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Big Banks Still Giving Homeowners the Runaround

Big Banks Still Giving Homeowners the Runaround

Today, a report released by the Mortgage Settlement Monitor confirmed that big banks are still not up to the task of handling mortgage modifications effectively and fairly. This report confirms what many working families have learned the hard way: Big banks are still giving homeowners the runaround.

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Congress Considers Proposals to Enable High-Cost Mortgages

The ink has barely dried on new rules to protect working people from predatory mortgage lenders and the big bankers’ friends in Congress are already making moves to try to roll back protections. Tomorrow, a House hearing is scheduled to consider proposals to roll back protections against predatory mortgages.

To protect consumers from the types of predatory lending that led to the housing crisis, the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 included the commonsense requirement that mortgage lenders consider a borrower’s ability to repay when issuing a mortgage.

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What Would You Do if the Bank Stole Your Home?

Wall Street wrecked the economy, and banks are still 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 to champion an agenda that would:

1. Hold bankers accountable for their crimes.

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

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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

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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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Trumka: Denying Relief to Millions of Struggling Homeowners is 'Irresponsible'

Federal Housing Finance Agency Acting Director Edward DeMarco is denying relief to as many as half a million struggling homeowners by refusing to allow Fannie Mae and Freddie Mac to engage in principal reduction, AFL-CIO President Richard Trumka said Tuesday. Trumka's comments came after DeMarco announced he will continue to prohibit Fannie Mae and Freddie Mac from participating in the Obama Administration’s mortgage principal reduction program. Read the rest of Trumka's statement here

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Bank Foreclosure Settlement Money Should Be Used to Help Homeowners

Bank Foreclosure Settlement Money Should Be Used to Help Homeowners

Earlier this year, state and federal law enforcement officials negotiated a historic legal settlement with the Big Banks that had abused the rights of homeowners during the foreclosure crisis. As part of this settlement, the Big Banks agreed to pay $2.5 billion in penalties to the states for programs to help prevent foreclosures.

Sadly, in many states these funds are now at risk of being diverted away from helping struggling homeowners.

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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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Trumka to Justice Dept.: Investigate Banks

AFL-CIO President Richard Trumka is urging the Justice Department to lead a comprehensive investigation with state attorneys general to prevent banks from engaging in future unlawful and deceptive practices that could exploit homeowners and put the economy further at risk. From Trumka:

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How Rich Are the Richest? Here’s How

The Occupy Wall Street movement has been proven correct about the wealthiest 1 percent getting vastly richer while the rest of us 99 percent-ers are falling further behind.

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