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# San Diego City-County Reinvestment Task Force

## Sitemaps

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## Posts

- [National Fair Housing Alliance Reports “Banks Are Not Maintaining or Marketing REOs”](https://sandiegortf.org/national-fair-housing-alliance-reports-banks-are-not-maintaining-or-marketing-reos/) - A report by the National Fair Housing Alliance (NFHA) offers disturbing evidence that the same banks that sold unsustainable loans to communities of color and triggered the current foreclosure crisis are now exacerbating damage to those communities by not maintaining and marketing REOs. For more information on the full report, "The Banks Are Back--Our Neighborhoods
- [Waiting for Change: Dual Tracking and Home Foreclosure-The First Report of the California Monitor](https://sandiegortf.org/waiting-for-change-dual-tracking-and-home-foreclosure-the-first-report-of-the-california-monitor/) - California Attorney General mortgage settlement agreement monitor Katherine Porter has released her first report on compliance with the multi-state Settlement Agreement, "Waiting for Change: Dual Tracking and Home Foreclosure." For more information on the California Monitor Program please visit: http://californiamonitor.org/
- [California Agencies Issue Alert on Mortgage Loan Modification Scams](https://sandiegortf.org/california-agencies-issue-alert-on-mortgage-loan-modification-scams/) - Don’t let this happen to you! To learn more about how to protect yourself from Mortgage Loan Modification scams click on the link below.
- [AG's office issues RFP for Homeowner Assistance Grant program of $10.4 million](https://sandiegortf.org/ags-office-issues-rfp-for-homeowner-assistance-grant-program-of-10-4-million/) - For more information, please click on the link below. http://oag.ca.gov/grants
- [Dollars to Date: The California Mortgage Agreement-Second Report of the California Monitor](https://sandiegortf.org/dollars-to-date-the-california-mortgage-agreement-second-report-of-the-california-monitor-3/) - A new report by the Office of Mortgage Settlement Oversight has been released. The report shows that from March through September, more than 300,000 borrowers received $26.11 billion in consumer relief. The report highlights the successful efforts of Bank of America but reveals that further efforts must be made in order to assist Californians in
- [New Report - California in Crisis: How Wells Fargo's Foreclosure Pipeline Is Damaging Local Communities](https://sandiegortf.org/new-report-california-in-crisis-how-wells-fargos-foreclosure-pipeline-is-damaging-local-communities/) - A new report issued by ACCE (Alliance of Californians for Community Empowerment), the Center for Popular Democracy and the Home Defenders League called California in Crisis: How Wells Fargo’s Foreclosure Pipeline Is Damaging Local Communities, shows a $3.3 billion loss to community wealth and state and local coffers from impending Wells Fargo foreclosures. The report recommends: 1.
- [CRA Action: Quarterly Mergers, Exams and Closures](https://sandiegortf.org/cra-action-quarterly-mergers-exams-and-closures/) - The CRA Action Alert is a quarterly email that NCRC uses to inform its members of upcoming opportunities for public participation in bank regulatory activities, such as CRA examinations. This quarter they have also added information about mergers and acquisitions, as well as branch closings. The current report contains information from the regulators and news sources
- [California Foreclosure Starts Inch Up Again](https://sandiegortf.org/california-foreclosure-starts-inch-up-again/) - Year-over-year foreclosure activity continued to decline in California, but notices of default rose 10 percent as banks adjusted to the 2013 California Homeowner's Bill of Rights and pushed through delayed foreclosures.
- [CFPB Expands Home Mortgage Reporting Rules](https://sandiegortf.org/cfpb-expands-home-mortgage-reporting-rules/) - The CFPB announced new rules updating the federal Home Mortgage Disclosure Act (HMDA), which requires financial institutions to report all of their home loan activity by loan type, borrower census tract, and myriad other variables.
- [News Roundup: Mortgage rates, CFPB survey, local taxes and all-cash home sales](https://sandiegortf.org/news-roundup-mortgage-rates-cfpb-survey-local-taxes-and-all-cash-home-sales/) - Mortgage rates dropped steadily through 2014 and have continued falling in the new year as low inflation, global crises and economic turmoil in Europe drive demand for US Treasury bills higher, pushing down interest rates. The average rate on 30-year fixed mortgages fell to 3.66% as 30-year Treasuries hit 2.367%, the lowest rate ever. Combined
- [East Coast Banks Prosecuted for Redlining](https://sandiegortf.org/east-coast-banks-prosecuted-for-redlining/) - State Attorney Generals are prosecuting and winning settlements from banks in New York and Rhode Island for increasing originations in predominantly white neighborhoods while excluding minority neighborhoods from their mortgage business. Gregory Squires of George Washington University tells National Mortgage News that the lenders probably aren’t intentionally discriminating against minorities. Instead, “seemingly benign internal
- [White House Lowers Insurance Premiums on FHA Mortgages](https://sandiegortf.org/white-house-lowers-insurance-premiums-on-fha-mortgages/) - The Obama Administration announced it will use executive action to reduce mortgage insurance premiums by 50 basis points, from 1.35% to 0.85%, on loans from the Federal Housing Administration.
- [Upcoming First-Time Homebuyer Workshops](https://sandiegortf.org/upcoming-first-time-homebuyer-workshops/) - Money Management Intl. and sponsors US Bank and the County of San Diego will hold first-time homebuyer workshops in Santee on November 23, 2013 and Poway on December 7, 2013.
- [Reports Reject Claims of Possible Housing Bubble ](https://sandiegortf.org/reports-reject-claims-of-possible-housing-bubble/) - While rapid price gains have some analysts issuing warnings about a housing bubble in the making, the MReport says that newly released reports from Capital Economics and Redfin argue that a repeat of the 2008 crash is unlikely in today's environment. However, an examination of Case-Shiller home price increases and job data from the Bureau
- [Payday Lending Bill Stalls in Sacramento](https://sandiegortf.org/payday-lending-bill-stalls-in-sacramento/) - The LA Times reports that Senate Bill 515, which would restrict the number of payday loans made to any one borrower, failed an initial vote in a key banking committee in Sacramento. The bill, which was promoted by the Center for Responsible Lending, the California Reinvestment Coalition, and advocates from San Diego and around the state, also extended the
- [April 2013 Report on Overall U.S. Foreclosure Activity](https://sandiegortf.org/california-may-9-2013-report-on-overall-u-s-foreclosure-activity-2/) - RealtyTrac’s latest U.S. Foreclosure Market Report™ shows foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 144,790 U.S. properties in April, a decrease of 5 percent from the previous month and down 23 percent from April 2012. Total foreclosure activity in April was at the lowest level since February 2007,
- [April 2013 California Property Report](https://sandiegortf.org/new-foreclosure-prevention-guidelines-and-activity/) - PropertyRadar's California Property Report for April 2013 shows property sales continued their 12.9 percent year-over-year contraction, driven largely by a 39.4 percent decline in distressed property sales. The report credits the fall in distressed sales in part to reduced foreclosure activity as a result of 2012’s California Homeowner Bill of Rights and new foreclosure prevention guidelines issued by the
- [Federal Housing Finance Agency Announces Home Affordable Refinance Program Extension to 2015 ](https://sandiegortf.org/federal-housing-finance-agency-announces-home-affordable-refinance-program-extension-to-2015/) - The Federal Housing Finance Agency (FHFA) announced Thursday it is extending the life of the Home Affordable Refinance Program (HARP). Originally slated to expire at the end of this year, HARP will now expire December 31, 2015. The agency also announced it plans to launch a campaign in an attempt to reach more eligible borrowers
- [UPDATE: Senate Bill 515](https://sandiegortf.org/update-senate-bill-515/) - A total of 5 votes are needed to pass the bill out of committee at this time. Below is a list of all the Senate Banking committee members. If applicable, please call your Senator and urge his/her support. A roster and sample phone script can be found below. Sample Phone Script: I am calling from ___________(organization) to convey
- [Trulia: Asking Prices Up on Single-Family Homes, Rents Fall Flat ](https://sandiegortf.org/trulia-asking-prices-up-on-single-family-homes-rents-fall-flat/) - Asking prices on single-family homes rose in March, while high inventory flattened out rent prices, according to Trulia's Price and Rent Monitors. With the spring house hunting season upon us, Trulia reported a 7.2 percent year-over-year increase in asking prices on the national level (8.0 percent excluding foreclosures). On the other hand, rent price growth--for
- [New Survey of Housing Counselors Reveals Banks Violate National Mortgage Settlement and CA Homeowners Bill of Rights Legislation](https://sandiegortf.org/new-survey-of-housing-counselors-reveals-banks-violate-national-mortgage-settlement-and-ca-homeowners-bill-of-rights-legislation/) - A new survey of housing counselors in California reveals that banks are violating several consumer protections that were mandated by the $26 billion National Mortgage Settlement (NMS) and the California Homeowners Bill of Rights. In addition, the survey reveals that bank practices continue to disproportionately affect disadvantaged and hard-hit communities including limited English proficient (LEP)
- [SUPPORT SB 515 State Payday Reform](https://sandiegortf.org/support-sb-515-state-payday-reform/) - Senate Bill 515- would significantly curb the amount of payday lending that occurs in our State. The bill language is available here: http://www.leginfo.ca.gov/pub/13-14/bill/sen/sb_0501-0550/sb_515_bill_20130401_amended_sen_v98.htm The bill would: Establish an Annual Loan Limit Per Borrower to Prevent Repeat Borrowing: By limiting the number of payday loans payday lenders can make to a borrower to 4 per year,
- [Wells Fargo Ranked Top Originator for Commercial/Multifamily Mortgages](https://sandiegortf.org/wells-fargo-ranked-top-originator-for-commercialmultifamily-mortgages/) - Wells Fargo has another jewel to add to its crown: The Mortgage Bankers Association (MBA) ranked the bank as the top commercial/multifamily mortgage originator for 2012. Among other categories: Bank of America Merrill Lynch was the top originator for commercial bank loans, while Red Mortgage Capital, LLC was No. 1 for loans guaranteed by Ginnie
- [Chase Changes Policies Regarding Payday Lenders](https://sandiegortf.org/chase-changes-policies-regarding-payday-lenders/) - For immediate release. Chase Press Release - Payday Lenders
- [HUD, Census Release Survey on Multifamily Housing Characteristics ](https://sandiegortf.org/hud-census-release-survey-on-multifamily-housing-characteristics/) - The Census Bureau and HUD released the results of its new 2012 Rental Housing Finance Survey, revealing that one in five American households live in multifamily rental buildings. The survey, which was conducted in the winter and early spring of 2012, found that there are nearly 2.3 million multifamily rental properties in the United States,
- [Study Finds Evidence of Gender Discrimination in Loan Approvals ](https://sandiegortf.org/study-finds-evidence-of-gender-discrimination-in-loan-approvals/) - Women are less likely to be approved for mortgage loans than their male counterparts, even when loan-to-income ratios are equal, according to a new study from the Woodstock Institute, a Chicago-based, nonprofit research and policy organization. The findings reveal an 8 percent disparity between the likelihood of a woman and man with similar loan-to-income ratios
- [Capital Economics: 'No Signs of Imminent Slowdown' in Housing](https://sandiegortf.org/capital-economics-no-signs-of-imminent-slowdown-in-housing/) - House prices increased 9.7 percent year-over-year in January, continuing a recent trend, and prices show "no signs of an imminent slowdown," according to Capital Economics. As of the fourth quarter of 2012, houses were undervalued between 1 percent and 5 percent compared to rents. Regardless, "house prices can keep rising for a good while yet,"
- [Fed Governor: Consumer Protections May Come with a Cost ](https://sandiegortf.org/fed-governor-consumer-protections-may-come-with-a-cost/) - As the industry prepares to implement the Consumer Financial Protection Bureau's (CFPB) new ability-to-repay rules, Federal Reserve Governor Elizabeth Duke warns new consumer protections may come at a cost to the industry as lower-quality-credit borrowers are precluded from the housing market. As the broader economy continues to improve, household formation will increase, according to Duke,
- [Federal Housing Finance Administration Details Objectives for 2013 ](https://sandiegortf.org/federal-housing-finance-administration-details-objectives-for-2013/) - While Edward DeMarco, acting director of the Federal Housing Finance Agency (FHFA), anticipates the gradual reduction of the GSEs in the housing market, he does not believe either Fannie Mae or Freddie Mac will exit conservatorship and return to the private sector. As such, FHFA's goals for this year expand on last year's three main
- [QM Critics: Mortgage Rule to Set Up Another Meltdown](https://sandiegortf.org/qm-critics-mortgage-rule-to-set-up-another-meltdown/) - In an article released March 3, Edward Pinto and Peter Wallison, two fellows at the American Enterprise Institute (AEI), assert that the QM rule is "simply another and more direct way for the government to keep mortgage underwriting standards low." While the two authors acknowledge that the rule's provisions--described by them as "draconian"--would "probably have
- [Credit Union Earnings Rise to All-Time High in 2012](https://sandiegortf.org/credit-union-earnings-rise-to-all-time-high-in-2012/) - Federally insured credit unions brought in record-high earnings last year, the National Credit Union Administration (NCUA) reported. NCUA reported earnings of $8.5 billion across the industry in 2012, the highest annual figure ever posted. Earnings last year were 36.1 percent higher from the $6.3 billion reported in 2011. The rise in earnings came largely from
- [Fannie Mae: Federal Budget Woes Unlikely to Stop Growth](https://sandiegortf.org/fannie-mae-federal-budget-woes-unlikely-to-stop-growth/) - Even with tax hikes and spending cuts creating a significant headwind to the economy, Fannie Mae's Economic & Strategic Research Group is maintaining its outlook for slow and steady growth in 2013. On the housing front, continued lean inventory and the increase in rate of household formation bode well for homebuilding activity and residential construction
- [Your New Landlord Works on Wall Street Hedge Funds are Snatching up Rental Homes at an Alarming Rate ](https://sandiegortf.org/your-new-landlord-works-on-wall-street-hedge-funds-are-snatching-up-rental-homes-at-an-alarming-rate/) - BY DAVID DAYEN Housing analysts have been giddy for the past year about the comeback of their industry, whose collapse led to the Great Recession. Sure, 2012 was actually the third-worst year for housing ever—but it still beat 2010 and 2011. New and existing home sales, housing starts, and prices jumped in 2012, and experts
- [Freddie Mac Sees Room for Growth in Housing ](https://sandiegortf.org/freddie-mac-sees-room-for-growth-in-housing/) - While housing activity remains near historical lows, Freddie Mac is taking a more optimistic view: There's still plenty of room to grow. This glass-half-full viewpoint was reflected in the GSE's forecast for housing in 2013, especially for housing starts, which are projected to increase to 950,000 units this year--22 percent higher than 2012 levels. The
- [Senators Revive Refinance Bill ](https://sandiegortf.org/senators-revive-refinance-bill/) - Two U.S. senators reintroduced legislation designed to open up competition and limit barriers to refinance for qualified homeowners who are otherwise left without options. Senators Robert Menendez (D-New Jersey) and Barbara Boxer (D-California) reintroduced The Responsible Homeowner Refinancing Act of 2013, a bill that would allow homeowners to take advantage of low interest rates by
- [REMINDER: SPECIAL RTF MEETING ON THURSDAY, FEBRUARY 14, 2013 2:00-4:00 PM](https://sandiegortf.org/reminder-special-rtf-meeting-on-thursday-february-14-2013-200-400-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
- [Union Bank Releases Request For Proposals for Housing Counseling Funding ](https://sandiegortf.org/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
- [Justice Department Sues Standard & Poor's Over Pre-Crisis Ratings](https://sandiegortf.org/justice-department-sues-standard-poors-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"
- [Survey: Homeownership Important to 96% of Americans](https://sandiegortf.org/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
- [Latest California Reinvestment Coalition Foreclosure Counselor Survey](https://sandiegortf.org/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
- [FHA Announces Imminent Reforms to Rebuild Capital](https://sandiegortf.org/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
- [Banks with Assets Over $5 Billion Undergoing CRA Exams - Quarter 1, 2013](https://sandiegortf.org/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
- [CFPB Announces Rules to Reform Originator Compensation ](https://sandiegortf.org/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
- [FICO Study Reveals Rising Demand for Credit ](https://sandiegortf.org/fico-study-reveals-rising-demand-for-credit/) - According to a recent study from FICO, U.S. banks expect an end to the household deleveraging trend observed among consumers during the past five years. The company's latest quarterly survey revealed that bankers are anticipating an uptick in customers' demand for credit. Additionally, results showed that the majority of respondents "believe the supply of financing
- [CFPB Releases Qualified Mortgage Criteria, Establishes Legal Protections ](https://sandiegortf.org/cfpb-releases-qualified-mortgage-criteria-establishes-legal-protections/) - After many long months of waiting, the Consumer Financial Protection Bureau (CFPB) has finally issued its finalized "qualified mortgage" (QM) rule designed to protect both consumers and responsible lenders. One of the biggest provisions of the QM rule is the newly set Ability-to-Repay rule, which does away with so-called "no doc" and "low doc" mortgages.
- [Report: BofA Planning to Unload Another $100B in Servicing Rights](https://sandiegortf.org/report-bofa-planning-to-unload-another-100b-in-servicing-rights/) - After announcing Monday the sale of nearly $306 billion in mortgage servicing rights (MSRs) on 2 million loans, Bank of America might be looking to unload a little more. Reuters first reported Tuesday that the bank is planning to sell rights on at least another $100 billion of mortgages. BofA is likely to announce more
- [Will 2013 Bring Declining Originations and Rising Interest Rates?](https://sandiegortf.org/will-2013-bring-declining-originations-and-rising-interest-rates/) - As we delve into the new year, many wonder what lies ahead in the mortgage industry. According to one mortgage lender, we can expect declining originations, rising interest rates, and fewer mortgage professionals. Residential mortgage origination volume will decline 24 percent this year, largely driven by significant declines in refinances, according to Total Mortgage Services,
- [JPMorgan Seeks Dismissal of Task Force Securities Suit ](https://sandiegortf.org/jpmorgan-seeks-dismissal-of-task-force-securities-suit/) - It's been months since New York Attorney General Eric Schneiderman filed suit against JPMorgan Chase over faulty mortgage-backed securities (MBS), but the bank is now coming out of its own corner swinging. Attorneys for the bank filed a motion to dismiss in early January, arguing that because Schneiderman brought his claims under the Martin Act
- [NCUA Sues JPMorgan over $2.2B in WaMu Securities](https://sandiegortf.org/ncua-sues-jpmorgan-over-2-2b-in-wamu-securities/) - The National Credit Union Administration (NCUA) filed its 10th action against a major Wall Street investment firm--this time, the defendant is JPMorgan Securities. NCUA's suit revolves around mortgage-backed securities (MBS) underwritten and sold by Washington Mutual Bank (WaMu), which was acquired by JPMorgan in 2008 following its collapse. The complaint alleges that underwriting guidelines described
- [BofA, Fannie Mae Resolve Repurchase Claims ](https://sandiegortf.org/bofa-fannie-mae-resolve-repurchase-claims/) - Bank of America and Fannie Mae reached a $10.3 billion agreement Monday to resolve repurchase claims on loans originated from 2000 through 2008. The agreement also requires BofA to pay the GSE $1.3 billion in compensatory fee obligations. Fannie Mae claimed Monday's agreement as a victory for taxpayers, with Bradley Lerman, EVP and general counsel
- [CFPB Raises Exemption Threshold for Disclosure Act](https://sandiegortf.org/cfpb-raises-exemption-threshold-for-disclosure-act/) - The Consumer Financial Protection Bureau (CFPB) announced it has finalized a rule adjusting the asset-size exemption threshold for banks, savings associations, and credit unions under Regulation C, which implements the Home Mortgage Disclosure Act (HMDA). For the rest of this article please click on the link below. http://www.themreport.com/articles/cfpb-raises-exemption-threshold-for-disclosure-requirements-2013-01-03
- [GAO Report Examines Post-Recession Bank Collapses](https://sandiegortf.org/gao-report-examines-post-recession-bank-collapses/) - From 2008 through 2011, 414 banks failed across the nation, resulting in estimated costs to the Deposit Insurance Fund (DIF) of about $42.8 billion, according to a recent report by the Government Accountability Office (GOA). When examining the cause of bank failures from 2008 through 2011, GOA found banks with less than $1 billion in
- [Check 'n Go borrowers eligible for $4.3 million in refunds](https://sandiegortf.org/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
- [The Federal Housing Administration: Unsung Hero of the Housing Market](https://sandiegortf.org/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/
- [What to Know About California's Homeowner Bill of Rights](https://sandiegortf.org/what-to-know-about-californias-homeowner-bill-of-rights/) - The Homeowner Bill of Rights went into effect January 1, 2013. How does it affect you? To learn more click on the link below. What you need to know about California's Homeowner Bill of Rights
- [CFPB Proposes Policy for Lender-Run Trial Disclosure Programs ](https://sandiegortf.org/cfpb-proposes-policy-for-lender-run-trial-disclosure-programs/) - A newly proposed policy from the Consumer Financial Protection Bureau (CFPB) would allow companies to test new consumer disclosures on a case-by-case basis. For the full article, please click on the link below. http://www.themreport.com/articles/cfpb-proposes-policy-encouraging-lender-run-trial-disclosure-programs-2012-12-14
- [Freddie Mac Forecasts Future of Housing Growth](https://sandiegortf.org/freddie-mac-forecasts-future-of-housing-growth/) - Add Freddie Mac to the list of companies forecasting great things in the 2013 housing market. Economists took the opportunity to peer into the future in the GSE’s most recent U.S. Economic & Housing Market Outlook. To read the rest of this article, please click on the link below. http://www.themreport.com/articles/freddie-mac-forecasts-2013-housing-growth-2012-12-11
- [Fed urges REO to rental among other steps on housing](https://sandiegortf.org/fed-urges-reo-to-rental-among-other-steps-on-housing/) - Fed urges REO to rental among other steps on housing by Ethan Handelman and Sarah Jawaid, National Housing Conference The Federal Reserve submitted a 26-page letter to Congress on January 4 recommending action on real estate owned, or REO, properties nationwide owned by Fannie Mae, Freddie Mac, FHA, and various lenders comprising around “one-fourth of
- [OCC Announces Independent Foreclosure Review](https://sandiegortf.org/occ-announces-independent-foreclosure-review/) - OCC Releases Public Service Ads About the Independent Foreclosure Review On January 4, 2012, the Office of the Comptroller of the Currency (OCC) released print and radio public service advertisements to increase awareness of the Independent Foreclosure Review, announced in November 2011. The public service items include a feature story, distributed to 7,000 small newspapers
- [2010 HMDA Data Report of San Diego](https://sandiegortf.org/2010-hmda-data-report-of-san-diego/) - The National Community Reinvestment Coalition (NCRC) has preformed an analysis of the lending patterns of five major banks in the San Diego metropolitan area. Click on the 2010 HMDA Data Report of San Diego below to view a full copy of the report. 2010 HMDA Final Report of San Diego by NCRC
- [HAMP 2.5 Program an Expanded HAMP Will Take Effect in May 2012](https://sandiegortf.org/hamp-2-5-program-an-expanded-hamp-will-take-effect-in-may-2012/) - The Treasury Department said it expects mortgage servicers to begin evaluating borrowers under an expanded Home Affordable Modification Program in May. The latest program is being referred to as HAMP 2.5. In January, the Treasury extended the application deadline to the end of 2013, eased debt-to-income requirements, allowed investors with rental homes into the program,
- [Robo-Signing Ends with a $26 Billion Settlement](https://sandiegortf.org/robo-signing-ends-with-a-26-billion-settlement/) - The 16-month robo-signing saga ends with a $26 billion settlement. Nearly all 50 states agreed to a deal with Bank of America ($8.13 0%), JPMorgan Chase ($38.30 0%), Wells Fargo ($30.63 0%), Ally Financial ($23.31 0%) and Citigroup ($34.23 0%). Oklahoma AG Scott Pruitt is the only one not to sign. If another nine smaller
- [San Diego America Saves Week Campaign February 19-26, 2012](https://sandiegortf.org/san-diego-america-saves-week-campaign-february-19-26-2012/) - Springboard is encouraging consumers to jump-start their savings program by participating in America Saves Week, the campaign that occurs annually to encourage better savings habits. This year, America Saves Week is recognized February 19-26. “It’s never too late to begin good financial habits,” says Melinda Opperman, senior vice president for Springboard. “Reducing debt and building
- [Wells Fargo started an incentive program that pays its single-point-of-contact employees more if they reach some sort of workout in lieu of foreclosure](https://sandiegortf.org/wells-fargo-started-an-incentive-program-that-pays-its-single-point-of-contact-employees-more-if-they-reach-some-sort-of-workout-in-lieu-of-foreclosure/) - Wells Fargo started an incentive program that pays its single-point-of-contact employees more if they reach some sort of workout in lieu of foreclosure. Mortgage servicers must install single points of contact for borrowers on the verge of foreclosure, based on federal regulator consent orders signed in 2011, new Home Affordable Modification Program guidelines and the servicing
- [California Reinvestment Coalition Negotiates California Commitment from Union Bank](https://sandiegortf.org/california-reinvestment-coalition-negotiates-california-commitment-from-union-bank/) - CRC successfully negotiated with Union Bank to increase the bank’s community commitments in light of their acquisition of Santa Barbara Bank and Trust. Over the last decade, Union Bank has grown to become the fourth biggest bank in California by deposit market share, with over 400 branches statewide and more in neighboring states. Santa Barbara
- [Homeowner Bill of Rights Passes California Assembly & Senate](https://sandiegortf.org/homeowner-bill-of-rights-passes-california-assembly-senate/) - July 2, 2012— California’s State Legislature voted today to pass the Homeowner Bill of Rights, legislation introduced by Attorney General Kamala Harris and championed by consumer advocates and homeowners. The California Foreclosure Reduction Act— AB 278 (Eng, Feuer, Mitchell) & SB 900 (Leno, Corbett, DeSaulnier, Evans, Pavley, Steinberg)—passed 53-25 in the Assembly and 24-13 in
- [Bank of America to Host a Three Day Event to Assist Homeowners](https://sandiegortf.org/bank-of-america-to-host-a-three-day-event-to-assist-homeowners/) - Thursday, July 19th through Saturday, July 21st at Manchester Grand Hyatt San Diego See attached flyer for more info! Bank of America 3 Day Event
- [Governor Brown Signs Dual Track & Due Process Legislation](https://sandiegortf.org/governor-brown-signs-dual-track-due-process-legislation/) - Yesterday, Governor Jerry Brown signed landmark legislation that ends the practice of foreclosing on a home while a loan modification is being considered (“dual track”), reforms bank’s foreclosure practices, and creates a fairer foreclosure process for California’s homeowners. And, importantly, the legislation allows consumers to take banks to court to enforce these rights. This is
- [U.S. Bank wants to hear from you!](https://sandiegortf.org/u-s-bank-wants-to-hear-from-you/) - In order to better serve your community, we ask that you please help U.S. Bank identify and prioritize the most important needs that impact low- and moderate-income individuals and families, economically distressed neighborhoods and small businesses, as well as, opportunities to help meet these needs. Your opinions and feedback are important and will be kept
- [Study Says Financial Education in the Workplace Is Effective](https://sandiegortf.org/study-says-financial-education-in-the-workplace-is-effective/) - A new study from the Principal Financial Group finds that one-on-one financial counseling during work hours works wonders. Positive outcomes were many; employees became more engaged in their financial affairs and saved more. http://moneyland.time.com/2012/07/19/new-evidence-says-workplace-financial-education-effective/?utm_source=What+You+Need+to+Know+NOW+About+Money&utm_campaign=dcf873ddfa-July_2012_Issue_2_7_30_2012&utm_medium=email
- [San Diego Celebrates 10th Anniversary of “Housing Day”](https://sandiegortf.org/san-diego-celebrates-10th-anniversary-of-housing-day/) - Housing Day began in 2002 at a special meeting of the City Council at Golden Hall, at which 1,000 advocates urged support for an inclusionary housing ordinance and $55 million in bonds for new affordable housing. Thank you to all affordable housing advocates and supporters as we celebrate a decade of accomplishments!
- [Consumer Financial Protection Bureau-”Putting the ‘service’ back in ‘mortgage servicing’”](https://sandiegortf.org/consumer-financial-protection-bureau-putting-the-service-back-in-mortgage-servicing/) - New mortgage rules are being proposed. Monthly mortgage statements Servicers would be required to provide clear billing statements including information on the loan, amount due, and application of past payments. Warnings before interest rate adjustments Servicers would be required to provide consumers with a new notice 6 to 7 months before the first rate adjustment,
- [SAVE THE DATE: Responsible Banking Ordinance City Council Hearing September 18, 2012 at 6:00 PM](https://sandiegortf.org/save-the-date-responsible-banking-ordinance-city-council-hearing-september-18-2012-at-600-pm/) - The San Diego Reinvestment Task Force (RTF) invites you to attend the San Diego City Council Meeting of Tuesday, September 18, 2012 at 6:00 PM in order to voice your comments surrounding the Responsible Banking Ordinance which will be an action item listed on the meeting agenda.The Responsible Banking Ordinance is an issue of great
- [UPDATE: The City of San Diego Passes the Responsible Banking Ordinance!!!](https://sandiegortf.org/update-the-city-of-san-diego-passes-the-responsible-banking-ordinance/) - By a unanimous vote of 8-0, the San Diego City Council passed the Responsible Banking Ordinance designed to hold financial institutions accountable to San Diego specific community reinvestment activities. The San Diego Reinvestment Task Force would like to extend a warm thank you to all of the advocacy groups, partners and interested stakeholders who participated
- [“S.D. Puts Heat on Banks for Foreclosures”](https://sandiegortf.org/s-d-puts-heat-on-banks-for-foreclosures/) - Read all about the passage of both the Abandoned Property Ordinance and the Responsible Banking Ordinance in the below article recently published in the San Diego Union Tribune. http://www.utsandiego.com/news/2012/sep/18/sd-moves-to-deal-with-abandoned-properties/
- [“National Mortgage Settlement Monitor Announces Servicing Standards Deadline”](https://sandiegortf.org/national-mortgage-settlement-monitor-announces-servicing-standards-deadline/) - RALEIGH, N.C. – Joseph A. Smith, Jr., Monitor of the National Mortgage Settlement, today announced that the five banks participating in the Settlement are now required to be in full compliance with the agreement’s 304 servicing standards, or rules that guide their interaction with consumers. In response to this deadline, he released the following statement:
- [CHASE LAUNCHES NEW SPANISH ONLINE BANKING EXPERIENCE](https://sandiegortf.org/chase-launches-new-spanish-online-banking-experience/) - NEW YORK—October 4, 2012—Chase today announced that consumer and business banking customers can now manage their accounts, including conducting many transactions, in Spanish. Through new functionality on Chase.com/espanol, the bank now offers a comprehensive Spanish online banking option to customers. “We continue to tailor products and services to meet the financial needs of the Hispanic
- [Bernanke: Crisis Hit Minorities, Low-Income Families Hardest](https://sandiegortf.org/bernanke-crisis-hit-minorities-low-income-families-hardest/) - http://www.themreport.com/articles/bernanke-housing-crisis-effects-amplified-for-low-income-and-minority-americans-2012-11-16
- [Report: White House Preparing to Replace DeMarco](https://sandiegortf.org/report-white-house-preparing-to-replace-demarco/) - Edward DeMarco’s days directing the Federal Housing Finance Agency (FHFA) may be numbered, according to a report from The Wall Street Journal. For the rest of this article, please click on the link below. http://www.themreport.com/articles/report-white-house-preparing-to-replace-demarco-2012-12-10
- [SAVE THE DATE: Property Value Protection Ordinance City Council Hearing November 13, 2012 at 6:00 PM](https://sandiegortf.org/save-the-date-property-value-protection-ordinance-city-council-hearing-november-13-2012-at-600-pm/) - PVPO Ordinance-O-2013-38 The San Diego Reinvestment Task Force (RTF) invites you to attend the San Diego City Council Meeting of Tuesday, November 13, 2012 at 6:00 PM in order to voice your comments surrounding the Property Value Protection Ordinance (PVPO) which will be an action item listed on the meeting agenda.The Property Value Protection Ordinance
- [Study: Borrowers Fail to Do Legwork when Researching Loans](https://sandiegortf.org/study-borrowers-fail-to-do-legwork-when-researching-loans/) - A new study from Fannie Mae suggests that many Americans fail to do their homework when considering mortgage options, creating problems for both borrowers and lenders. Read more by clicking the link below. http://www.themreport.com/articles/fannie-mae-failure-to-do-legwork-costs-borrowers-2012-11-27
- [REMINDER: Property Value Protection Ordinance City Council Hearing Tonight, November 13, 2012 at 6:00 PM](https://sandiegortf.org/reminder-property-value-protection-ordinance-city-council-hearing-tonight-november-13-2012-at-600-pm/) - Community Partners, The San Diego Reinvestment Task Force (RTF) reminds you to attend tonight’s San Diego City Council Meeting at 6:00 PM in order to voice your comments surrounding the Property Value Protection Ordinance which will be an action item listed on the meeting agenda. Additional information can be found by clicking the link below.
- [Mortgage Monitor Gets an Earful from Borrowers Over Pace of Loan Mods](https://sandiegortf.org/mortgage-monitor-gets-an-earful-from-borrowers-over-pace-of-loan-mods/) - Mortgage Monitor Gets an Earful from Borrowers Over Pace of Loan Mods The chief monitor of the $25 billion national settlement with the nation's five largest mortgage servicers is getting an earful from homeowners and housing counselors about the slow pace of loan modifications and frustration at not having a single point of contact. Joseph

## Pages

- [Home](https://sandiegortf.org/) - The San Diego City-County Reinvestment Task Force works to foster increased financial inclusion and advance economic justice by advocating for affordable housing, supporting small business growth and equitable economic development, and promoting consumer education, counseling, and fair access to financial services, especially for low and moderate-income residents. Its goal is products, programs and policies that
- [Meetings](https://sandiegortf.org/meetings/) - Reinvestment Task Force meetings are usually held the third Thursday of the month in downtown San Diego. Meeting agendas and minutes are posted on the RTF website.
- [About Us](https://sandiegortf.org/about-us/) - The mission of the San Diego City-County Reinvestment Task Force, or RTF, is to foster increased financial inclusion and advance economic justice by advocating for affordable housing, supporting small business growth and equitable economic development, and promoting consumer education, counseling, and fair access to financial services. Created by the City and the County of San
- [Contact Us](https://sandiegortf.org/contact-us/) - San Diego City-County Reinvestment Task Force 1122 Broadway Suite 300 San Diego, CA 92101 Phone: (619) 578-7168 Email: rtf@sdhc.org

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