What Housing Recovery?
New York Times - May 8, 2014, by Peter Dreier - Recently there’s been a lot of happy talk about the nation’s housing recovery. Frequent reports about rising prices suggest that the tens of...
New York Times - May 8, 2014, by Peter Dreier - Recently there’s been a lot of happy talk about the nation’s housing recovery. Frequent reports about rising prices suggest that the tens of millions of people whose homes lost value just have to wait until the recovery reaches their neighborhood to lift them out of crisis. But this supposed housing recovery is bypassing many of our cities and towns.
The total value of America’s owner-occupied housing remains $3.2 trillion below 2006 levels. According to Zillow, a real estate database, 9.8 million households still owe more on their mortgages than the market value of their homes. That’s one-fifth of all mortgaged homes. Without government intervention, many of them are at risk of joining the almost five million households that have already suffered through foreclosure since the housing bubble burst in 2007.
With my colleagues Alex Schwartz of the New School and Gregory Squires of George Washington University, I have identified the 15 metropolitan areas, 100 cities and 395 ZIP codes with the highest proportion of underwater mortgages.
How bad is it? More than 10 million Americans, spread across 23 states, live in ZIP codes where between 43 percent and 76 percent of homeowners are under water. The biggest concentrations are in Georgia, Florida, Illinois, Michigan and Ohio. The cities in the worst shape are Las Vegas, Atlanta, Jacksonville, Orlando and Chicago. Places with so many underwater homes are toxic; they depress the value of surrounding homes and undermine local governments’ fiscal health.
The blame for this tragedy lies mostly with banks’ risky, reckless and sometimes illegal lending practices. The story is a familiar one. In the late 1990s and early 2000s, millions of Americans bought or refinanced homes in an overheated market. Mortgage brokers lied or misled borrowers about the terms of these mortgages, often pushing borrowers into high-interest subprime loans, even when they were eligible for conventional mortgages.
They particularly targeted minority areas. In 2006, when subprime lending was at its peak, 54 percent of blacks, 47 percent of Latinos and 18 percent of whites received high-priced loans, according to the Federal Reserve Board.
Not surprisingly, the nation’s worst underwater areas are disproportionately in black and Latino neighborhoods. In almost two-thirds of the hardest-hit ZIP codes, African-Americans and Latinos account for at least half of the residents.
The banks’ risky loans eventually came crashing down, devastating communities and causing financial havoc. The federal government rescued the banks, but nobody came to the rescue of the communities the banks left behind.
The best solution to this quagmire is for banks and other financial institutions to modify underwater mortgages to their current market value, an approach called “principal reduction.” If lenders rewrote the loans to reflect fair-market values, owners would have lower monthly payments, which would free them to put millions of dollars into local economies. Cities would have more stable property tax revenues, and lenders would ultimately benefit by having fewer delinquent loans.
Of course, many banks no longer own the loans they made. They pooled large numbers of subprime loans into private securities and sold them. The companies that service these securities generally refuse to countenance the idea of “principal reduction.” Yes, some homeowners have been able to persuade lenders to reset their loans, but most get the cold shoulder or a bureaucratic runaround.
In some cities, though, nonprofit lenders, like New Jersey Community Capital and Hogar Hispano, have stepped into the void, raising capital and purchasing troubled loans in order to modify them on affordable terms. But too few loan holders have been willing to sell to these homeowner-friendly groups.
In 2012, some of the biggest banks signed a settlement agreement with 49 state attorneys general to modify mortgages, but many of them continue to heap abuse on their customers, and sufficient relief has not reached trapped homeowners.
The Obama administration created several initiatives to help troubled borrowers, but these programs do not require banks to reset loans as a condition of getting federal funds. The government’s Home Affordable Modification Program has helped only one-quarter of the four million homeowners it was supposed to reach.
Worse, the federal government has actually been an obstacle to reform. The Federal Housing Finance Agency, which oversees Fannie Mae and Freddie Mac, has refused to allow these two mortgage giants to reduce the principal on underwater mortgages that they own or guarantee. All it would take is for President Obama’s new appointee as F.H.F.A. director, former Representative Melvin Watt, to change the policy, an action that does not require congressional approval. He should do so immediately.
Meanwhile, faced with this predicament, some municipalities have been trying to take matters into their own hands. Late last year, Richmond, Calif., was the first city to develop a plan to use its power of eminent domain to buy underwater mortgages at their current market value and to refinance them, but many other localities are likely to follow. A number of responsible for-profit and nonprofit lenders stand ready to do business with them so that local governments don’t have to use tax dollars to purchase these loans.
Dealing with this problem on a city-by-city basis may not be the most efficient way to confront a national crisis, but in the face of Wall Street intransigence and federal indifference, cities have had to find their own way to restore the lost wealth of their constituents.
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Death and democracy: How a dying activist is spending his final days
Death and democracy: How a dying activist is spending his final days
Diagnosed with ALS in 2016, activist Ady Barkan is living on borrowed time. As his body deteriorates rapidly, he’s spending his last moments fighting for the causes he believes in, hoping to leave...
Diagnosed with ALS in 2016, activist Ady Barkan is living on borrowed time. As his body deteriorates rapidly, he’s spending his last moments fighting for the causes he believes in, hoping to leave the world a better place for his young son.
Watch the video here.
Breaking Down the Walls: Brooklyn #BHeard on Immigration, A Community Town Hall
Breaking Down the Walls: Brooklyn #BHeard on Immigration, A Community Town Hall
On October 22nd at 7PM, BRIC TV hosted Breaking Down the Walls: Brooklyn...
On October 22nd at 7PM, BRIC TV hosted Breaking Down the Walls: Brooklyn#BHeard on Immigration, a live-broadcast, town hall-style discussion that aimed to examine the state of immigration and the policies (or lack there-of) that affect New Yorkers.
The face of immigrant Brooklyn is diverse and each story is complex, but a common thread among so many immigrants is the wish for security, tolerance, and a legal path to continue contributing and living here. From the child who only knows NYC as her home, to the first generation parent responsible for supporting his family in his home country abroad, to the aging worker with limited prospects for retirement—immigration is a human rights issue which can no longer be avoided.
In the upcoming Presidential elections, hope and fate are once again in the hands of those running for the nation’s highest office. What happens on a national and global level will affect immigrants here in the Big Apple. The reverse is also true, and that’s why we need to discuss what we’re doing here in one of the nation's most diverse cities…what work lies ahead…and how Brooklyn can #BHeard on Immigration.
PANELISTS:
Carlos Menchaca (City Council Member, Chair of the Committee on Immigration)Linda Sarsour (Arab American Association)Adrian Carasquillo (National Political Reporter Buzzfeed News)Alina Das (NYU Law Professor, Director of NYU Immigrant Rights Clinic)Shena Elrington (Director of Immigrant Rights & Racial Justice, the Center of Popular Democracy)Ravi Ragbir (Director of The New Sanctuary Coalition of NYC)
MODERATOR:
Brian Vines (BRIC TV)
Everyone wants the opportunity to #BHeard. Come to BRIC House on 10/22 at 7pm for our latest town-hall style discussion. The topic this time: immigration.
BRIC TV
Source: Storify
Adovates for Reading ID cards vow to continue their efforts
Despite collective agreement by city officials, activists say the fight for creating a Reading city ID is nowhere near over.
Make The Road Pennsylvania, a community action group leading the...
Despite collective agreement by city officials, activists say the fight for creating a Reading city ID is nowhere near over.
Make The Road Pennsylvania, a community action group leading the effort for municipal IDs, filled its Reading headquarters Thursday evening with people resolved to continue pushing for the initiative.
Reading City Council members and Mayor Wally Scott said Monday night that they would not pursue an ordinance setting up a program.
Make The Road submitted a draft ordinance for the creation of a city ID in May.
The IDs would help make everyday life easier for the elderly, undocumented immigrants, some Puerto Ricans and others who face hurdles getting ID, Make The Road says.
City officials cited several concerns about the draft ordinance, including the legality and costs of a program.
Make The Road organizers countered some of those reasons Thursday by naming 13 municipalities around the country that have already approved local IDs.
They also presented their own cost-analysis of the program which, under the group's estimates of an ID with a $30 price tag, would bring in about $130,000 for the city.
Gabriela Raful, president of the Berks County Bar Association Minority Law Committee, and Bernardo Carbajal and Abraham Cepeda, attorneys and Reading School Board members, also spoke with ID supporters.
The local bar association's board of directors endorsed the creation of a city ID Tuesday, but did not specifically endorse Make The Road's draft ordinance.
Though activists are determined, City Council President Jeffrey S. Waltman Sr. said Thursday afternoon that he doesn't think council will revisit the idea anytime soon.
"The bottom line is I don't foresee City Council taking the issue up in the near future," he said. "It deals with federal issues and with our city and our resources, we have to be focused on getting out of Act 47."
Waltman also said the draft ordinance would have to be significantly altered or completely rewritten for council to even remotely consider it.
At the council's meeting Monday, leaders expressed opposition to a stipulation in the ordinance that states the city would not be able to share cardholder information with federal authorities, such as Immigration & Customs Enforcement.
Scott did not return calls requesting comment Thursday, but expressed strong opposition at the council meeting to aspects in the draft ordinance, including the prohibition on information-sharing.
He had also questioned the constitutionality of the draft ordinance, an argument that Make The Road countered Thursday.
The Center For Popular Democracy, a social issues advocacy group based in Washington, helped craft the ordinance.
Emily Tucker, a senior staff attorney specializing in immigration law, said Thursday that in the other cities where similar legislation was introduced and passed, such as New York City and Newark, N.J., there had been no concerns from local officials about limits on information sharing.
Waltman said that the decision to not pursue the IDs is not to slight city residents, but that creating a municipal ID is an effort that the city cannot presently handle or is responsible to undertake.
Cepeda said city officials should not ignore an issue that he feels would be very beneficial to the Latino community.
"It shows that they either have an issue with the people they represent or they are clueless," Cepeda said.
By ANTHONY OROZCO
Source
Urban leaders converge in Minneapolis to discuss 'blue city' agendas
Urban leaders converge in Minneapolis to discuss 'blue city' agendas
Leaders in progressive urban politics from around the country are converging in Minneapolis Friday to strategize on affordable housing, immigrant rights, criminal justice reform and other issues....
Leaders in progressive urban politics from around the country are converging in Minneapolis Friday to strategize on affordable housing, immigrant rights, criminal justice reform and other issues. The two-day conference, called the Local Progress Convening, promotes the development of “blue city” — or Democratic — political agendas, and will include panels of city-level politicians and organizers from Philadelphia, Denver and New York.
Read the full article here.
Pennsylvania Groups Press For Quicker Action on Immigration Reform
CBS – September 5, 2013, by Cherri Gregg -
PHILADELPHIA (CBS) — As Congress gets ready to head back to Washington, a coalition of Pennsylvania advocates for immigration reform is holding a...
CBS – September 5, 2013, by Cherri Gregg -
PHILADELPHIA (CBS) — As Congress gets ready to head back to Washington, a coalition of Pennsylvania advocates for immigration reform is holding a series of events to send a clear message to area elected officials.
The events include town hall meetings, business roundtables, prayer vigils, and rallies in Philadelphia, Bucks, Chester, Montgomery and other counties.
“This last week of events is just to send them back to Washington with a big push,” says Sundrop Carter, the lead organizer for Pennsylvania United for Immigration Reform. “Now is Congress’ opportunity to do the right thing — to pass comprehensive immigration reforms that provide a pathway to citizenship, workers’ rights, and reunification of families.”
Bucks County resident Celia Sharp came to the United States 40 years ago from Colombia because of civil unrest in her home country. Now a US citizen, she says reforms are necessary — especially in Pennsylvania, where immigrant populations are growing.
“This is a critical human rights matter, a national security issue,” she says.
Some of the upcoming regional events include the following:
Business Roundtable by Pennsylvania Immigration and Citizenship Coalition, Partnership for a New American Economy, Center for Popular Democracy, Welcoming Center for New Pennsylvanians:”Immigration Reform: Growing Pennsylvania’s Economy.” Thursday, Sept. 5, 12 noon, 200 S. Broad St., G. Fred DiBona Jr. Room, Philadelphia, PA Vigil for Immigration Reform and End Deportations Now by Pennsylvania United for Immigration Reform, JUNTOS. Monday, Sept. 9, 6:30pm, at 354 W Elm St, Norristown, PA March and Rally for Comprehensive Immigration Reform by Organizing for Action, Keystone Progress. Thursday, Sept. 12, 1pm, at Delaware Canal State Park, New Hope, PA Community Forum on Comprehensive Immigration Reform by Center for Popular Democracy, Grupo de Apoyo e Integración Hispanoamericano, Muhlenburg College. Thursday, Sept. 12, 7pm, at Muhlenberg College, 2400 W. Chew St, Seegers Union, Allentown PA.Source
How progressives can fight against Trump's agenda
How progressives can fight against Trump's agenda
As the new year begins, any honest progressive knows the political outlook is bleak. But if we're going to limit the damage that President-elect Donald Trump inflicts on the country, then despair...
As the new year begins, any honest progressive knows the political outlook is bleak. But if we're going to limit the damage that President-elect Donald Trump inflicts on the country, then despair is not an option. The real question, as Democracy Alliance President Gara LaMarche recently said, "is how you fight intelligently and strategically when every house is burning down."
Indeed, with Trump and Republicans in Congress aggressively pushing a right-wing agenda, progressives will need to invest their resources and attention where they can do the most good — both now and over the next four years. With that in mind, here are three steps to take to resist and rebuild as the Trump administration gets underway.
First, while strong national leadership is certainly important, progressives must recognize that the most significant resistance to Trump won't take place in Washington. It's going to happen in the streets led by grass-roots activists, and in communities, city halls and statehouses nationwide.
There is real potential for cities and states to act as a bulwark against Trump's agenda. On immigration, for example, a coalition of mayors from across the country — including New York and Los Angeles but also cities throughout the Rust Belt and the South — are already coordinating to fight Trump's deportation plans. Local Progress, a national network of city and county officials, is working to protect civil rights and advance economic and social justice. And while the Trump administration may ravage the environment, cities and states can also continue the fight against global warming; in particular, California has the potential to become a global leader on the issue, and Democratic Gov. Jerry Brown has defiantly pledged to move forward with plans to slash carbon emissions in the state regardless of Trump's policies.
Cities and states also give progressives an opportunity to play offense by advancing policies that truly improve people's lives, while providing a concrete and actionable blueprint for the rest of the country. Take the Fight for $15. Last year, 25 states, cities and counties approved minimum-wage increases that will result in raises for millions of workers nationwide. And despite Trump's hostility to workers, there are campaigns to increase the minimum wage planned in at least 13 states and other localities over the next two years, representing a real chance to build on that progress.
Second, as New York Attorney General Eric Schneiderman writes, "We need a broad commitment from activists and donors to take back state governments." Even if Democrats do well in the midterm elections, they are unlikely to regain control of Congress until after the next round of redistricting, in 2020. Yet there will be 87 state legislative chambers and 36 gubernatorial seats up for grabs in 2018. Progressives would be wise to adopt a laserlike focus on winning these races.
A strong performance at the state level in 2018 would do more than improve progressives' ability to combat Trump's policies. It would also help create a stronger pipeline of leaders who could eventually run for higher office, following in the steps of incoming House members Jamie B. Raskin, D-Md., and Pramila Jayapal, D-Wash. Crucially, it would also give progressive Democrats more influence over congressional redistricting in 2020, boosting the party's prospects at the national level. For that reason, it's noteworthy that President Obama is planning to get involved in state legislative elections and redistricting after he leaves office, though grass-roots efforts will remain paramount.
And third, it will be critical for progressive leaders in Washington to amplify local progress to drive a national message. In the absence of a single party leader — especially one whose success depends on compromising with congressional Republicans — there is more room for strong, populist progressive voices to emerge in opposition to Trump.
Already, Sens. Bernie Sanders, Vt., Elizabeth Warren, Mass., Sherrod Brown, Ohio, and Jeff Merkley, Ore., are stepping up, and they will be joined in the House by the Congressional Progressive Caucus, whose members will play a key role in recruiting and running progressive candidates, connecting with grass-roots movements and driving local issues into the national sphere. Working alongside activist groups, progressive Democrats can present a clear alternative vision for the nation.
To that end, the race for Democratic National Committee chair presents a significant opportunity to shift the party's direction. Regardless of who prevails, progressives would be wise to insist on a return to the 50-state strategy that former chairman Howard Dean championed and that all of the current candidates say they support. Ultimately, the party's fortunes will depend on recruiting a new generation of progressive leaders, especially women and people of color, who can harness the power of social movements and drive it into electoral politics — everywhere in the country, at every level of government.
By: Katrina Vanden Heuvel
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“Llevaron a cabo vigilia contra Trump por el huracán María”
Los oradores incluyeron a Jaime Contreras , vicepresidente del sindicato 32BJ , Mary Cathryn Ricker , vicepresidenta ejecutiva de la Federación de Maestros de EE.UU. , Jordan Haedtler , director...
Los oradores incluyeron a Jaime Contreras , vicepresidente del sindicato 32BJ , Mary Cathryn Ricker , vicepresidenta ejecutiva de la Federación de Maestros de EE.UU. , Jordan Haedtler , director de campaña del Centro para la Democracia Popular, y Tatiana Matta , puertorriqueña que aspira al Congreso por el distrito 23 de California.
Lea el artículo completo aquí.
CPD's Connie Razza Joins MSNBC's Melissa Harris-Perry to Discuss the Strength of the Dollar
Melissa Harris-Perry - March 22, 2015 - How does the strength or weakness of the dollar affect average Americans? Joshua Steiner and CPD's Director of Strategic Research Connie Razza join to...
Melissa Harris-Perry - March 22, 2015 - How does the strength or weakness of the dollar affect average Americans? Joshua Steiner and CPD's Director of Strategic Research Connie Razza join to discuss.
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Video: Grandes bancos podrían beneficiarse con el muro de la frontera
Video: Grandes bancos podrían beneficiarse con el muro de la frontera
Mira el video aquí.
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