The Housing Justice Foundation is a non-profit organization in West Palm Beach, Florida, dedicated to finding alternatives to foreclosures.
We are committed to telling the truth about predatory lending, fraud in the mortgage securitization process and fraud in loan documentation.
Rather than a solution to the housing crisis, foreclosures are a blunt, transient fix to a complex problem. Foreclosures destroy families, neighborhoods, and force home values down, hurting the entire community.
Families who face the threat of losing their home through illegal and unethical practices have a new watch-dog alliance on their side. The event, facilitated by California Homeowner Bill of Rights Collaborative (HBOR), held at the Most Holy Trinity Catholic Church, brought together Housing Navigators, People Acting in Community Together (PACT), Neighborhood Housing Services Silicon Valley (NHSSV), Housing and Economic Rights Advocates (HERACA), alongside trained community leaders to discuss what needs to be done to better protect homeowners.
Financial reformers seeking new rules beyond the range of the Dodd-Frank law haven’t had much to cheer about this year. The chances of Congress passing new regulations—OK, passing anything—look bleak, and the Obama Administration wants to simply finish implementing the last set of reforms. But reformers are playing a longer game, biding their time until the conditions are ripe for a dam burst. That could happen sooner than you think. High-profile champions for reform are gradually bending regulators to their will, and a pile-up of big bank abuses have eroded Wall Street’s reputation in Washington.
A top former U.S. banking regulator is criticizing her former colleagues, saying they should not have backed away from tougher mortgage-market rules required under the 2010 Dodd-Frank law. In a comment letter sent to banking regulators, Sheila Bair, former chairman of the Federal Deposit Insurance Corp., criticized regulators’ decision to scale back a proposal to impose tougher standards on the mortgage-securities market. In August, six regulators — including the FDIC and Federal Reserve — reworked proposed rules requiring issuers of mortgage securities to retain 5% of the credit risk on their books. The regulators created a wide exemption for “qualified residential mortgages” that will cover most of the loans being made today.