300+ Arrested in Mass Civil Disobedience Protests at the Nation's Capitol
300+ Arrested in Mass Civil Disobedience Protests at the Nation's Capitol
By Greenpeace In the final day of a record-setting week of civil disobedience at the Capitol, more than 300 people were...
By Greenpeace
In the final day of a record-setting week of civil disobedience at the Capitol, more than 300 people were arrested Monday as they demanded democracy reforms.
Yesterday's arrests came on the third and final day of Democracy Awakening. Combined with arrests made during the recent Democracy Spring, the protests constituted what organizers believe is a record for civil disobedience over democracy issues during this century.
The message: On voting rights, money in politics and the recent vacancy on U.S. Supreme Court, Congress is failing to do its job and ignoring the will of the people. Democracy Awakening isn't the end of something, but the beginning of a new phase in the movement for democracy, organizers said.
Those who planned to risk arrest included NAACP president and CEO Cornell William Brooks; the Rev. William Barber II, pastor and Moral Monday architect; radio commentator Jim Hightower; Ben Cohen and Jerry Greenfield, co-founders of Ben and Jerry's; Greenpeace Executive Director Annie Leonard; and Sierra Club President Aaron Mair.
Here's what they had to say about why they risked arrest at our nation's Capitol:
"I'm willing to risk arrest, arm in arm with partners from the civil rights and the labor movements, in order to help fix our democracy," Leonard said. "We will never get the kind of political progress needed to challenge climate change and systemic racism if corporate cash continues to mean more to politicians than the voices of the people."
"Democracy is supposed to be for all of us, but right now we have an out-of-balance system favoring the interests of big money," Cohen said. "This can't go on. I'm prepared to risk arrest to send a message that democracy should truly be of, by, and for the people."
"At a certain point, you have to say enough is enough," Greenfield said. "I have decided to risk arrest because we can't continue to have a political system where ordinary people are shut out of the process. It's not what our founders envisioned, and it's not what democracy is supposed to be about."
"We cannot sit by and watch obstructionists push an agenda of inequity, injustice and inaction -- and I'm willing to risk being arrested in order to make my voice heard in in the fight to ensure that every voice can be heard in our democracy," Mair said. "All too often, the costs of these assaults on our democracy fall on low-income communities and communities of color that already face disproportionate effects from pollution and the climate crisis. A zip code should never dictate the destiny of any American citizen."
Thousands of activists from around the country streamed into the nation's capital April 16-18 for Democracy Awakening, which featured teach-ins, a rally, a march and lobbying as well as the civil disobedience. The aim: to fight back against business as usual in Washington, DC.
More than 300 organizations endorsed Democracy Awakening. Democracy Awakening is part of a broad movement aimed at advancing democracy reforms. The mobilization began April 2, with Democracy Spring, an event that featured a march from Philadelphia to Washington D.C., followed by six days of sit-ins at the Capitol.
Others who planned to risk arrest included top leaders of the AFL-CIO, All Souls Unitarian Church, the American Federation of Government Employees, the American Postal Workers Union, Campaign for America's Future, Democracy Initiative, Center for Popular Democracy, Communications Workers of America, Ella Baker Center for Human Rights, Every Voice, Food & Water Watch, Franciscan Action Network, Free Speech for People, Friends of the Earth, Greenpeace, the International Brotherhood of Teamsters, the International Union, United Automobile, Aerospace and Agricultural Implement Workers of America, Jobs With Justice, the Metropolitan African Methodist Episcopal Church; the NAACP, Oil Change International, Public Citizen, Sierra Club, the United Church of Christ, the United Food and Commercial Workers International Union, We Are Casa, the Yes Men and 350.org.
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Immigration Advocates Concerned Whether President Obama's Plans Will Help Families
New York Daily News - November 15, 2014, by Celeste Katz - Local advocacy groups — eager for details on President Obama...
New York Daily News - November 15, 2014, by Celeste Katz - Local advocacy groups — eager for details on President Obama’s plan to shield undocumented immigrants from deportation — are concerned many families may still be vulnerable.
At issue is the possibility Obama may limit work permits for parents of children who are in the U.S. legally to those who have been in the country 10 years.
“It’s very important that the President acts to include that segment of folks that have been here more than five years but less than 10 years,” said Steven Choi, executive director of the New York Immigration Coalition.
Some advocates were careful to be gentle in their criticisms.
Lucia Gomez of La Fuente said, “The general consensus is everyone is extremely excited,” but added her members hope Obama goes “full force” with protections.
“We hope the Obama administration announces policies that will keep families together and allow for as many people as possible to live with dignity,” said Ana Maria Archila of the Center for Popular Democracy.
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Bill to offer state citizenship for undocumented immigrants
NY Daily News - June 16, 2014, by Erin Durkin - Undocumented immigrants in New York could become “state citizens” with...
NY Daily News - June 16, 2014, by Erin Durkin - Undocumented immigrants in New York could become “state citizens” with a slew of benefits from driver’s licenses under a new bill to be introduced Monday.
Advocates are set to announce a bill that would allow immigrants who aren’t U.S. citizens to become New York state citizens if they can prove they’ve lived and paid taxes in the state for three years and pledge to uphold New York laws, regardless of whether they’re in the country legally.
“The path to achieving opportunity and equity and dignity for immigrants through Washington seems blocked by Washington’s general dysfunction,” said Andrew Friedman, executive director of the Center for Popular Democracy and a founder of Make the Road New York. “States should push for full equality and inclusion.”
The bill will face long odds in Albany, where even more modest immigration reforms have failed to get through the legislature.
The bill would apply to about 2.7 million New Yorkers who lack citizenship, including those in the country legally and illegally.
People who secured state citizenship under the bill would be able to vote in state and local elections, and run for state office.
They could get a driver’s license, a professional license issued by the state, and Medicaid and other benefits controlled by the state.
Immigrants would also be eligible for in-state tuition and financial aid, and would be protected from discrimination based on their status. And the bill would sharply limit state authorities’ cooperation with federal immigration enforcement.
The legislation would not grant legal authorization to work or change any other regulations governed by federal law.
It’s destined to be a longshot in Albany, where the DREAM Act, which would help undocumented students afford college, and efforts to offer driver’s licenses have failed so far.
But backers say it will prompt similar efforts in other states, similar to how states led the way on gay marriage, with talks on bills already underway in Illinois, Oregon, and Maryland.
“Obviously this is not something that’s going to pass immediately, but nothing as broad as this or as bold as this passes immediately,” said Sen. Gustavo Rivera (D-Bronx), the sponsor in the Senate.
The bill is estimated to cost taxpayers $106 to 173 million a year, while generating $145 million in new economic activity and saving drivers $100 million in insurance premiums, advocates say.
SourceLeadership at Fed’s regional banks is getting more diverse. But there’s still work to do, report argues.
Leadership at Fed’s regional banks is getting more diverse. But there’s still work to do, report argues.
“But diversity within the Federal Reserve’s regional banks hardly measures up, according to a new report compiled by...
“But diversity within the Federal Reserve’s regional banks hardly measures up, according to a new report compiled by Fed Up, a campaign of the Center for Popular Democracy, a left-leaning advocacy group. The report highlights the lag in gender, racial and occupational diversity among the presidents and boards of directors of the regional reserve banks. Researchers say this serves to further isolate already marginalized groups such as women and communities of color from monetary policy.”
Read the full article here.
Fed Leaves Interest Rates Unchanged
WASHINGTON — One of the longest economic expansions in American history remains so fragile that the ...
WASHINGTON — One of the longest economic expansions in American history remains so fragile that the Federal Reserve said on Thursday it would postpone any retreat from its stimulus campaign.
Janet L. Yellen, the Fed’s chairwoman, described the decision as a close call and said the central bank still expected to raise interest rates later this year. The Fed has kept its benchmark interest rate close to zero since late 2008, when the nation’s economy was at the depths of crisis.
“The recovery from the Great Recession has advanced sufficiently far and domestic spending has been sufficiently robust that an argument can be made for a rise in interest rates at this time,” Ms. Yellen said at a news conference.
But, she said, “heightened uncertainties abroad,” including the Chinese economy’s weakness, had persuaded the bank to wait at least a few more weeks for fresh data that might “bolster its confidence” in continued growth.
The Fed’s decision, announced after a two-day meeting of its policy-making committee, had been widely expected by investors in recent weeks.
Fed officials spent most of the summer suggesting that they wanted to raise rates in September, only to lose confidence as signs of slowing global growth weighed on markets.
The 10-year Treasury note yield fell 0.11 percentage points to 2.189 percent. The Standard & Poor’s 500-stock index dropped 0.26 percent to 1,990.20.
There were signs, however, that the Fed might hesitate only briefly. It separately released economic projections showing 13 of the 17 officials on the Federal Open Market Committee still expected to raise the benchmark rate this year.
The Fed has said it is moving toward raising rates because it expects economic growth to continue, reducing unemployment and eventually raising inflation; on Thursday, Ms. Yellen said that outlook had not changed.
“There’s a tendency among some to think that they’re always going to get cold feet, and I thought Yellen really as much as possible discouraged that kind of thinking,” said John L. Bellows, a portfolio manager at Western Asset Management.
The policy-making committee still has scheduled meetings in October and December, and Ms. Yellen said a rate increase was possible at either meeting.
One official, Jeffrey M. Lacker, president of the Federal Reserve Bank of Richmond, in Virginia, voted to raise rates at the September meeting, the first dissent this year. The economic projections suggest that Ms. Yellen faces more disagreements at the Fed’s October meeting, given that six officials predicted the Fed would raise rates at least two times this year, while four said that they expected no increases.
The latest postponement was welcomed by liberal activists and economists who argue that the recovery remains incomplete. Representative John Conyers Jr., Democrat of Michigan, introduced legislation on Thursday directing the Fed to push the unemployment rate below 4 percent. While the bill has no chance of winning approval in the Republican-controlled Congress, Mr. Conyers addressed a rally organized by the Center for Popular Democracy outside an office building where Ms. Yellen spoke, joining in a chant of “Don’t raise interest rates.”
Critics expressed concern that the Fed has adopted increasingly ambitious goals for its stimulus campaign. “There is always a reason to chicken out,” said Dean Croushore, a professor of economics at the University of Richmond. “The Fed will lose credibility over time, as it fails to follow its own prior announcements about when it will increase rates.”
Ms. Yellen, asked about the efforts to put public pressure on the Fed, which have mounted in recent months, dryly observed, “We have been receiving advice from a large number of economists and interested groups.”
She denied that outside pressure had influenced the Fed’s decision. She also said it had not been influenced by concerns about a potential government shutdown, which could disrupt growth, though she said that it “would be more than unfortunate.”
The Fed’s decision is probably a “mixed blessing” for the global economy,” Eswar S. Prasad, an economics professor at Cornell, said in an email. Instead of new pressures, investors must deal with continued uncertainty.
A Fed increase, for example, might have prompted investors to pull money out of countries like Turkey or Brazil, damaging their economies, and reduced demand for imports from Europe and other developed countries. But the decision to stand pat also could weigh on Europe in the short term if it causes the euro to rise against the dollar, making things harder for exporters.
The American economy is outpacing the rest of the world, and Ms. Yellen said on Thursday that the Fed did not yet see evidence that growth was slowing.
Fed officials say they believe that labor market conditions have nearly returned to normal. In the new round of economic projections, officials estimated unemployment would stabilize next year at 4.8 percent, just below the August level of 5.1 percent.
Officials also remain confident that inflation will rebound, although perhaps a little slowly because of the recent downturn in the prices of oil and other commodities. Since the financial crisis, inflation has remained consistently below the central bank’s 2 percent annual target, lately rising just 0.3 percent over the previous year.
Fed officials argue that a tighter labor market will lead to higher inflation as employers are finally prodded to pay higher wages. But, Ms. Yellen said on Thursday, that will happen more slowly than the unemployment rate might suggest, because people not counted among the unemployed — like those who have stopped looking for work or have taken part-time jobs — may start looking again as conditions improve.
James A. Wilcox, an economist at the University of California, Berkeley, said that it was difficult to find evidence for a strong connection between inflation and employment, particularly over the last decade. Inflation fell less than expected during the recession, and it has increased less than expected in the aftermath.
“The events of the last 10 years have caused a lot of rethinking and stomach acid within the Federal Reserve and the research community,” Dr. Wilcox said.
Recent history has reinforced the more basic point that it takes a lot to change the underlying pace of inflation. That stability has allowed the Fed to press its stimulus campaign, but Dr. Wilcox said it also provided a good reason for the Fed to be wary of allowing inflation to climb, because reversing the trend could be very painful.
“If the heat builds slowly, and it can only be turned down slowly, then you have to move ahead of time,” he said. “That’s why there’s sympathy for the idea of starting to raise rates relatively soon.”
Given the weakness of economic growth, however, Ms. Yellen reiterated on Thursday that the Fed planned to raise rates more slowly than its past practice. Fed officials expect the benchmark rate to reach 2.6 percent by the end of 2017.
In June, they predicted the rate would reach 2.9 percent. Officials also expect the rate to reach a new plateau of about 3.5 percent, less than the June prediction of 3.8 percent and significantly below the level once regarded as normal. Such a low plateau would limit the Fed’s ability to respond to economic downturns.
The Fed has already held its benchmark rate near zero much longer than it once expected. It announced in 2012 that it would keep rates near zero at least until the unemployment rate fell below 6.5 percent. That threshold was crossed in April 2014.
Last winter, when the Fed ended its bond-buying campaign, officials pointed to June as the most likely moment for “liftoff” from the so-called zero bound.
Some officials have made clear they are not inclined to wait much longer.
Stanley Fischer, vice chairman of the Federal Reserve, warned in late August that officials would not be able to postpone a decision until all doubts were resolved. “When the case is overwhelming,” he said, “if you wait that long, then you’ve waited too long.”
Ms. Yellen echoed that warning on Thursday. “We don’t want to wait until we’ve fully met both of our objectives to tighten monetary policy,” she said.
The Fed’s hesitation on Thursday echoed events of two years ago, when investors expected the central bank to announce at its September 2013 meeting that it was tapering its bond purchases. The Fed demurred, citing uncertainty about economic conditions.
Instead of September, it acted in December.
Source: New York Times
Why can't we get a vote on the one thing the parties agree on?
Why can't we get a vote on the one thing the parties agree on?
When the two parties adopted their platforms this summer, observers noted that the Democratic platform was possibly the...
When the two parties adopted their platforms this summer, observers noted that the Democratic platform was possibly the most progressive platform in the recent history, while the Republican platform lurched even further to the right on a number of issues.
But on one topic (you'll be surprised which), they actually agreed: Breaking up too big to fail banks. Both parties' platforms include calls to re-instate the Glass Steagall firewall between boring banking (you know, lending money to people and businesses) and risky casino-style investment banking (think "credit default swaps").
Election day is fast approaching and Congress's approval rating has barely improved from a few years back when it lagged behind root canals. So you'd think agreement on a major policy -- particularly one with broad and deep public support -- might be occasion for swift enactment of a bi-partisan bill. Indeed, the 21st Century Glass-Steagall Act is championed by both Elizabeth Warren and John McCain, popular leaders in their respective parties. Instead, with Congress set to adjourn this week until after election day, Congressional leaders have yet to take a single step to live up to the words of their platforms.
Organizers of a new campaign to Take on Wall Street decided to do something about it. With strong support from the Daily Kos community and working with allies from labor, netroots, and community partners, we launched a petition to Congressional leaders asking them to back up their rhetoric on Glass Steagall with action. The petitions were gathered by the AFL-CIO, American Federation of Teachers, American Family Voices, Americans For Financial Reform, Campaign for America's Future, Center for Popular Democracy Action, Courage Campaign, CREDO, Daily Kos, EPI Policy Center, Franciscan Action Network, Jobs with Justice, Just Foreign Policy, People for the American Way, Presente.org, Progressive Congress Action Fund, the Nation, and Rootstrikers, generating over 350,000 signatures.
Yesterday we delivered those petitions on Capitol Hill, bringing them directly to the office of Republican Jeb Hensarling, Chair of the House Financial Services Committee. As Chair of the Committee that oversees the banks, Hensarling has had ample opportunity to show leadership on the issue. Instead he has spent the past two months advancing legislation that weakens oversight of the financial industry rather than strengthening it. Last week Chairman Hensarling held a vote in his committee on the highly partisan CHOICE Act -- an early Christmas present to Wall Street benefactors that repeals many of the regulations established by the Dodd Frank Financial Reform legislation enacted following the financial collapse in 2008. The prior week Hensarling pushed through a vote on the House floor that reduces transparency and disclosure rules for private equity firms.
Representative Hensarling was not in his office when we arrived but in addition to the petitions we delivered, we also brought to his office a reminder of the Republican Party's platform regarding Glass Steagall -- language that is remarkably clear and explicit: "We support re-instating the Glass-Steagall Act of 1933 which prohibits commercial banks from engaging in high-risk investment."
To be fair, not all Democrats support reinstating Glass-Steagall either. But Republicans have adopted a party platform that includes "tough on banks" references to Glass-Steagall while actively moving a Wall Street wish list of deregulation. That hypocrisy is egregious even by Washington standards.
Representative Hensarling isn't likely to change his tune, and as political observers delight in reminding us, the party platforms are not binding. But we should use even the rhetorical support for our agenda to hold elected officials accountable. And in the mean time, judge them by their actions not their words.
By jgreen612
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In A Moving Dialogue, Disabled Activist Confronted Jeff Flake About Tax Bill On His Plane Ride Home
In A Moving Dialogue, Disabled Activist Confronted Jeff Flake About Tax Bill On His Plane Ride Home
IN OCTOBER 2016, Ady Barkan — a California-based activist at the Center for Popular Democracy — was diagnosed with ALS...
IN OCTOBER 2016, Ady Barkan — a California-based activist at the Center for Popular Democracy — was diagnosed with ALS, also known as Lou Gehrig’s disease.
Last year, he was going for long jogs along the Santa Barbara coast. Today, he doesn’t have the strength to cut a piece of meat at the dinner table or pick up his 30-pound toddler.
Read the full article here.
How Did New York Become the Most Unionized State in the Country?
The Nation - September 3, 2014, by Michelle Chen - With all the filthy lucre sloshing around on Wall Street, New York...
The Nation - September 3, 2014, by Michelle Chen - With all the filthy lucre sloshing around on Wall Street, New York City may not strike you as a bastion of organized labor. But the city is in fact the nation’s leading union town. And in the past year, according to researchers at the City University of New York, there has even been a slight increase in unionization in the five boroughs.
About 24 percent of wage and salary workers in New York City are union members, a small but significant increase over the past year, from about 21.5 percent in 2012 . Statewide, according to Current Population Survey data analyzed in the study, New York remains the most union dense state in the country at 24.6 percent of workers.
According to the authors, Ruth Milkman and Stephanie Luce, the increase—amid a multi-year trend of decline—appears to be driven by hiring trends, not organizing new sectors. As the so-called “recovery” boosts labor demand, long unionized industries are just hiring more. “There are some new organizing efforts here and there, but nothing that accounts for this [increase],” Milkman tells The Nation. “It seems to just be shifts in the labor market reflecting long-unionized sectors that are rebounding.”
Union density in a large population offers only a rough gauge of actual labor activity. The overall number of union members may fluctuate from year to year whenever big unionized industries add or shed jobs, Milkman explains, but that does not capture, and could even mask, the effect of new union formation in smaller-scale workplaces—like the handful of immigrant workers who have recently unionized at local carwashes.
Much of last year’s growth in union workers has come in the construction industry, where unionization in the NYC metro area is about 27 percent, and 30 percent statewide—about twice the industry rate nationwide. But construction trades are a mixed bag, because employers can use both union and non-union workers on different jobs, and the industry runs on short-term contract work. Milkman says the recent trendlines point to growth in both union and non-union construction jobs, but with relatively strong growth among union members.
Overall, New York’s unionization rates are highest in the public sector, at about 70 percent. But surprisingly, recent expansion of union membership centers on private-sector workplaces. Alongside union boosts in the building trades, unions have made gains in building-based services, like janitors and porters, and hotels, where over a third of the labor force is union.
Though undocumented immigrants often work non-union jobs, immigrants (who make up about 37 percent of the city’s population) are rapidly joining the union ranks. Though newer immigrants have relatively low rates of unionization, according to the report, among immigrants who arrived before 1980, the rate is actually higher than that for US-born workers in both New York City and statewide. Black unionization rates have been the highest of any racial or ethnic group, Asians the lowest.
Though union workplaces generally offer higher wages and better benefits, union jobs face multiple threats from displacement and eroding working conditions. Building trades employers, for example, have recently shifted away from a longstanding agreement to stick to using union labor, enabling large developers to hire cheaper non-union and “off the books” workers, including many undocumented immigrants. A “two tier” labor structure, in which union and informal workers “compete,” may squeeze down job quality and undermine wages across the sector, by constraining workers’ ability to negotiate working conditions. A new condominium development plan in mid-town Manhattan seems to exhibit how the city’s economic “recovery” is banking on this trend. According to Crains, the project was recently sealed with “a special package of work-rule and wage concessions from construction unions that is expected to shave as much as 20 percent off labor costs—a savings of millions of dollars.”
According to a 2007 report by the think tank Fiscal Policy Institute, the prevalence of “underground” non-union construction workers led to hundreds of millions of dollars in hidden social costs, due to unpaid payroll taxes and public healthcare spending.
The city’s relatively high union density is rooted in a historical legacy of labor militancy, particularly in blue-collar trades and public services like mass transit. Over the course of the twentieth century, tough union shops cultivated what Milkman calls a workplace culture of “social democracy.”
Yet unions have not significantly penetrated newer, rapidly growing, service industries like retail and restaurants. Meanwhile, New York’s established manufacturing sectors maintain relatively high unionization rates, but the city has shed about half its manufacturing jobs since 2001.
Nonetheless, unions are more welcome in New York than most places in the country. Nationwide, unionization has tumbled since the 1980s after decades of deindustrialization and global offshoring. Today, only about 11 percent of workers belong to a union, and the right-wing backlash continues with “right to work” legislation, which impedes union organizing, and attacks on public sector collective bargaining rights.
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Andrew Friedman of the Center for Popular Democracy, which advocates for low-income workers and communities of color, says “the vast majority of New York’s workers are not unionized, do not have a voice at work and are forced to confront ever-more exploitative treatment at work.” For the city’s working class as a whole, Friedman says via e-mail:
Not withstanding this recent uptick in unionization rates, far too many workers, particularly workers of color, women and immigrant workers, in particular, continue to receive inadequate wages, inadequate hours, inadequate control over their schedules and inadequate respect and dignity on the job.
Unions are not the only way to empower workers. Recent efforts to “organize the unorganized”—the unprecedented wildcat mobilization of non-union fast-food workers, organizing day laborers through worker centers, or community-driven campaigns for a $15 minimum wage—all illustrate the promise as well as the challenges of building labor power, with or without a formal union.
The right to good, safe jobs is universal; unionization is sadly not. But the struggle is the same whether you’re a hotel housekeeper striking for a better contract, or a day laborer suing for unpaid back wages. New Yorkers are holding onto traditionally unionized jobs. But a revival of the labor movement requires building new traditions of organizing in workplaces where activism makes the most difference.
Source
Does Your Bay Area Neighborhood Have a High Wells Fargo Foreclosure Rate?
KQED - March 12, 2013 - California is still struggling to get back on its feet after a devastating housing crisis. And...
KQED - March 12, 2013 - California is still struggling to get back on its feet after a devastating housing crisis. And Wells Fargo is partly to blame for the sluggish recovery because it is refusing to modify home loans, according to a coalition of homeowners groups.
By foreclosing on homeowners who can't make their payments, the San Francisco-based bank will suck billions of dollars out of the state's economy, according to the Alliance of Californians for Community Empowerment, the Center for Popular Democracy and the Home Defenders League.
In a new report, the coalition charges that Wells Fargo has been less inclined to reduce the principle of home loans than have other banks, such as Bank of America.
Wells Fargo responded that it has a low foreclosure rate compared to the industry in general.
Wells Fargo's bias toward foreclosures is disproportionately affecting predominantly black and Latino neighborhoods, the report charges.
Right now, about 65,000 California homeowners have received notice of a pending foreclosure, and about 20 percent of these loans are serviced by Wells Fargo, the report says.
The report estimates that as of February 2013, Wells Fargo had 11,616 homes in its "foreclosure pipeline."
Foreclosing on the homes will have the following effects, according to the report:
Each home would lose approximately 22 percent of its value, for a total loss of approximately $1.07 billion,
Homes in the surrounding neighborhood would lose value as well, for an additional loss of about $2.2 billion, and
Government tax revenues would be cut by $20 million, as a result of that depreciation.
If the bank were to reduce the principle on the borrowers' loans, homeowners would have more money to spend. This would boost the state's economy, the coalition says.
Wells Fargo often bundles loans to sell to other entities, such as Fannie Mae, but acts as an agent for the new lender, collecting payments and handling foreclosures. In that capacity, Wells Fargo makes more money through foreclosures than loan modifications, the report says.
Wells Fargo has had an aggressive principal reduction program for loans that we own since 2009. Wells Fargo conducts all lending and servicing activities in a fair and responsible manner without regard to race or ethnicity. We are proud to be the nation’s leading lender.
Wells Fargo issued a written statement in response to the report:
Over the last four years, Wells Fargo has: • Helped more than 841,000 customers with loan modifications. • Provided $6.3 billion in principal forgiveness—most of which has gone to borrowers in California.
Wells Fargo consistently provides assistance to customers facing financial challenges. Wells Fargo’s delinquency and foreclosure rates continue to rate below the industry average. Here are the facts: • The combined national industry delinquency and foreclosure rates are roughly 11%. Wells Fargo’s is 7.04%. • The Wells Fargo foreclosure rate in California is 1.04%*, less than half of our national rate.
*As of Q4 2012
Source
NYC immigrants fear raids as city fails to destroy ID card records
NYC immigrants fear raids as city fails to destroy ID card records
New York was alone in 10 U.S. ID card programs — including San Francisco and neighboring Newark, New Jersey — in...
New York was alone in 10 U.S. ID card programs — including San Francisco and neighboring Newark, New Jersey — in storing applicants' personal data, according to a report by the charity the Center for Popular Democracy in 2015.
Read the full article here.
3 days ago
3 days ago