Banks Violate National Mortgage Settlement and CA Homeowners Bill of Rights Protections, New Survey of Housing Counselors Reveals

Banks Violate National Mortgage Settlement and CA Homeowners Bill of Rights Protections, New Survey of Housing Counselors Reveals April 3, 2013— A new survey of housing counselors in California reveals that banks are violating several consumer protections that were mandated by the $26 billion National Mortgage Settlement (NMS) and…

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CRC Statement on Release of National Mortgage Servicing Standards by the Consumer Financial Protection Bureau (CFPB)

CRC Statement on Release of National Mortgage Servicing Standards by the Consumer Financial Protection Bureau (CFPB) January 17, 2013– Today, in response to the Consumer Financial Protection Bureau’s (CFPB) release of National Mortgage Servicing rules, the California Reinvestment Coalition’s Associate Director Kevin Stein released this statement: “The Consumer Financial…

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CRC Submits Letter to OCC on Wells Fargo’s Community Reinvestment Act Performance

CRC Submits Letter to OCC on Wells Fargo’s Community Reinvestment Act Performance December 10, 2012– CRC submitted a letter to the Office of the Comptroller of the Currency (OCC) regarding Wells Fargo’s Community Reinvestment Act examination. CRC shines a bright light on Wells Fargo’s payday product (Direct Deposit Advance),…

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Wells Fargo Exam Serves as Test Case for New Comptroller of the Currency

Wells Fargo Exam Serves as Test Case for New Comptroller of the Currency November 20, 2012– An unprecedented alliance of groups from around the country and more than 2,750 people have called on the Office of the Comptroller of the Currency (OCC), the national bank regulator, to assign Wells…

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CFPB Disappoints with Weak Mortgage Servicing Rules

CFPB Disappoints with Weak Mortgage Servicing Rules October 10, 2012– The California Reinvestment Coalition, Housing and Economic Rights Advocates, Law Foundation of Silicon Valley, and nearly sixty community groups joined together to express their disappointment with the Consumer Financial Protection Bureau’s (CFPB) proposed Mortgage Servicing Rules. According to the…

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San Diego City Council Passes Responsible Banking Ordinance

San Diego City Council Passes Responsible Banking Ordinance September 19, 2012– Last night, the San Diego City Council voted unanimously to pass an ordinance that increases transparency and holds banks accountable to San Diego residents. The Responsible Banking Ordinance, sponsored by Council President Tony Young, requires banks doing business…

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New report reveals that higher fees on bank accounts are costing Americans up to $144/year and pushing households out of mainstream banking

September 20, 2012– The five big banks have instituted new fees that cost the average American anywhere from$84 to $144 a year just to maintain a bank account, according to a new report from the California Reinvestment Coalition released today (pdf). The high cost of these basic banking products…

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Bank performance on National Mortgage Settlement relief represents business as usual

Bank performance on National Mortgage Settlement relief represents business as usual August 30, 2012– The Office of Mortgage Settlement Oversight, led by Joe Smith, released the first progress report of bank performance on the $25 billion Attorneys General settlement that came after reports of“robo signing” and other improper foreclosure…

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Report Finds FHA & VA Lending Disproportionately Prevalent in Neighborhoods of Color

Report Finds FHA & VA Lending Disproportionately Prevalent in Neighborhoods of Color July 19, 2012– Leading community organizations today report evidence of a two-tiered mortgage market characterized by high rates of government-backed loans made both to borrowers in communities of color and to minority borrowers in their new report,…

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Governor Jerry Brown Signs Landmark Foreclosure Legislation into Law

Governor Jerry Brown Signs Landmark Foreclosure Legislation into Law July 11, 2012– At a signing ceremony in Los Angeles this morning, Governor Jerry Brown signed landmark legislation that reforms bank’s foreclosure practices and creates a fairer foreclosure process for California’s homeowners. This legislation brings accountability to the banks for…

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