California Advocates Call for Homeowner Relief During the Holiday Season

SAN FRANCISCO, Nov. 21, 2011 /PRNewswire-USNewswire/ -- A number of California community groups joined California Attorney General Kamala Harris on Monday afternoon to draw attention to the plight of homeowners facing foreclosure during the holiday season. The event was hosted by the Mission Economic Development Agency (MEDA) in San Francisco.

At a roundtable discussion with Attorney General Harris, homeowners shared their stories about how they have struggled to make their mortgage payments and work with their banks to modify their loans. Attorney General Harris outlined her office's priorities for improving loan servicing and increasing transparency and accountability in the mortgage system.  

Darryl Davis, a MEDA client, spoke about his recent experience with foreclosure. After nearly a year of negotiations, Darryl and his two children were evicted from their home in late October. "This whole thing has been a nightmare for my family. The way these banks operate, where the left hand doesn't know what the right hand is doing, it's incredible that they're not held accountable," said Mr. Davis. "I'm just a guy with limited means, going up against these institutions with unlimited means. I told my son that's why we're going to MEDA today. We need to let our voice be heard so that we can help others who are just like us."

At the event, the Mission Economic Development Agency (MEDA), California Reinvestment Coalition (CRC), Alliance of Californians for Community Empowerment (ACCE), PICO California, and Center for Responsible Lending (CRL) joined together to call for immediate and long-term solutions that would ease the harmful effect of the ongoing foreclosure crisis and help homeowners stay in their homes.

The California groups highlighted the need for increased levels of principal reduction and ending the "dual track" servicing problem, and called for accountability of the banking system and restitution for homeowners who wrongfully lost their homes. In addition, the groups called for a foreclosure moratorium during the holiday season, to allow families to celebrate the holidays in peace and comfort.

The California groups committed to working in partnership with Attorney General Kamala Harris as she fights for short-term and long-term relief for California homeowners.

SOURCE California Reinvestment Coalition