ReFund CA commends Attorney General Kamala Harris for standing firm in her commitment to secure a strong settlement for the millions of families who have lost their homes due to the reckless conduct of the nation’s largest banks. Without a meaningful amount of principal reduction, transparency, and enforcement, the settlement was too weak for California. Attorney General Harris’s leadership on this issue, including launching her own investigation in California, no doubt contributed to the Obama Administration’s decision to launch a new federal mortgage investigation unit
While these recent announcements represent important steps forward, we remain committed to the belief that any state or federal investigation must hold banks accountable for their dubious and irresponsible practices, and provide meaningful relief for homeowners.
We also know that millions of individuals and families need help now in order to hold on to their homes. Time is of the essence. In the next six months in California more than 100,000 borrowers could lose their homes because of no meaningful due process. It is critical that we expeditiously move forward with securing the policies and protections necessary to put an end to unwarranted and unjust foreclosures.
To that end, we look forward to working with Attorney General Harris, as well as the broader ReFund California Coalition and other partners, on a comprehensive legislative package this year that keeps families in their homes and establishes fair and transparent practices that provide due process to homeowners in California. We call upon our state legislators and the Governor to stand up for homeowners in the coming legislative session.
While terms of a multistate settlement are being negotiated and DOJ Task Force investigations begin or continue, we are united in the calling of an Extra Ordinary or Emergency Session of the State Legislature to slow or stop the foreclosure mill until due process and principal reduction can be achieved for California’s over two million mortgages that are underwater, in default or in foreclosure.
ReFund California is a growing coalition of community and faith-based groups, unions, students and progressive organizations who have come together to build public and political support for holding big banks accountable to the needs of families and communities and calling upon big corporations and the wealthy to pay their fair share to fund education and vital services and solutions to get our economy back on track.
Alliance of Californians for Community Empowerment (ACCE)
California Reinvestment Coalition (CRC)
California Federation of Teachers
SEIU United Long Term Care Workers
ACCE, David Lagstein, 619-602-2206, email@example.com
CRC, Kristina Bedrossian, 415/864-3980, firstname.lastname@example.org
PICO California, Roberta Furger, 916/396-9988, email@example.com