April 21, 2008: REAL BANK OF AMERICA “STAKEHOLDERS MEETING” TO BE HELD IN CHARLOTTE THE DAY BEFORE ANNUAL MEETING OF SHAREHOLDERS
CHARLOTTE, N.C.///News Advisory///The day before shareholders attend the Bank of America (BofA) annual meeting, BofA’s real stakeholders will meet to highlight the harms caused by Countrywide’s mortgages, and Bank of America’s rising bank fees and credit charges.
April 16, 2008: 40 Mortgage Counseling Agencies to Receive Aid, Hire More Counselors
Mortgage counseling agencies will receive $5 million to hire more counselors over the next two years, and help the half a million California homeowners facing interest rate resets and the threat of foreclosure. The California Reinvestment Coalition (CRC), 10 financial institutions and two foundations today announced grant awards to 39 mortgage counseling agencies through the California Home Ownership Preservation Initiative to help them better respond to the overflow of clients their offices are serving.
April 11, 2008: CALIFORNIA MEASURE WOULD EXTEND TO CONSUMERS “PAYDAY LOAN” PROTECTIONS FOR MILITARY
SACRAMENTO, CA – A bill sponsored by three California legislators aims to give consumers the same protections against “Payday Loans” that were pushed by the Pentagon in 2006 to curb a dramatic rise in the number U.S. soldiers failing security clearances because of debt incurred by payday lending debt cycles.
April 8, 2008: 32 CA Groups ask Federal Reserve to Do More to Prevent Foreclosures
As the foreclosure crisis worsens, the Federal Reserve Board (the Fed) is proposing rules to restrict abusive mortgage lending practices. While this is a good step, 32 California groups, led by the California Reinvestment Coalition, today assert that not enough is being done to help working families and their neighborhoods. In a letter to the Fed, the groups encourage stronger rules to protect families from being sold loans they cannot afford.
March 6, 2008: Defunct Subprime Lenders Targeted Minority Neighborhoods
Subprime lenders that ceased operations in 2007 had saturated minority communities across the country with high risk loans before going under, according to a report released by a multi-state collaboration of research, policy, and advocacy organizations.
March 3, 2008: Survey Reveals Mortgage Lenders Not Fulfilling Promises
Borrowers still aren’t receiving loan modifications to keep their homes
February 20, 2008: 91 Community Groups Ask BofA to Halt Foreclosures of Countrywide Mortgages and Develop Plan to Address Victims of Countrywide’s Unscrupulous Lending
Countrywide Financial’s shoddy lending practices have left hundreds of thousands of mortgage borrowers at risk of losing the single most important asset in their lives – their homes. If Bank of America acquires Countrywide, these mortgage borrowers could either benefit or suffer greatly from the merger. A letter signed by 91 California community groups was sent today to Bank of America’s Chief Executive Officer Kenneth Lewis asking him to declare a foreclosure moratorium, and ensure the Bank will keep troubled borrowers in their homes.
February 1, 2008: State Groups Ask Congress to Investigate BofA-Countrywide Merger
Four statewide consumer groups from across the country asked the U.S. congressional banking committees to hold investigative hearings on the future of Countrywide Financial’s borrowers and employees as the company is acquired by the giant Bank of America.
January 14, 2008: $5.3 M Raised to Support Mortgage Counselors during Foreclosure Crisis
Mortgage counseling agencies will receive $5.3 million to build their capacity over the next two years, and help the hundreds of thousands of California homeowners facing interest rate resets and the threat of foreclosure. The California Reinvestment Coalition (CRC), nine financial institutions and two foundations today announce the California Home Ownership Preservation Initiative, which will increase the number of mortgage counselors working to keep Californians in their homes.
November 20, 2007: State, lenders agree to wide-scale loan modifications in CA
Gov. Arnold Schwarzenegger and California mortgage lenders Countrywide, GMAC, Litton and HomeEq announced today that they plan to follow the direction of FDIC Chairman Sheila Bair and institute systematic loan modifications for borrowers with resetting ARMs. This unprecedented move is expected to provide relief for tens of thousands of California borrowers and, if properly implemented, should serve as a model for other states experiencing record numbers of foreclosures.
