CAPITAL & MAIN
Paulina Gonzalez, executive director of the California Reinvestment Coalition, said that, at a minimum, a city should choose a bank that does no harm to the community. “The city should also consider how much a bank is reinvesting in a community, through business loans and other products….
NEW YORK TIMES
An analysis in 2015 presented by the California Reinvestment Coalition, which lobbied against the merger, found that 68 percent of the 36,000 foreclosures in California by OneWest, including those on reverse mortgages, occurred in communities that were primarily nonwhite.
The California Reinvestment Coalition’s analysis of loans made that year alleged that only 8.4 percent of mortgages went to Hispanics, though they accounted for 43 percent of the region’s population. It also alleges that the bank did not properly maintain foreclosed homes in minority areas.