Join our mailing list: 
Archive for the ‘Latest Info’ Category

REMINDER: SPECIAL RTF MEETING ON THURSDAY, FEBRUARY 14, 2013 2:00-4:00 PM

Community Partners,

The San Diego Reinvestment Task Force (RTF) reminds you to attend the Special San Diego City County Reinvestment Task Force Meeting of Thursday, February 14, 2013 at 2:00 PM in order to hear National Community Reinvestment Coalition, President & CEO John Taylor provide a special presentation on the analysis of San Diego County’s Home Mortgage Disclosure Act (HMDA) data.

San Diego’s HMDA analysis is of great importance to the San Diego region.

Please join us!

Meeting information such as location and time can be found on the attached agenda.
February 14, 2013 Meeting Agenda

We hope to see you there!

Union Bank Releases Request For Proposals for Housing Counseling Funding

Union Bank is seeking RFP’s from nonprofit organizations who provide effective services to low-to moderate-income (LMI) individuals and families who are prospective first time homebuyers or who are at risk of losing their home to foreclosure.

Please review and complete the Homeownership Counseling RFP before you submit your online application. To submit your completed RFP for Homeownership Counseling click here.

 ALL RFP’S ARE DUE FEBRUARY28th!
 
 
 
 

Justice Department Sues Standard & Poor’s Over Pre-Crisis Ratings

The Justice Department (DoJ) and Standard & Poor’s (S&P) are at odds with other over civil fraud charges stemming from an alleged scheme to defraud investors in the lead-up to 2008’s financial meltdown. The DoJ filed a civil lawsuit against S&P and its parent company, McGraw-Hill, Monday, alleging that S&P “knowingly [issued] inflated credit ratings” for collateralized debt obligations in the years before the crash, misrepresenting their creditworthiness and understating their risks.
To read the full article, please click on the link below.
http://www.themreport.com/articles/justice-department-sues-sp-over-pre-crisis-ratings-2013-02-05

Survey: Homeownership Important to 96% of Americans

Younger generations continue to hold a more favorable view of homeownership than their elders, according to Prudential Real Estate’s end-of-year Outlook Survey. The report shows homeownership remains important to 96 percent of Americans, with 77 percent of respondents ages 25-34 and 78 percent ages 35-44 agreeing it is “very important.” Those percentages fall off somewhat for older generations: 73 percent for the 45-54 crowd and 72 percent for those ages 55-64.

To read more, click on the link below.
http://www.themreport.com/articles/survey-homeownership-important-to-96-of-americans-but-doubts-remain-2013-02-04

Latest California Reinvestment Coalition Foreclosure Counselor Survey

Below is a link to the California Reinvestment Coalition’s (CRC) latest foreclosure survey of housing counselors. These surveys have been very effective in the past in highlighting problematic financial institutions and practices, and in promoting policy change at the federal, state and institutional level.

The goal is to bring on-the-ground experience to prevent further unnecessary foreclosures and community destabilization.

This survey focuses on the National Mortgage Settlement, but also probes broader questions relating to bank performance and civil rights issues.

Please take the time to respond to the survey and help CRC help you!

 http://www.surveymonkey.com/s/CRCforeclosuresurveyfeb2013

FHA Announces Imminent Reforms to Rebuild Capital

Federal Housing Administration commissioner Carol Galante announced Wednesday a series of changes to be issued this week that will allow the agency to better manage risk and strengthen its anemic Mutual Mortgage Insurance (MMI) Fund. The announced changes include consolidating FHA’s reverse mortgage program, raising of mortgage insurance premiums, and requiring borrowers to continue paying annual insurance premiums for the entire life of their mortgage loans.

For the full article, please click on the link below.
http://www.themreport.com/articles/fha-announces-imminent-reforms-to-rebuild-insurance-fund-2013-01-30

Banks with Assets Over $5 Billion Undergoing CRA Exams – Quarter 1, 2013

The Community Reinvestment Act (CRA) states that banks have an affirmative obligation to meet the credit and capital needs of low- and moderate-income communities where they do business. Federal regulators are responsible for ensuring that banks are meeting that obligation through CRA exams, which scrutinize a bank’s lending and community development performance.

 As an organization that works for the benefit of low- and moderate-income communities, we have a unique – and vital – role in ensuring that lenders serve those communities. Regulators that examine banks are required to consider public comments about a bank’s performance in their overall assessment. During these comment periods, community-based organizations can submit comment letters that detail a bank’s responsiveness to community needs, which the regulators must look at and can have a big impact on what the bank must do to invest in your community.

Below please find the list of financial institutions who will undergo CRA Exams in the First Quarter of 2013. Please email rtf@sdhc.org if you would like assistance in the submission of your comments.

 

Banks with Assets Over $5 Billion Undergoing CRA Exams – Quarter 1, 2013  
Bank Name Regulator Service Locations Regional Organizer to Contact  
Washington Federal OCC Arizona, Idaho, New Mexico, Nevada, Oregon, Texas, Utah, Washington AZ, NV, OR, UT, ID, NM, TX, WA (Torey Hollingsworth)  
Mercantil Commercebank, National Association OCC Florida, New York, Texas NY (Caitie Rountree), FL (Ramon Bullard), TX (Torey Hollingsworth)  
Capital Bank, National Association OCC Florida, North Carolina, South Carolina, Tennessee, Virginia FL, SC, VA, NC, TN (Ramon Bullard)   
RBS Citizens, National Association OCC Connecticut, Delaware, Illinois, Kentucky (loan processing) Massachusetts, Michigan, New Hampshire, New York, Ohio, Pennsylvania (cyber office), Rhode Island, Vermont CT, MA, NH, RI, DE, NY, VT, PA (Caitie Rountree) MI, IL, OH, KY (Makia Burns)   
Citibank, National Association OCC California, Connecticut, Washington DC, Delaware, Florida, Illinois, Massachusetts, Maryland, New Jersey, Nevada, New York, Ohio, Pennsylvania, Puerto Rico, South Dakota, Texas, Virginia, Washington CA, TX, WA, NV, SD (Torey Hollingsworth), IL, OH (Makia Burns), FL, PR, DC, VA, Guam (Ramon Bullard), DE, MA, NJ, CT, MD, NY, PA (Caitie Rountree)   
Banco Popular de Puerto Rico Federal Reserve Puerto Rico, Virgin Islands PR, Virgin Islands (Ramon Bullard)   
Arvest Bank Federal Reserve Arkansas, Kansas, Missouri, Oklahoma AR, KS, MO, OK (Torey Hollingsworth)   
East West Bank Federal Reserve California, Georgia, Massachusetts, New York, Texas, Washington CA, TX, WA (Torey Hollingsworth) GA (Ramon Bullard) MA, NY (Caitie Rountree)   
Emigrant Bank FDIC New York NY (Caitie Rountree)   
Northwest Savings Bank FDIC Maryland, New York, Ohio, Pennsylvania MD, NY, PA (Caitie Rountree) OH (Makia Burns)   
First Hawaiian Bank FDIC Hawaii, Guam, Northern Mariana Islands HI (Torey Hollingsworth) Guam, Northern Mariana Islands (Ramon Bullard)  
Glacier Bank FDIC Colorado, Idaho, Montana, Utah, Washington, Wyoming CO, ID, MT, UT, WA, WY (Torey Hollingsworth)  
American Express Centurion Bank FDIC Utah UT (Torey Hollingsworth)   
CIT Bank FDIC Utah UT (Torey Hollingsworth)

Check ‘n Go borrowers eligible for $4.3 million in refunds

San Francisco City Attorney Dennis Herrera’s office has launched a three-month statewide drive to refund $4.3 million to California consumers who obtained four-month installment loans online between Nov. 2006 and June 2008 through the websites: checkngo.com, ilp.fbdel.com, and commandloans.com. To be eligible for repayment, borrowers must mail a claim form and a copy of the required form of identification to the settlement administrator, postmarked by March 28, 2013. 

Herrera is urging potential claimants who think they may be qualified for restitution to visit, email or call for more information: 

www.caloanrefund.org 

CALoanRefund@sfgov.org 

(Toll Free) 1-855-581-2350 

The 90-day refund program is among the terms of an agreement City Attorney Herrera negotiated with the payday lender last June to settle litigation filed in 2007 by Herrera’s Consumer Protection Unit. The litigation involving the Check ‘n Go loan settlement is: People of the State of California ex rel. Dennis Herrera v. Check N’ Go of California, Inc., et al. (San Francisco Superior Court Case No. CGC-07-462779).

The Federal Housing Administration: Unsung Hero of the Housing Market

Despite helping to save the housing market following the mortgage crisis in 2007, the FHA is continuously attacked, erroneously, for its commitment to encourage lending to low income households.  

To read the full article, please click on the link below.
http://www.rooflines.org/2999/the_federal_housing_administration_unsung_hero_of_the_housing_market/

CFPB Announces Rules to Reform Originator Compensation

Hours after issuing guidelines to govern appraisal disclosures, the Consumer Financial Protection Bureau announced more new rules designed to shape up origination practices. The new regulations prohibit what the bureau calls “steering incentives,” such as compensating originators based on loan terms. Under the rules, brokers and loan officers cannot get paid more if the consumer takes a loan with a higher interest rate, a prepayment penalty, or higher fees.

For more information, please click on the link below.
http://www.themreport.com/articles/cfpb-announces-rules-to-reform-originator-compensation-2013-01-18