against the bank that it lost.  After losing this lawsuit, Wells Fargo was ordered to pay $203 million related to overdraft fees it had charged Californians from 2004-2008.  Read more here: Supreme Court upholds verdict against Wells Fargo on overdraft fees in California

Then, on April 8, Courthouse News Service broke the news that the City of Oakland’s lawsuit against the bank can proceed:  Wells Fargo Must Face Oakland’s Lending Suit

And, last Friday, April 8, Wells Fargo agreed to pay the federal government $1.2 billion related to FHA mortgages the bank had underwritten (rather poorly, it turned out).  The irony is especially rich on the heels of a recent Paul Krugman article which suggested that main street banks hadn’t really played a role in the mortgage meltdown.  Or, the Op-Ed from GE’s CEO, lecturing Bernie Sanders about “creating jobs.”  Just don’t remind GE’s CEO about GE’s role in creating the mortgage meltdown with its lender, WMC Mortgage Corp.

David Dayen on CitiGroup’s Late Independent Foreclosure Review Payments

David Dayen has a great new piece (Weak Justice for Wall Street: How a Twisted Double Standard Saved Citigroup Millions) on CitiGroup failing to pay $20 million under the Independent Foreclosure Review:

Did Citigroup have to pay interest or make a late fee on two years’ of missed payments? No. Was its credit rating affected? No. Did it have a lien placed on its headquarters or bank branches, as would many debtors who failed to pay? No. Did the OCC call them in the middle of the night and threaten to garnish their tax refund? No. Were they in any way treated the way “deadbeat borrowers” are in this country? Nah. In fact, they got to use that $20 million for two years, and profit from it, without punishment.

Read the whole article here: Weak Justice for Wall Street: How a Twisted Double Standard Saved Citigroup Millions

Impacted Homeowners, LA Community Leaders Speak Out Against Proposed Merger of OneWest Bank and CIT Group at Federal Reserve Hearing 

Following the OneWest Bank and CIT Group merger? Should read this!

California Reinvestment Coalition

LA Community leaders, harmed homeowners, and advocates all called on the Federal Reserve and OCC to deny the merger unless substanial improvements are made. LA Community leaders, harmed homeowners, and advocates all called on the Federal Reserve and OCC to deny the merger unless substantial improvements are made.
Feb 27, 2015- Los Angeles- Yesterday, community reinvestment advocates spoke against the proposed merger of CIT Group and OneWest Bank during a day-long hearing hosted by the Federal Reserve and Office of the Comptroller of the Currency. Some believe the hearing was held in response to the over 21,000 individuals who signed petitions opposing the merger, in addition to 100 California and national organizations who are opposing the merger. CRC live-tweeted the hearing.

Critics raised concerns at the hearing that can be claified into three main categories.

First, the history of OneWest Bank and CIT Group raises serious questions about how communities would fare if the merger is approved.

Second, promises to help individual nonprofits may be helpful for those nonprofits (especially in the short-term) but they…

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