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.
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.
“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
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 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