Puerto Rico is on Track for Historic Debt Forgiveness -- Unless Wall Street Gets its Way
Puerto Rico is on Track for Historic Debt Forgiveness -- Unless Wall Street Gets its Way
For bondholders sitting on Puerto Rican debt, Hurricane Maria may have come just when they needed it, just as a...
For bondholders sitting on Puerto Rican debt, Hurricane Maria may have come just when they needed it, just as a yearslong battle over the fate of the island’s financial future was beginning to turn against them. Or, depending on how the politics shake out, they could see their entire bet go south.
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The city of Saratoga Springs is considering a ban on the sale of guns and ammunition at the City Center, Mayor Meg...
The city of Saratoga Springs is considering a ban on the sale of guns and ammunition at the City Center, Mayor Meg Kelly announced this weekend in a welcoming speech to Local Progress New York.
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60 Years After Brown v. Board of Education
Legal Talk Network - June 3, 2014 - May 17th, 2014 marked the 60th Anniversary of Brown v. Board of Education, the...
Legal Talk Network - June 3, 2014 - May 17th, 2014 marked the 60th Anniversary of Brown v. Board of Education, the landmark Supreme Court Decision that held state laws establishing separate public schools for black and white students as unconstitutional because they violate the Equal Protection Clause of the 14th Amendment. Today, some six decades later, many parents and teachers are still worried that America’s children are not receiving equal access to education envisioned in that case. On this episode of Lawyer 2 Lawyer, hosts Bob Ambrogi and J. Craig Williams shed light on this issue with guests Christian D’Andrea from the MacIver Institute and Kyle Serrette from The Center for Popular Democracy. Together they discuss private schools, charter schools, and homeschooling vs. the community school model. Tune in to learn more about funding concerns, oversight issues, and the proper role of teachers unions in the school choice debate.
Christian D’Andrea is an Education Policy Analyst with the John K. MacIver Institute for Public Policy in Madison, WI. He earned his Master’s of Public Policy degree at Vanderbilt University and has previously worked for the Friedman Foundation for Educational Choice as a State Policy Director and Policy Analyst. He is the author of several studies that examine the fiscal and personal impacts of educational reform, and his work has been featured everywhere from the Huffington Post to EducationNext.
Kyle Serrette is the Director of Education Justice Campaigns at The Center for Popular Democracy and works with their partner organizations to strengthen their public education coalitions, develop strategy to help close the opportunity gaps, and coordinates national and regional campaigns that work to bolster our public education system. Prior to joining The Center for Popular Democracy, Kyle spent over 10 years working on corporate campaigns with groups such as Service Employees International Union, Change to Win, and the American Federation of State, County and Municipal Employees. He was awarded the 2010 Joe Hill Organizing Achievement Award by the LA Fed and the Los Angeles Orange County Organize Committee.
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Activists Protest at Phila. Fed, Seeking a Say in Plosser's Replacement
Philly.com - December 17, 2014, by James M. Von Bergen - Seeking a voice in the process to select a new president for...
Philly.com - December 17, 2014, by James M. Von Bergen -
Seeking a voice in the process to select a new president for the Federal Reserve Bank of Philadelphia, two dozen activists protested outside the bank in Center City on Monday.
"The Fed is such a mystery. We just want transparency," marchers chanted as they walked along Sixth Street, many wearing green T-shirts with the slogans "Fed Up" and "What Recovery?"
The march came amid speculation whether the Federal Open Market Committee, meeting Tuesday, would increase the discount rate - the rate charged banks for short-term loans they receive from the regional Federal Reserve Banks - in light of the improving economy.
In a statement Monday, the Philadelphia Fed said it had engaged an executive search company to find a replacement for president Charles Plosser, whose term expires March 1.
"Senior executives have met with representatives of groups who have expressed interest in the process," the statement said.
"The search committee has said it will look at a broad, diverse group of candidates from inside and outside the Federal Reserve System," the statement said.
The Fed's record low interest rates "should make us nervous," Plosser said in an interview with CNBC in November.
He has been among the central bank's most outspoken members on raising rates. Recent economic data indicate that "we should raise rates now or in the near future," he told reporters after a speech in Charlotte, N.C., the Wall Street Journal reported.
During Monday's protest, which lasted about an hour, various people told their stories, about how they had been unable to find jobs or were working below their educational levels even as they struggled to save their homes from foreclosure and pay their bills.
Kia Philpot-Hinton, 38, of Southwest Philadelphia, said she has not been able to find an accounting job. "It's crushing when you are struggling to make ends meet. We're not in a recovery in my neighborhood," she said.
"We deserve to make an ample amount of money to support our family," said Chris Campbell, 23, of Philadelphia, adding that he had been unable to find steady employment in construction.
The protest was mounted by Action United, a nationally organized group of activists that coalesces around economic issues.
One leader of Monday's protest was Kendra Brooks, who said she has a master's degree in business administration and was laid off from Easter Seals of Southeastern Pennsylvania in 2012. As an Action United organizer, she said, she now earns half of what she previously earned.
She was part of a group that visited Federal Reserve Chair Janet Yellen in November.
"They were engaged and interested in what we had to say," Brooks said, adding that Yellen wanted to know whether foreclosure-prevention programs and other efforts to help the poor were effective.
Brooks said raising interest rates would prompt businesses to cut back hiring, tightening the job market, and forcing people to accept lower wages.
Among those marching was Lance Haver, director of the Mayor's Office of Consumer Affairs. Haver said that even if the Fed is not the usual focus of protests by activists, they can be effective.
In 1998, he said, First Union Corp., which became Wachovia and is now Wells Fargo & Co., acquired CoreStates Bank in Philadelphia. Activists' protests, he said, prompted the Federal Reserve to prevent First Union from closing CoreStates branches in some poorer neighborhoods.
"Instead of shuttering them," Haver said, some branches became credit unions and led to First Union's being required to provide community-development funds.
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It’s true: HUD policy really does hurt our neighborhoods
HUD has a program that sells tens of thousands of troubled mortgages across the country, many in black and Latino...
HUD has a program that sells tens of thousands of troubled mortgages across the country, many in black and Latino neighborhoods hard hit by the housing crisis, to Wall Street speculators - at a discount! Please let that sink in.
Since 2010, the Department of Housing and Urban Development (HUD) has been auctioning off pools of very delinquent mortgages through a program they call Distressed Asset Sales Program, or DASP. In most cases, the sales have gone to the highest bidder, which have been hedge funds and private equity firms.
Lone Star Fund, a private equity firm started by a Texas billionaire, and Bayview Asset Management, an affiliate of the private equity firm Blackstone Group, have been two of the primary beneficiaries of these sales. The result? Struggling homeowners lose their homes and speculators turn the properties into high-cost rentals that contribute to displacement in communities across the country.
This month, over 110,000 people from across the country signed a petition calling on HUD Secretary Julian Castro, to change this program. This comes on the heels of a March 1st letter to HUD from 45 members of Congress issuing a similar call for reforms to this mortgage sale program. In fact, for over two years, housing advocates and national policy groups have been pushing HUD to fix this program.
In an interview on WNYC Studio’s “The New York Radio Hour,” Secretary Castro referred to our protests that his program is enriching Wall Street as “sloganeering.” We wish that were the case. Unfortunately, it is simply a fact that 98% of the mortgages sold through HUD’s DASP program are going to Wall Street, one that can be verified on HUD’s own website where they post reports from these sales. Most, if not all, of these Wall Street buyers are what the industry itself calls “vulture capitalists” – investors that specialized in distressed assets in the hopes of making them more profitable and selling them for a profit.
In an effort to suggest that he has addressed the problem, Secretary Castro touts the agency’s 2015 auctions of troubled mortgages in which only non-profits were eligible to bid. Let’s be clear. Only 172 mortgages were sold to non-profits through these auctions, while a whopping 15,309 went to Wall Street investors in 2015. So yes, a gesture was made by the agency, but at such a miniscule scale he surely cannot suggest that the problem is solved.
There is no reason to sell such a high percentage of these loans to some of the same culprits responsible for the housing crisis in the first place. In fact, it seems to be in direct conflict with HUD’s mission to create strong, sustainable, inclusive communities and quality affordable homes for all. Call me skeptical, but I don’t trust a private equity firm like Blackstone – a company whose CEO made $734 million last year - to help fulfill that mission. Blackstone and other major speculators have a goal of making as much money as possible, and in the process are chipping away at the wealth and stability of neighborhoods in the process.
There is a viable alternative, that housing and civil rights groups across the country are calling for. HUD should prioritize selling these loans to good actors that have a community-centered plan to save homes from foreclosure when possible and, when foreclosure cannot be avoided, to meet the affordable housing needs of the community with their property disposition plans.
A growing number of Community Development Financial Institutions (CDFIs) have programs to do just this, and have raised the capital needed to buy pools of these delinquent mortgages. But so far, they haven’t been able to get their hands on the number of mortgages that they can afford. HUD should do all it can to make sure CDFIs and other good actors are prioritized for these sales.
I have seen too many people in my community lose their homes and their wealth to Wall Street speculators. We cannot allow the same policies that ravaged our communities to continue. For me the choice is very clear: will Secretary Castro make sure that HUD helps families stay in their homes, or will he allow HUD to continue to sign over these loans to Wall Street and fuel neighborhood displacement?
It’s time for HUD to make the right choice and partner with non-profit CDFIs and other organizations that will keep our neighborhoods together. I encourage everyone who cares about the stability of neighborhoods across the country to join with me in calling on Secretary Castro and HUD to change the DASP program so that it prioritizes foreclosure avoidance and the creation of affordable housing.
By Ana Maria Archila
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We, The People, Defeated Republican Attempts To Repeal The Affordable Care Act
We, The People, Defeated Republican Attempts To Repeal The Affordable Care Act
After months of grandstanding and cloak-and-dagger meetings by Republican leaders, we dealt a final blow to the repeal...
After months of grandstanding and cloak-and-dagger meetings by Republican leaders, we dealt a final blow to the repeal of the Affordable Care Act. Who are we? We are the thousands of people who attended town hall meetings around the country to confront our elected officials, marched on the streets, and occupied the offices of our senators until we got arrested.
Early Friday morning, dozens of us who have been active in the fight against the ACA repeal stood outside the Capitol, bleary-eyed from exhaustion and tears and holding on to each other for moral support. We were stunned and elated when the ‘skinny’ repeal vote failed.
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JPMorgan Chase Is Funding and Profiting From Private Immigration Prisons
JPMorgan Chase Is Funding and Profiting From Private Immigration Prisons
One of America's largest banks, JPMorgan Chase, is quietly financing the immigration detention centers that have...
One of America's largest banks, JPMorgan Chase, is quietly financing the immigration detention centers that have detained an average of 26,240 people per day through July 2017, according to a new report by the Center for Popular Democracy and Make the Road New York. Through over $100 million loans, lines of credit and bonds, Wall Street has been financially propping up CoreCivic and GeoCorp, America's two largest private immigration detention centers.
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Wells Fargo: California Leader in Predatory Lending and Heartless Foreclosures
San Diego Free Press - March 13, 2012, by Alliance of Californians for Community Empowerment - When it comes to...
San Diego Free Press - March 13, 2012, by Alliance of Californians for Community Empowerment - When it comes to foreclosing on Californians, it looks like Wells Fargo may take the prize. According to a report released today, Wells Fargo is responsible for more homes in the foreclosure pipeline in California than any other single lender.
Wells Fargo is servicing the most loans, but they are providing less principal reduction to struggling borrowers than either Bank of America and Chase – who themselves should be doing more! The recent report from the Monitor of the multi-state Attorneys General settlement with the five big mortgage servicers showed that Wells Fargo trails behind Bank of America and Chase when it comes to the amount of principal reduction given as part of first lien loan modifications.
This is the very same Wells Fargo that just had its most profitable year ever in 2012, with earnings of $19 billion.
The report, California in Crisis: How Wells Fargo’s Foreclosure Pipeline Is Damaging Local Communities, by ACCE (Alliance of Californians for Community Empowerment), the Center for Popular Democracy and the Home Defenders League, shows the harm coming to homeowners, communities and the economy unless Wells Fargo reverses its course and averts some or all of the impending foreclosures.
Click here to download the report.
The report uses data from Foreclosure Radar to look at loans currently in the foreclosure pipeline in California – meaning loans that have a Notice of Default or Notice of Trustee Sale. Of the 65,466 loans in the foreclosure pipeline, close to 20% of them are serviced by Wells Fargo.
If Wells Fargo’s 11,616 distressed loans go through foreclosure, California will take a next $3.3 billion hit: Each home will lose approximately 22 percent of its value, for a total loss of approximately $1.07 billion; homes in the surrounding neighborhood will lose value as well, for an additional loss of about $2.2 billion; and government tax revenues will be cut by $20 million, as a result of the depreciation.
And not surprisingly, African American and Latino communities will be particularly hard-hit. The report includes maps for seven major cities showing minority density and dots for each of Wells Fargo’s distressed loans. In city after city, they are heavily clustered in neighborhoods with high African American and Latino populations.
“My community has been absolutely devastated by the foreclosure crisis, and I put a lot of the blame at the doorstep of Wells Fargo,” says ACCE Home Defenders League member Vivian Richardson. “Wells Fargo’s heartless and unfair foreclosure practices are sending far more homes into foreclosure than is necessary.”
San Francisco Supervisor David Campos released a statement of support: “Our communities and our entire State are still reeling from the housing crisis, and will be for years to come. As this report shows, the numbers of homes still facing foreclosure is enormous. Principal reduction is clearly a critical strategy for saving homes and stabilizing the economy. Wells Fargo and the other major banks should be doing more of it.”
The report recommends:
Wells Fargo should commit to a broad principal reduction program.This means that every homeowner facing hardship should be offered a loan modification, when Wells has the legal authority to do so. The modification should be based on an affordable debt-to-income ratio, achieved through a waterfall that prioritizes principal reduction and interest rate reductions. Junior liens must also be modified.
Wells Fargo should report data on its principal reduction, short sales, and foreclosures by race, income, and zip code.Wells Fargo must be more transparent about its mortgage practices. The bank has an egregious history of harming California’s African American and Latino communities through predatory and discriminatory lending. To show the public that it has reformed, Wells Fargo must make this data available. The people of California need to know that Well Fargo is no longer discriminating against people of color and is fairly and equitably providing relief to homeowners and to the hardest hit communities.
Wells Fargo should immediately stop all foreclosures until the first two demands are met.In the event that it takes a few months to set up a fully functioning principal reduction program, Wells Fargo needs to immediately stop all foreclosures. Wells Fargo has done enough harm. It’s time to stop. California deserves a break.
ACCE is waging a campaign to push Wells Fargo to be a leader in California, their home state, in saving homes – beginning with their performance to comply with the Attorneys General Settlement and with the Homeowner Bill of Rights, but not ending there.
Click here to sign on to a letter to Wells Fargo CEO John Stumpf to support to campaign demands.
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Watch My Morning Jacket’s Jim James and Andrew Bird Play New Version of “Sic of Elephants”
Watch My Morning Jacket’s Jim James and Andrew Bird Play New Version of “Sic of Elephants”
In July, Andrew Bird began a new series called “Live From the Great Room,” where he performed an acoustic set in his...
In July, Andrew Bird began a new series called “Live From the Great Room,” where he performed an acoustic set in his living room with a guest. Today, he’s released an updated version of Soldier On’s “Sic of Elephants,” he originally played with My Morning Jacket’s Jim James for the series. The updated song is being released as part of the anti-Trump 30 Days, 30 Songs series, and it is Jim James’ second release for the program. Below, watch them perform “Sic of Elephants.” Read Bird’s statement on why he updated the song here, and revisit Bird and James’ full living room performance here.
30 Days, 30 Songs will continue to release at least one new song or video daily until Election Day (Tuesday, November 8). The entirety of 30 Days’ proceeds will go to the Center for Popular Democracy and their efforts toward Universal Voter Registration for all Americans. Previous 30 Days releases include songs from Sun Kil Moon and Jesu, EL VY, Filthy Friends, Death Cab for Cutie, Franz Ferdinand, and others.
By Kevin Lozano
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Ilhan Omar Romps In Minneapolis Democratic Primary, While Tim Walz And Keith Ellison Win Statewide
Ilhan Omar Romps In Minneapolis Democratic Primary, While Tim Walz And Keith Ellison Win Statewide
Omar had the backing of the bulk of the progressive and grassroots groups that weighed in on the race, including MoveOn...
Omar had the backing of the bulk of the progressive and grassroots groups that weighed in on the race, including MoveOn; Justice Democrats; the statewide and Twin Cities chapters of Our Revolution, the group that was formed from the remnants of the 2016 Bernie Sanders campaign; and CPD Action, an arm of the Center for Popular Democracy.
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