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San Francisco Board of Supervisors unanimously passes foreclosure moratorium resolution

April 10, 2012

Resolution supports California Homeowner Bill of Rights and principal reductions

by Raquel Redondiez

Supervisor John Avalos is backed by foreclosure fighters Vivian Richardson, Ross Rhodes and Kathryn Galves at the rally prior to the April 2 hearing on the foreclosure moratorium. – Photo: Occupy Bernal
San Francisco – Supervisor John Avalos’ resolution calling for a suspension of foreclosure activities in the City and County of San Francisco passed in an 11-0 vote at the Board of Supervisors. This resolution signals the City’s resolve to protect homeowners from unfair and unlawful actions by banks, trustees and mortgage companies until protections at the state and federal level are in place.

“The foreclosure crisis has already devastated so many lives. This resolution is an important step to support solutions to prevent millions of Americans from losing their homes. And, while we are eager to see state and federal reforms enacted to provide much needed reprieve, we must do what we can TODAY to stop preventable foreclosures,” said Supervisor Avalos, who represents District 11, one of San Francisco’s areas hardest hit by foreclosures.

“Every day, families, seniors and children wake up with the fear of losing their homes through foreclosures. I look forward to working with Mayor Ed Lee to use the full weight of the City in urging banks, especially our City banking partners, Wells Fargo, Bank of America and Union Bank, to stop foreclosure activities until currently proposed state and federal measures to protect homeowner and tenant rights are in full effect,” added Avalos.

In a recent decision by the Louisiana Bankruptcy Court, Judge Elizabeth Magner chastised Wells Fargo by ordering the bank to pay a New Orleans man $3.1 million in punitive damages after five years of litigation over allegations of mortgage-servicing misconduct. As she explained in her decision, “Wells Fargo has taken advantage of borrowers who rely on it to accurately apply payments and calculate the amounts owed. But perhaps more disturbing is Wells Fargo’s refusal to voluntarily correct its errors.

The resolution expresses support for the California Homeowner Bill of Rights, which are five legislative measures introduced at the California Legislature designed to provide basic standards of fairness and transparency in mortgage processing, community tools to prevent blight, tenant protections, enhanced law enforcement to defend homeowner rights and a special grand jury to investigate foreclosure crime. The resolution also supports Attorney General Kamala D. Harris’ call for a suspension of foreclosures on loans controlled by Fannie Mae and Freddie Mac and a broad demand for the Federal Housing Finance Agency to provide principal reductions to keep families in their homes.

In addition, Avalos’ measure urges the mayor to direct the City’s lobbyist in Sacramento to advocate for the passage of these measures, urges all city and county officials and departments to work proactively to ensure that San Francisco residents do not fall victim to unlawful foreclosure practices.

Raquel Redondiez can be reached at amihan33@gmail.com.

 

6 thoughts on “San Francisco Board of Supervisors unanimously passes foreclosure moratorium resolution

  1. jeromeolivas

    Depending on the remaining interest left on your current loan and available interest rates, you may be able to save a significant amount in interest charges over the life of your loan with a shorter repayment term. Use free resources like "Official Refinance" to find rates online

    Reply
  2. ruthanntraci

    Lets hear it for San Francisco always supporting its people!! The entire state needs too be put on hold, unless a homeowner has agreed to a short sell, or has just given up and walked away! Ann Garrison is most lilkely correct that it is false hope, some are so stressed out from the lengthy event they will just sit there hoping someone wil come to their aid!! that is where the crooks come in, taking advantage of homeowners who will believe most anything!!

    Reply
  3. Mina Nichols

    Seems like a bit of a weenie cop-out to me. The Board of Supervisors directs the Recorders Office. They can order that they explain how so many fraudulent foreclosures are getting by and how MERS got away with not paying title transfer fees.

    Reply
  4. Hipeton

    Dear America,

    Please to create a petition
    A compilation of signatures built in order to exert moral authority in support of a specific cause in the subject matter listed in the "solutions" section in this document

    Dear America,

    1. The banks are not modifying the home loans within the best interest of the America, they are modifying the loans within the best interest of the banks and there investors who they had promised they would make millions of dollars of the working poor of America.

    2. A house that cost say $70,000 15 years ago to build ends up selling for $350,000 in California, and by time the banks add there high interest rates using FICO scores to grossly over charge the poor and minority, and if the buyer ever finish paying for the $350.000 house grossly over charged, the buyer would have paid close to a million dollars in fees, penalty, and high interest rates all encouraged by the banks and investors.

    3. When you look at the picture and the people who would encourage a $70,000 house to sell for $350,000,it's the banks,and there investors, escrow agents,real-estate agents,insurance agency s, property taxes, and everybody on the receiving end against the home buyer who doesn’t want to sell the house for profit.

    4. In my neighborhood several houses had been foreclosed on and sitting vacant for over a year. It seems like it would have been better for the banks to work out something affordable and keep the buyers in the homes because loans are harder to achieve and the banks cant resell the homes
    for the greedy $400,000 like they were doing in the past. These homes are down closer to it's true value $150,000 max and should remain at that price, because (1) those homes made from dry wall and 2 by 4 wood. (2) those homes were not made from solid concrete blocks and steel. (3) the total price in material for one of those dry wall house is about $35,000 at Home Depot. Boulders like K.B. Homes get these material for allot less because they buy in bulk. (4) If these prices are not regulated and allowed to return to a greedy $400,000 it will reproduce the same result " a broken economy and fore-closers of homes"
    https://sites.google.com/site/bankingfrauds/

    Reply
  5. richie_d_holmie

    Yeah, that "bill-o-rights" needs a little more explaining. The people can't invoke their rights if the law supporting it isn't clear. It would be like filing for a florida title insurance without a title, or with an illegitimate company.

    Reply

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