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Showing blog posts tagged with housing crisis

Homeowner Protests Continue at Law Firm

Photo courtesy: HDL

Homeowners supported by the Home Defenders League (HDL) and Occupy Our Homes participated in a third day of protest Wednesday, this time at the law firm Covington & Burling, which represents several major U.S. banks and is the former workplace of Attorney General Eric Holder, a key target of the week's protests. Eight more protesters were arrested, bringing the total for the three days to 34. A message on the HDL Facebook page Thursday said that all of those arrested were released and will not face charges stemming from the protests.

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Hundreds Protest 'Too Big to Jail' at Department of Justice; 27 Arrested, Several Tased

Photo from the Home Defenders League

Organizers from the Home Defenders LeagueOccupy Our Homes and allied organizations estimate that more than 500 people attended a rally at the U.S. Department of Justice on Monday, calling for Attorney General Eric Holder to begin arresting bankers accused of fraud and unscrupulous lending practices. As of Tuesday morning, at least 27 demonstrators had been arrested after an attempt to enter the Justice Department building was prevented by law enforcement.

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Home Defenders League Sponsors Wall Street Accountability Week of Action

Photo courtesy: Home Defenders League

The Home Defenders League is holding a Wall Street Accountability Week of Action in Washington, D.C., from May 18-23. Families directly affected by the foreclosure crisis are traveling to the nation's capital to make their voices heard. On May 20, at 1:30 p.m., home defenders and their allies are rallying to "Bring Justice to Justice." The week also will include community organizing and training in home defense and other nonviolent tactics.

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100 Days to Fix What Wall St. Broke: Painful to See American Dream 'Rot Away'

100 Days to Fix What Wall St. Broke: Painful to See American Dream 'Rot Away'

Wall Street wrecked the economy and banks still are refusing to work with people who are trying to stay in their homes. The Campaign for a Fair Settlement, along with other partners, is calling on President Obama over the next 100 days to champion an agenda that would:

1. Hold bankers accountable for their crimes.

2. Keep people in their homes by resetting their mortgages.

Sign the petition here

______________________

Diane McCloud shared her story about her home underwater. Read more from 100 Stories of What Wall Street Broke:

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It’s Time for a New Leader at the Federal Housing Finance Agency

A growing chorus of voices across the country is calling for President Obama to replace the acting director of Federal Housing Finance Agency (FHFA), Edward J. DeMarco. DeMarco, a holdover from the Bush administration, is responsible for overseeing Fannie Mae and Freddie Mac. President Obama’s nominee to replace him in 2010 was blocked by Republicans.

DeMarco has prohibited Fannie and Freddie from providing responsible homeowners who are struggling to keep up with their mortgages with access to principal reductions. He has even refused to allow them to participate in the Obama administration’s principal reduction program (HAMP PRA), despite FHFA analysis showing that participating in the program could save $3.6 billion for Fannie Mae and Freddie Mac and $1 billion for the taxpayers.

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Big Banks Agree to Settle Charges of Foreclosure Abuse

Illustration by outacontext/Flickr

Ten of the nation’s largest banks agreed earlier this week to settle charges of foreclosure abuse with federal regulators. After the housing bubble burst, banks allegedly processed foreclosures improperly and mishandled homeowners’ applications for mortgage modifications. The resulting foreclosure crisis hurt all working families. Homes lost value, especially in communities of color that were among the hardest hit.

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Tell Us What You Think: What’s Wrong With the U.S. Economy? The Long Answer.

This is the second of a four-part series describing what went wrong with America’s economy and how to fix it. See Part 3 tomorrow and read Part 1: "Tell Us What You Think: What’s Wrong With the U.S. Economy? The Real Scoop"—and please leave a comment to tell us what you think. (Click the chart to enlarge.)

If the short answer is “we’re still recovering from the Crash of 2008,” the long answer is “there was obviously something wrong with the economy long before the Crash of 2008.” 

There were obvious warning signs during the Bush years that should have set off alarm bells.  Most importantly, wages and middle-class family incomes were dead in the water.  The median income for working-age families started falling in 2000 and never recovered during the 2001-2007 recovery.

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Citigroup’s Ex-CEO Reverses Big Bank Stance

In a surprising change of heart, the ex-CEO of Citigroup, Sandy Weill, backed off his former position that there is nothing wrong with Big Banks.

Politico reports:

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Harold Meyerson: Bankrupt Cities? Don't Blame Unions

The bankruptcies of California cities Stockton and San Bernardino weren’t caused by unions, Washington Post op-ed columnist Harold Meyerson points out in a new column, “Bankrupt Cities? Don’t Blame Unions.” Contrary to reporting on the subject, the bankruptcies of these two cities were caused by Big Banks “peddling subprime mortgages to poorly paid workers.”

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Trumka: Foreclosure Settlement ‘First Step’ to Housing Crisis Solution

The $25 billion foreclosure settlement with five of the nation’s biggest banks, announced this morning by federal and state officials, is a “step in addressing the housing and foreclosure crisis that plagues our country,” says AFL-CIO President Richard Trumka.

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