Published November 17, 2011 22:00
November 17, 2011, San Francisco-- The California Reinvestment Coalition (CRC) released the following statement in response to Attorney General Kamala Harris's announcement that her office has issued subpoenas to Fannie Mae and Freddie Mac:
The California Reinvestment Coalition applauds the announcement that Attorney General Kamala Harris has issued subpoenas to Fannie Mae and Freddie Mac. The GSEs play a dominant role in the California marketplace with the ability to help or harm millions of California homeowners and tenants. Unfortunately, Fannie and Freddie have refused to update policies that would help homeowners at risk of foreclosure and tenants at risk of eviction to stay in their homes. Without significant reform, including broad scale loan modifications with principal reduction, ending of the "dual track" process, and offering long term leases to tenants living in foreclosed homes, the GSEs will continue to destabilize California households and communities. The GSEs and their regulator-- the Federal Housing Finance Agency-- should take heed immediately and adopt practices that help people prevent foreclosure and stay in their homes.
The California Reinvestment Coalition (CRC) advocates for the right of low-income communities and communities of color to have fair and equal access to banking and other financial services. CRC has a membership of close to 300 nonprofit organizations and public agencies across the state of California.