Wells Fargo’s at the Bottom of the Heap
BeyondChron - March 14, 2013, by Christina Livingston - When it comes to foreclosing on Californians, it looks like...
BeyondChron - March 14, 2013, by Christina Livingston - When it comes to foreclosing on Californians, it looks like Wells Fargo may take the prize. According to a report released this week, 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! Wells Fargo trails behind Bank of America and Chase when it comes to the amount of principal reduction given with first lien loan modifications, according to the Monitor of the multi-state Attorneys General settlement with the five big mortgage servicers.
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.”
“Our communities and our entire State are still reeling from the housing crisis, and will be for years to come,” said San Francisco Supervisor David Campos. “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:
1. 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.
2. 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.
3. 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 the campaign demands.
Author info: Christina Livingston is the Executive Director of the Alliance of Californians for Community Empowerment. ACCE is a multi-racial, democratic, non-profit community organization building power in low to moderate income neighborhoods to stand and fight for social, economic and racial justice. ACCE has chapters in eleven counties across the State of California. For more information visit http://www.calorganize.org/ or follow ACCE on twitter@CalOrganize
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Thomas DiNapoli urged to stop investments that hurt P.R.
Activist groups are asking state Controller Thomas DiNapoli to halt investments in two private equity firms they blame...
Activist groups are asking state Controller Thomas DiNapoli to halt investments in two private equity firms they blame for worsening the foreclosure crisis in Puerto Rico.
In a letter to DiNapoli, the anti-hedge fund group Hedge Clippers and other organizations say the state Common Retirement Fund should make no new investments in the Blackstone Group and TPG Capital.
Read the full article here.
'Nueva York en un Minuto': el fiscal general Jeff Sessions le declara la guerra a la pandilla MS-13
'Nueva York en un Minuto': el fiscal general Jeff Sessions le declara la guerra a la pandilla MS-13
En otras noticias, la dueña de una floristería de Nueva Jersey es acusada de robar flores de un cementerio y el...
En otras noticias, la dueña de una floristería de Nueva Jersey es acusada de robar flores de un cementerio y el expresidente dominicano Leonel Fernández está en Manhattan para presentar su nuevo libro.
Lea el artículo completo aquí.
Former Toys R Us workers to get $20 million in hardship fund
Former Toys R Us workers to get $20 million in hardship fund
Since late summer, Toys R Us workers have been pressuring pension funds to in turn push a group of hedge firms that...
Since late summer, Toys R Us workers have been pressuring pension funds to in turn push a group of hedge firms that owned the retailer’s secured debt in a bid to get the remaining money they say is owed to them...The groups that organized the Toys R Us workers — Organization United for Respect, along with Private Equity Stakeholder Project and the Center for Popular Democracy — say that the hardship fund is being structured to allow the other firms to contribute, paving the way for Solus, Vornado and others to contribute. KKR and Bain said the fund was established in response to the “extraordinary set of circumstances” that led to Toys R Us being shuttered.
Read the full article here.
Avengers Assemble! Scarlett Johansson shows off her chic pixie cut as she joins her co-stars including Robert Downey Jnr for benefit reading of classic play Our Town
Avengers Assemble! Scarlett Johansson shows off her chic pixie cut as she joins her co-stars including Robert Downey Jnr for benefit reading of classic play Our Town
She's known for her role as heroine Black Widow in the Marvel Avengers series, with the latest installment, Infinity...
She's known for her role as heroine Black Widow in the Marvel Avengers series, with the latest installment, Infinity War, set to hit UK cinemas in April 2018.
And Scarlett Johansson put her superhero status towards a good cause on Sunday, as she was spotted arriving at rehearsals for a benefit reading of Our Town.
The 32-year-old actress showed off her chic blonde pixie cut as she checked her script on the way into Atlanta's Fox Theatre, where she was joined by some of her Avengers co-stars.
Read the full article here.
Fed Up Coalition comes to Jackson to join the conversation on Economic Policy
People in green shirts stating “Let Our Wages Grow” and “Who’s Recovery?” are all over the main lobby and outdoor areas...
People in green shirts stating “Let Our Wages Grow” and “Who’s Recovery?” are all over the main lobby and outdoor areas of the lodge.
As officials meet for the Economic Policy Symposium, the Fed Up Coalition consisting of workers, economists, and allies are holding a conference simultaneously to discuss ways to foster full employment, higher wages and racial equality.
Ed Donaldson, who is with the San Francisco Alliance of Californians for Community Emplowerment is here to join the conversation on interest rates, unemployment and how the decisions of the Federal Reserve impact Americans.
“We are here exercising our democracy,” said Donaldson. “Monetary policy and the activities of the Federal Reserve are so very important.”
Between 75-100 representatives for the Fed Up Coalition from all over U.S. are at the Jackson Lake Lodge to voice their opinion.
“We have people here who represent every Federal Reserve district across the country. Many have met with Federal Reserve presidents in their area, which has been a very interesting dialog,” he added.
According to Donaldson, instead of looking at abstract data, it is important to have people who can tell you first hand how the economy is impacting them.
“I don’t think numbers tell the whole story about what’s going on. We have a high number of long term unemployed people and a high rate of underemployment. The Federal Reserve assisted Wall Street in getting them out of trouble and we think it’s only democratic that they begin to look at main street and look at ways they can help,” he added.
The Fed Up Coalition’s voice is beginning to be heard. Donaldson mentioned that the Federal Reserve is creating a Community Advisory Counsel, where they will select 15 people to help get insight from the ground.
“I am happy to be here. I think in many ways this is historic,” said Donaldson. “We sort of butted into the conversation, but I think it is far too important of an issue to let this conversation take place and not ask questions.”
The 2015 Economic Symposium’s central theme is “Inflation Dynamics and Monetary Policy,” and takes place August 27-29 at the Jackson Lake Lodge in Grand Teton National Park.
Source: Buckrail
The Retail Industry is Marginalizing Women and People of Color. This Has to Change.
The Retail Industry is Marginalizing Women and People of Color. This Has to Change.
Source: In These Times...
Source: In These Times
The National Retail Federation is fond of pointing out that “retail means jobs.” And it’s true: the retail industry today provides one in ten private-sector jobs in the U.S., a number set to grow in the next decade.
Yet new findings show those jobs may be keeping retail workers and their families from rising up the career ladder, exacerbating our country’s growing inequality. The findings from the Center for Popular Democracy demonstrate that, for women and people of color especially, working in retail often means instability and low pay. Both groups make up the lion’s share of cashiers, movers, and other poorly paid positions and barely figure in the upper ranks of management. In general merchandise—including big-box stores such as Target and Wal-Mart—women hold more than 80 percent of cashier jobs, the lowest-paid position. And in the food and beverage industry, women make up approximately half of the workforce but less than a fifth of managers.
People of color in the retail industry are often relegated to the least lucrative jobs as well. In home and garden stores like Home Depot and Lowes, for example, employees of color account for 24 percent of the total workforce—but 36 percent of jobs that pay least.
The findings are especially disappointing given the opportunities available for those who succeed. Certain areas of retail, such as home and garden stores and car dealers, offer living wages to workers—but both women and people of color are largely shut out of these sub-sectors. And management jobs across the industry provide wages and benefits that can allow workers to support themselves and their families—but they are closed off to many.
Reducing these disparities will take more than a bigger paycheck. Retailers must make a concerted effort to establish policies that ensure women and people of color are equally represented in management positions and develop more robust training programs for workers just starting out that give them the chance to advance.
Many retailers have training policies in place, but they can be far from meaningful. Wal-Mart, for example, recently announced it was raising wages to $10, dependent on completion of a six-month training program—an onerous requirement to earn a pitifully low wage that lags well behind the retail sector average. Real training can introduce employees to a range of job duties and responsibilities, incentivizing them to learn specialized skills that allow workers to pick up shifts, advance to higher-paying positions, and bring home a full-time paycheck. Sectors like finance long ago recognized internal barriers to promotion and created programs to promote equal opportunity. Why do we not expect the same of retail?
Retailers that lack such programs, from Walmart to Gristedes, have faced multi-million-dollar class-action lawsuits from women harmed by policies that prevented them from moving upward. Companies that fail to enact real advancement policies can expect similar pushback.
Moreover, workers at the lowest levels are doubly punished with erratic, last-minute scheduling that wreaks havoc on their lives. These schedules are particularly difficult for women. Unable to find childcare at the last minute or unwilling to miss bedtime every night, moms in retail are often deemed ineligible for promotion. Ironically, climbing up the job ladder is the only way to obtain stable hours that let working women and their families thrive.
As these practices have grown worse, many workers have started fighting back, demanding schedules that let them plan their lives, be there for their families and pursue education.
Facing outside pressure, policymakers have also stepped in and accelerated the pace of change. Retailers demonstrated how fast they could change last year when they received a letter from New York’s Attorney General into their use of on-call scheduling. Within months, major retailers like The Gap agreed to significant reforms—and a quarter of a million workers no longer had to put their life on hold for a shift.
State and city policymakers are also leading the way to raise workplace standards, pursuing policies to raise wages to $15 per hour, secure improved work schedules, and guarantee earned sick time. Creating higher-paying, more secure retail jobs will boost the economy, as the low-income retail workforce will likely use any additional earnings to cover basic expenses.
Yet if industry leaders want retail to mean good jobs, they must step up to the plate. Retail workers are the neighbors who shop in our local small businesses; parents trying to help their kids with homework; students working their way through college. It’s clear that retail jobs are holding too many women and people of color back. Rather than superficial fixes, we need bold solutions that move all retail workers forward and allow their families to thrive.
‘We are not ready’: Arizona voters warn Election Day could be worse than primary fiasco
‘We are not ready’: Arizona voters warn Election Day could be worse than primary fiasco
PHOENIX, ARIZONA — On Arizona’s primary day this April, voters in Maricopa County waited five hours in the hot sun to...
PHOENIX, ARIZONA — On Arizona’s primary day this April, voters in Maricopa County waited five hours in the hot sun to cast a ballot, because the county slashed the number of polling places from 200 to 60. Some people gave up and left without voting; some fainted in the desert heat. Polling places ran out of ballots.
After the dust settled, angry voters, candidates, and political parties filed a slew of lawsuits against the state, leading to court settlements and a promise that no voter will have to wait longer than half an hour this fall.
“The primary fiasco was a huge wakeup call,” said Samantha Pstross with the Arizona Advocacy Network.
But elected officials and voting rights advocates fear the situation could be just as bad or worse on Tuesday.
“We are not ready for what I presume will be one of the largest turnouts in Arizona history,” Maricopa County supervisor Steve Gallardo told ThinkProgress. “Everyone is banking on a large number of vote-by-mail ballots. But this is not an ordinary election. We have a record number of new Latino voters. We see lots of excitement out there. We need to be prepared to handle this, but we’re already seeing problems.”
“We are not ready for what I presume will be one of the largest turnouts in Arizona history.”
Gallardo cited troubles that have already plagued the county during early voting, when turnout is usually much lighter than on Election Day itself.
On Friday, the final day of in-person early voting, voters in Tempe waited more than three hours to cast a ballot. Among them was Bob Davis, who arrived around 1:15 p.m. with his four-year-old daughter. Though he was told it would be a two-hour wait, he didn’t cast a ballot until nearly 5 p.m.
“I watched like 20 people leave the line who couldn’t wait,” he told ThinkProgress. “I knew the chance of them coming back and trying again was negligible. I felt really upset.”
Davis noted that there is a ballot measure before Arizona voters this year that would raise the minimum wage from just over 8 dollars an hour to 12 by the year 2020. He said he worries those the measure would impact most will not be able to have a say in its passage.
“If you make only 8.05 an hour, your ability to stand in line for four hours is minimal,” he said. “This is actual voter suppression.”
In Glendale, another Phoenix suburb, an understaffed site with insufficient equipment forced voters to wait more than two hours earlier this week.
“It’s discouraging,” Gallardo said. “No one should have to stand in long lines. It becomes a voting barrier. Some folks don’t have the opportunity to wait. Some are elderly and physically can’t stand that long, others only have a short lunch break from work when they can vote. So if you let long lines occur, you are disenfranchising voters.”
Maricopa County had 724 polling places for the 2012 general election. This year, they will have the exact same number, despite adding more than 90,000 more voters to the rolls. Many of those precincts’ polling places are located in the same building, meaning there will be only 640 separate locations.
“What is scary is what could happen on Election Day,” said Pstross. “If there are long lines, people will be disenfranchised left and right.”
Ever-changing laws fuel voter confusion
Arizona smashed its Latino voter registration record in the final weeks of the 2016 election, adding 150,000 new voters to the rolls. The state also led the nation in Latino early voting. Latino residents cast an unprecedented 13 percent of the votes, up from just 8 percent in 2008. Organizers credit Donald Trump for some of this participation spike, noting that his disparagement of immigrants and promises of mass deportations have mobilized Latinos who previously avoided electoral politics.
But as community advocacy groups like Bazta Arpaio, the Arizona Advocacy Network, LUCHA, and others hit the streets of Phoenix in the campaign’s final days, some fear an avalanche of last-minute court cases and legal changes could confuse and disenfranchise the voters they have worked so hard to engage.
This year alone, Arizona mailed out incorrect information about where to vote and mistranslated one of the ballot propositions on thousands of Spanish-language ballots. The state also allowed the final day of voter registration to fall on a federal holiday, leaving thousands of voters unable to register in time.
Then, on Friday night, a federal appeals court temporarily enjoined Arizona’s new law that made it a felony for anyone other than a relative or caretaker to pick up and mail in a voter’s absentee ballot. On Saturday morning, the U.S. Supreme Court reversed the decision and gave Arizona its blessing to enforce the ballot collection ban.
The back-and-forth left organizers scrambling.
Ben Laughlin, an organizer with the “Bazta Arpaio” campaign to unseat the controversial county sheriff Joe Arpaio, got the news of the ruling just before dispatching a small army of canvassers to knock on doors across the city.
“It causes a lot of confusion,” Laughlin told ThinkProgress. “For months we haven’t been collecting ballots because of the ban. Yesterday, we started collecting ballots. Now we’re not. It was a sweet 24 hour window.”
Bazta Arpaio blasted out this message on Friday night: “This weekend, when a volunteer comes to your door, you can have them turn in your ballot with confidence.” Less than a day later, the group had to abandon those plans.
A mother and her two sons hit the streets of West Phoenix with the Bazta Arpaio campaign. CREDIT: Alice Ollstein
Across the city, Asya Pikovsky with the Center for Popular Democracy scrambled to inform dozens of volunteers about the legal development.
“We got on the phone the second the decision came out and told every single person,” she told ThinkProgress on Saturday. “Our canvassers are following the decision to the letter.”
But other advocates expressed fears that some people could accidentally violate the newly-restored law if they did not get the news in time.
“No one should be considered a felon for helping someone else vote — especially someone who would have no other way to get to the polls,” Pstross said.
She fears even those following the law could face unlawful harassment from poll watchers, who have been instructed to follow and photograph those turning in multiple ballots.
“We’re worried that, say, someone who works at a retirement home could show up with 50 to 100 ballots,” she said. “They’re a legitimate caretaker, but even if they’re totally within the law, a crazy person could challenge and intimidate them.”
Sheriffs and vigilantes
Concerns about intimidation by poll-watchers were elevated Saturday, when a federal court declined to put a halt to plans by Trump’s campaign, the Arizona GOP, and a group run by Trump ally Roger Stone to patrol minority-heavy precincts, film those who they suspect of voter fraud, and question people exiting the polls about which candidate they supported.
“It is Plaintiff’s burden to illustrate that these activities are likely to intimidate, threaten, or coerce voters,” the court ruled. “The evidence…has failed to do so.”
But officials and voting rights advocates in Arizona are not just worried about intimidation from such volunteers — They are also sounding the alarm about the potential presence of the county sheriffs at the polls on Election Day.
The Maricopa County Recorder’s office, which administers the election, plans to call in sheriffs if there are any disputes at the polls, even though the head of the department is currently on trial for criminal contempt and racial profiling. Sheriffs have already been summoned to early voting sites, including one incident this week in which voters were upset about turned away at 4:30 p.m. because the polls were supposed to be open until 5 p.m.
“This should be an exciting time for voters — not a time of anxiety or fear.”
Voting rights advocates and elected officials said that having the same sheriffs who conducted immigration raids patrol the polls will intimidate Latino voters. Some groups have called on the Justice Department to send monitors to oversee the sheriffs’ activities, while others are demanding the County Recorder use a different law enforcement agency on Election Day.
“We have a sheriff that has divided and polarized this county and created distrust between the community and the sheriff’s office,” Gallardo said. “It’s time to distance ourselves from the sheriffs’ office and use other agencies like Phoenix Police that actually have credibility with the public. The sheriffs should not be involved in this election.”
“This should be an exciting time for voters — not a time of anxiety or fear,” added Alex Gomez, Executive Director of the Arizona Center for Empowerment. “On Election Day, the story should be about Arizonans proudly casting their ballots — not voters scared off from the polls.”
By Alice Miranda Ollstein
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Yellen and Draghi Speeches to Highlight Jackson Hole Conference
Yellen and Draghi Speeches to Highlight Jackson Hole Conference
Central bankers and economists from around the world will gather in the mountain resort of Jackson Hole, Wyo.,...
Central bankers and economists from around the world will gather in the mountain resort of Jackson Hole, Wyo., beginning Thursday for the Federal Reserve Bank of Kansas City's annual economic symposium.
The theme of this year's conference, "Fostering a Dynamic Global Economy, " highlights the challenges of boosting economic growth during an expansion that has been marked by poor productivity gains, rising protectionism and demands for greater fiscal austerity.
Read the full article here.
ABQ, SF receive grants to help immigrants become citizens
ABQ, SF receive grants to help immigrants become citizens
Cities for Citizenship is a national initiative supported by advocacy groups Center for Popular Democracy and the...
Cities for Citizenship is a national initiative supported by advocacy groups Center for Popular Democracy and the National Partnership for New Americans, with Citi Community Development as founding corporate sponsor. Fourteen cities were awarded challenge grants of either $25,000 or $40,000 a year over two years after 66 cities submitted proposals.
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