American Banker
By Preeti Vissa

It’s hard to pin down precise numbers, but anecdotal reports in news outlets across the country suggest that hundreds of thousands of Americans responded to “National Transfer Day” campaign by switching their deposits from major banks to credit unions.

But did those consumers accomplish what the campaign’s supporters wanted — to vote with their dollars for institutions with more concern and responsibility for their communities?

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Huffington Post
By Preeti Vissa

Why are top executives at government-backed mortgage giants Fannie Mae and Freddie Mac getting millions in bonuses while struggling homeowners get little or no help?

I’ve written before about the need for principal reduction to help homeowners fighting to keep their homes. Not only would this aid millions of Americans caught in difficult circumstances they didn’t create, it would shore up the weak housing market and boost the whole economy. I’m hardly alone: a large collection of financial experts and officials, including California Attorney General Kamala Harris and a large group of members of Congress have called for principal reduction.

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

Goal Could Be Achieved Without Cutting Vital Programs; “No Deal Better Than a Bad Deal,” Greenlining Institute Says

WASHINGTON – Deadlock among members of the congressional “super committee,” indicated in several recent news reports, may actually be the best possible outcome, policy experts at The Greenlining Institute said today.

The committee, tasked with finding $1.2 trillion in deficit reductions over the next decade, has reportedly considered substantial cuts to Medicare, Medicaid and other vital programs but relatively little in the way of new tax revenues.

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PR Group
By Dianne Anderson

Current or former homeowners who were duped by lenders, and now may be just barely hanging onto their sky-high mortgages, should watch for a letter soon to help them recoup some of their losses incurred at the hands of big banks and loan servicers.

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Huffington Post
By Preeti Vissa

As public anger at Wall Street greed boils over in the form of protests spreading across the nation, the Federal Reserve Board is poised to allow creation of yet another “too big to fail” bank. Worse, that bank has a record of precisely the sort of predatory behavior that has Americans so upset.

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ABC News
By Huma Khan

President Obama today will announce a new proposal to alleviate the pressure on homeowners who are under water, as he travels to Nevada, the ground zero of the housing bust.

From the front porch of a Las Vegas home — which has one the highest foreclosure rates in the country — the president will promote a plan to allow struggling homeowners who are backed by federal mortgages refinance without getting a new appraisal or a full credit check. The program also eliminates some risk-based fees for borrowers.

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

Foreclosure Crisis Continues to Decimate Middle Class While Administration, Congress Do Little, Greenlining Institute Says

WASHINGTON – While the Obama administration deserves credit for a number of actions that have helped low-income communities, today’s White House report on these issues, “Creating Pathways to Opportunity,” glosses over some critical failings, policy experts at The Greenlining Institute said today.

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Huffington Post
By Preeti Vissa

As I wrote last time, a favorite right-wing talking point in recent years has been the claim that federal efforts to promote lending and investment in underserved communities, such as the Community Reinvestment Act, caused the subprime mortgage collapse and our ongoing recession. Not only is that nonsense, there’s a crucial bit of history that the Rush Limbaughs and Neil Cavutos of this world leave out:

For decades the federal government actively promoted redlining and racial segregation in housing. The CRA is, among many things, an attempt to balance the ugly results of policies that boosted white suburbs at the expense of urban neighborhoods populated by people of color.

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Hosuing Wire
by Liz Enochs

Consumer advocates Tuesday focused their criticism of the proposed Capital One Financial Corp. (COF: 38.80 +2.78%) acquisition of ING Direct USA (ING: 6.80 +5.43%) on what they described as Capital One’s predatory lending practices and inadequate commitment to reinvest in local communities.

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Contact: Bruce Mirken, Greenlining Institute Media Relations Coordinator, 510-926-4022; 415-846-7758 (cell);
Kristina Bedrossian, California Reinvestment Coalition, 415-864-3980; (818) 307-9730 (cell).

“What’s Preying On Your Wallet?”
Press Conference and Testimony at Fed Hearing in San Francisco Wednesday

SAN FRANCISCO –The Greenlining Institute, the California Reinvestment Coalition, and nearly 120 California community groups are urging the Federal Reserve Board to block the proposed merger of Capital One Bank and ING. The Fed will hold a hearing on the merger Wednesday at the Federal Reserve Bank of San Francisco, and advocates will hold a press conference inside the building at 10:30 a.m. Spanish language speakers will be available.

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