California Homeowners and Advocates Ask State Legislators: "Whose Side Are You On?"

Press Conference during Legislative Conference Committee Hearing on Homeowner Bill of Rights

SACRAMENTO, Calif., May 15, 2012 /PRNewswire-USNewswire/ -- The following is being released by California Reinvestment Coalition:

A broad coalition of faith leaders, community advocates, homeowners and union members are holding a rally and press conference today in support of the Homeowner Bill of Rights being considered in Sacramento. AB 278 (Hill) and SB 900 (Leno) will extend the rights and protections that were negotiated in the $26 billion Attorneys General settlement announced earlier this year. Among other reforms, the bills would end the pernicious "dual track" process, whereby homeowners lose their homes while they are negotiating a foreclosure alternative with their servicer. 

Nearly 2 million Californians have lost their homes since 2008, and another 2.3 million are underwater on their mortgages. Responsible homeowners are being lost in bank's foreclosure mills and wrongfully losing their homes. Meanwhile, banks have spent over $70 million lobbying in Sacramento, as they evade taxes and foreclose on struggling homeowners. By creating due process, Californians can be sure that banks are providing them with accurate information about the status of their loan, and that they will have recourse if not.

The National Mortgage Settlement was a good first step to stopping wrongful and unfair practices, but the relief it provides is being poached already. Earlier today, Governor Jerry Brown's revised budget proposed to close budget holes with $292 million that Attorney General Kamala Harris' office planned to distribute to housing counseling agencies and legal service providers. 

At Tuesday's hearing, the Joint Legislative Conference Committee will be presented with a clear choice to make—homeowners or bankers.  At 10am, they will hear from everyday Californians about the need to simplify the foreclosure process, and create protections and guarantees for California's struggling homeowners. The Committee will also hear from the banks and their lobbyists at 1:30pm. The coalition of homeowners and advocates will ask committee members, "Whose side are you on?".

What: Press Conference & Rally in support of Homeowner Bill of Rights

When: Tuesday, May 15 at 12:15pm

Where: Sacramento Capitol North Steps (L Street side)

Who: ReFund California, including labor, community and faith leaders, and homeowners. Homeowner stories available for media. 

Why: For too long, California state legislators have voted with the banks by refusing to support strong legislation that creates transparency and protections for California's homeowners. This year, Californians are standing up, asking their legislators loud and clear: "Whose Side Are You On"?

SOURCE California Reinvestment Coalition