Contact: Bruce Mirken, Greenlining Institute Media Relations Coordinator, 510-926-4022; 415-846-7758 (cell)

$350 Billion Loss of Wealth Requires Strong Action to Update Community Reinvestment Act

LOS ANGELES – In testimony today before a Los Angeles hearing convened by the Federal Reserve system and other federal financial agencies, the Greenlining Institute called for strong action to modernize the Community Reinvestment Act (CRA), first passed in 1977. “In a sense, communities of color have become the canaries in the coal mine of the economic crisis,” Greenlining Community Reinvestment Director Preeti Vissa told the hearing. “While the nation has experienced a recession, too many in our communities have experienced a depression.”
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Contact: Bruce Mirken, Greenlining Institute Media Relations Coordinator, 510-926-4022; 415-846-7758 (cell)

Federal Reserve to Consider Updating Implementation of Landmark Law Boosting Investment in Low-Income Communities

LOS ANGELES – The Federal Reserve system and other federal financial agencies will hold a hearing in Los Angeles Aug. 17 to consider updating regulations implementing the Community Reinvestment Act (CRA), a landmark law first passed in 1977 to encourage banks and other financial institutions to meet the credit needs of the communities they serve. While some on the far right have tried to blame CRA for the subprime mortgage meltdown, The Greenlining Institute and others have argued that improving and expanding CRA is the best way to avoid a repeat of the recent housing crisis, as well as being crucial to efforts to address the large and growing racial wealth gap. In May, the New York Times reported that for every dollar of wealth owned by a white family, an average African-American or Latino family has just 16 cents.
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New America Media
Aaron Glantz

After sitting through two hours of testimony at the Federal Reserve Bank of San Francisco, plumber Carlos Moreno can barely contain his anger.

In January, he lost his home in Menlo Park to foreclosure, after his adjustable rate mortgage reset, and his monthly payments increased by more than $1,000 a month.
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Contact: Bruce Mirken, Greenlining Institute Media Relations Coordinator, 510-926-4022; 415-846-7758 (cell)

Testimony at Today’s Hearing Urges Immediate Release of Data on Underwater Mortgages to Prepare For Possible New Crisis; Calls For Better Data on Asian-Americans

SAN FRANCISCO – Greenlining Institute Executive Director Orson Aguilar today urged the Federal Reserve to take immediate action to help the public and private sectors brace for a possible new wave of foreclosures. Aguilar spoke at the Federal Reserve Bank of San Francisco’s public hearing on the Home Mortgage Disclosure Act (HMDA).
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Federal Reserve Bank of San Francisco

A Growing Homeownership and Wealth Gap:  Communities of Color More Likely to Be Underwater

The Greenlining Institute thanks the Federal Reserve for this timely review of the Home Mortgage Disclosure Act (HMDA).  Thank you for inviting Greenlining to address this panel on such an important issue.  I also want to congratulate our very own Janet Yellen for being nominated to be the Vice Chair of the Federal Reserve.   Congratulations Vice Chairman Yellen.
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Contact: Bruce Mirken, Greenlining Institute Media Relations Coordinator, 510-926-4022; 415-846-7758 (cell)

Urgent Action Needed as Communities of Color Face Greatest Loss of Wealth in History, Greenlining Institute Executive Director Orson Aguilar Will Testify

SAN FRANCISCO – The Federal Reserve Bank of San Francisco will host a public hearing on modernization of the Home Mortgage Disclosure Act (HMDA) this Thursday, Aug. 5. Among the experts invited to testify will be Greenlining Institute Executive Director Orson Aguilar, who will argue for urgent action as crashing levels of homeownership drive the greatest loss of wealth in history among communities of color.
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Asian Journal
Miko Santos

Jan, a stately elderly woman of 65, had it good. She had a lucrative income which she invested in a lovely two bedroom apartment in a good neighborhood. She did everything by the book to ensure her retirement.

Now she lives in a group home in a room shared with 8 other women. She subsists on a measly $100 per month. Far from being enough to cover her daily subsistence and even more so for her medical needs. She lost it all in what would be the US’ worst financial crisis since the Great Depression.
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Pasadena Star News
By Brenda Gazzar

Assemblyman Mike Eng understands firsthand the importance of addressing financial insecurity and the vulnerability of seniors.

His nearly 90-year-old mother, who resides in a Hawaii nursing home, was recently approached by an individual who convinced her to sign a power of attorney letter.
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Contact: Bruce Mirken, Greenlining Institute Media Relations Coordinator, 510-926-4022; 415-846-7758 (cell)

Free Information and Advocacy Forum Sponsored by Greenlining Institute and KPCC 89.3 FM’s Crawford Family Forum

PASADENA, CALIFORNIA – Assemblymember Mike Eng (D-Monterey Park) has joined a distinguished panel that will examine the growing crisis of economic insecurity for seniors of color July 30 in Pasadena. Because people of color often have less wealth than their white counterparts, they may enter retirement in a particularly vulnerable financial situation. The free discussion is sponsored by The Greenlining Institute and KPCC 89.3 FM’s Crawford Family Forum.
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THE GREENLINING INSTITUTE
A Multi-Ethnic Public Policy, Research and Advocacy Institute
www.greenlining.org

Contact: Bruce Mirken, Greenlining Institute Media Relations Coordinator, 510-926-4022; 415-846-7758 (cell)

Letter Calls For Treasury’s Share of Settlement to Go to Principal Reduction, Mortgage Counseling, Reclaiming Foreclosed Homes as Affordable Housing

BERKELEY, CALIFORNIA – In a letter sent Friday to President Obama and Secretary of the Treasury Timothy Geithner, a coalition of 19 organizations led by the Greenlining Institute call the just-announced settlement between the Securities and Exchange Commission and Goldman Sachs “disappointing,” arguing that it “does nothing for struggling homeowners.” The letter calls for the Treasury Department’s $300 million share of the proceeds to be used for principal reduction for borrowers who are “under water” due to crashing home values, grassroots mortgage counseling for struggling homeowners, and to allow local nonprofits to purchase and repair foreclosed homes for use as affordable housing.
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