HUD Secretary Shaun Donovan Announces to National People’s Action New Director of Mortgage Fraud Task Force
NPA, New Bottom Line urge new director’s name to be revealed and assurances that director will hold Wall Street accountable and push banks to provide restitution for homeowners
Washington, D.C. – While addressing the 40th annual National People’s Action’s conference, HUD Secretary Shaun Donovan said today that a director has been appointed to the newly-created Mortgage Fraud Task Force. Watch 7 second clip: http://www.youtube.com/watch?v=ItcMSEthf8I&feature=youtu.be
In light of this information, NPA and The New Bottom Line call on the Obama Administration to make the name of the director public.
Bank of America and Charlotte use "extraordinary event" order to suppress May 9 shareholder protest
For immediate release: May 1, 2012
Contact: Margot Friedman, mfriedman@dupontcirclecommunications.com, 202-332-5550
www.the99power.org
Magic markers declared illegal; briefcases and private papers subject to search
(Charlotte, NC) The 99% Power Coalition, which is planning a massive protest at Bank of America’s shareholders’ meeting on May 9, said that the City of Charlotte’s designation of the meeting as an “extraordinary event” would not deter or intimidate people from attending the event.
A new city ordinance lists a series of items that are grounds for arrest at an extraordinary event, some of which are absurd, such as permanent markers. In addition, the extraordinary event designation gives police broad powers to search backpacks, coolers, and briefcases of people going about their business on the street.
May is Move Our Money Month
For immediate release: May 1, 2012
Contact: Margot Friedman, New Bottom Line, at 202-332-5550 or mfriedman@dupontcirclecommunications.com
http://www.newbottomline.com/move_our_moneytwitter: @NBLcampaign
http://www.moveourmoneyusa.org/@moveourmoney
Shareholders Locked Out of Wells Fargo Meeting and Run-Up to Bank of America Shareholders’ Meeting on May 9 Energize Bank Divestment Movement
(New York, NY) It’s the season for bank shareholders’ meetings and customers from coast to coast are marking the occasion by withdrawing their money from Wells Fargo, Bank of America, and other big banks and moving it to credit unions and smaller banks that make small business loans, help create jobs, and invest in local communities. Customers will be taking collective action to close their accounts in May’s “Move Our Money” Month, said leaders of The New Bottom Line, which assists organizations and individuals with divesting funds from Wall Street banks.
FHFA Acting Director Defies President Obama & Congress, Indefinitely Postpones Decision on Fannie & Freddie Principal Reduction
Time for President to Remove DeMarco, Nominate Permanent Agency Head Who Will Follow the Law
New Bottom Line Representatives Liz Ryan Murray and Tim Lilienthal are available for comment thru weekend
Today, FHFA Acting Director Ed DeMarco revealed a new level to his deep ideological opposition to doing principal write-downs.
Despite clear evidence from DeMarco himself that doing principal reduction on loans owned by Fannie Mae & Freddie Mac would save taxpayer money, FHFA announced today that they are indefinitely postponing its decision on whether to allow Fannie & Freddie to do principal reductions.
http://www.brookings.edu/events/2012/0410_housing_demarco.aspx
Acting Director DeMarco is defying both the President and Congress, who have repeatedly requested a decision on this matter and who have been waiting for months for him to respond. He is putting his own ideological opposition to principal reduction ahead of his mandate to save taxpayer money.
The New Bottom Line Responds to FHFA Acting Director Ed DeMarco’s comments on principal reduction and the housing market
Calls on President Obama to keep pressure on DeMarco and to ensure mortgage fraud task force is moving and fully resourced
For immediate release: April 10, 2012
Contact: Margot Friedman, New Bottom Line, at 202-332-5550 or mfriedman@dupontcirclecommunications.com
http://www.newbottomline.com/
@NBLcampaign
http://america-underwater.tumblr.com/
New Bottom Line Representatives Liz Ryan Murray and Tim Lilienthal are available for comment
After months of pressure from The New Bottom Line, civil rights groups, and state and federal officials, FHFA Acting Director Edward DeMarco conceded today what economists and industry experts have been saying for months – that when properly structured, principal reduction is a win-win for homeowners, investors and taxpayers.
While DeMarco stopped short of announcing that FHFA would begin permitting Fannie & Freddie to do principal reductions, he has now said himself that writing down principal for certain distressed borrowers makes good economic sense. DeMarco is finally admitting the obvious.
With its announcement of a limited principal reduction program, Bank of America must prove commitment to homeowners and rebuilding the economy it broke
For immediate release: March 7, 2012
Contact: Margot Friedman, New Bottom Line, at 202-332-5550 or mfriedman@dupontcirclecommunications.com
http://www.newbottomline.com/ @NBLcampaign
With its announcement of a limited principal reduction program, Bank of America must prove commitment to homeowners and rebuilding the economy it broke
Underwater homeowners and faith leaders also call on President Obama to replace FHFA head Ed DeMarco who is “holding our economy and millions of homeowners hostage”
With HUD Secretary Shaun Donovan’s announcement that Bank of America has agreed to reduce principal for a certain selection of underwater homeowners, it appears the big bank has finally bowed to pressure from consumer, housing, civil rights, and faith groups. But Bank of America has a long history of making big promises that they fail to live up to and are notorious for forcing homeowners to jump through endless hoops to get assistance. The test of this program will come through Bank of America’s actions, not words.
Congressional Progressive Caucus, Homeowners Call on FHFA Chief Ed DeMarco to Write Down Underwater Mortgages or Leave His Job
Underwater Homeowners from across the U.S. say DeMarco Must Be Replaced with a Champion for Widespread Principal Reduction for Fannie and Freddie Mortgages
New Website ‘America Underwater’ Launches Highlighting Map, Photos and Stories of Underwater Homeowners with Petition Calling on DeMarco to be Fired
The New Bottom Line responds to President Obama’s “largest settlement” for homeowners: “It’s a paltry down payment”
For immediate release: February 9, 2012
Contact: Margot Friedman, New Bottom Line, at 202-332-5550 or mfriedman@dupontcirclecommunications.com
http://www.newbottomline.com @NBLcampaign
Obama says this is just the start—but fails to hammer home his own federal investigation at press conference
American people want $300 billion in principal reduction and accountability for bank crimes
In response to President Barack Obama’s press conference on today’s announcement of the settlement between big banks and the state Attorneys General, The New Bottom Line—a coalition of grassroots, people of faith, homeowners, and workers—declares that this settlement is only a “paltry down payment” and were dismayed by his lack of emphasis of his own federal investigation into big banks’ mortgage crimes.
Statement of The New Bottom Line on AG-Bank Mortgage Settlement Agreement
For immediate release: February 9, 2012
Contact: Margot Friedman, New Bottom Line, at 202-332-5550 or mfriedman@dupontcirclecommunications.com
http://www.newbottomline.com/@NBLcampaign
The mortgage fraud settlement being announced today is a tiny drop in a big bucket. It does not do justice for the millions of homeowners who lost their homes or hold the banks fully accountable for their crimes. For homeowners who were defrauded and lost their homes, $2,000 is too little, too late. It is a paltry down payment toward full relief for homeowners.
The New Bottom Line Blasts AG-Bank Mortgage Deal
Contact: Margot Friedman, New Bottom Line, at 202-332-5550 or mfriedman@dupontcirclecommunications.com
http://www.newbottomline.com/@NBLcampaign
The New Bottom Line Blasts Expected AG-Bank Mortgage Deal
(Chicago, Illinois) The proposed $25 billion settlement agreement between state Attorneys General and five big banks involved in the robo-signing scandal would encourage the banks to help homeowners who are in less need of assistance and provide little relief to the most troubled homeowners, according to news reports.“What the country and the housing market needs is a bold and broad fix - not broad immunity for banks’ criminal behavior. Any settlement that is just about robo-signing should only release claims on robo-signing and nothing more. It should fix the servicing system and it should provide real relief to struggling underwater homeowners and those who have lost their homes,” said George Goehl, Executive Director of National People’s Action and an organizational member of The New Bottom Line. “This slap on the wrist is a slap in the faces of the millions of people who have suffered because of the massive fraud perpetrated by big banks.”
“This fight is far from over. We will keep the heat on the Obama Administration’s Financial Fraud Task Force to conduct a full investigation of the banks for all aspects of the mortgage crisis and require the banks to pay in full for what they broke. Anything less than $300 billion in principal reduction for underwater homeowners and $50 billion in restitution for families who wrongfully lost their homes is completely unacceptable,” added Tracy Van Slyke, co-director of The New Bottom Line.
News reports about the proposed settlement agreement indicate that the banks will be encouraged to focus on less-troubled borrowers and allow illegal foreclosures to continue. This approach will not end the mortgage crisis, which Federal Reserve Chairman Ben Bernanke said this week was critical to improving the economy.
The expected agreement provides too much forgiveness for the banks that forged signatures on loan documents and illegally foreclosed on millions of families. The banks that acted wrongfully in the robo-signing scandal are Bank of America, JPMorgan Chase, Citigroup, Wells Fargo and Ally Financial.
$750 billion represents the true scope of the problem of negative equity. A minimum of $300 billion would cover owner occupied, underwater mortgages serviced by the five big banks at the settlement table and would also require the holders of the majority of home mortgages in the country, namely Fannie Mae and Freddie Mac, to finally come to the table for American homeowners and the broader economy.
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The New Bottom Line is a new and growing movement fueled by a coalition of community organizations, congregations, and individuals working together to challenge established big bank interests on behalf of struggling and middle-class communities. Together, we are working to restructure Wall Street to help American families build wealth, close the country’s growing income gap and advance a vision for how our economy can better serve the many rather than the few. Coalition members include PICO National Network, National People’s Action (NPA), Alliance for a Just Society, and dozens of state and local organizations from around the country.
