11-11-30 California Foreclosure Crisis //California crisis de ejecuciones hipotecarias // 加州止赎危机

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The Note–News From California

November 29, 2011

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The Foreclosure Crisis: California’s Is Only Halfway Over

Nearly 9 percent of California homes are at immediate risk of foreclosure according to Lost Ground, the latest research from CRL. Additionally, seriously delinquent California homeowners and those currently in the foreclosure process are about half the foreclosures the state could expect to see. Lost Ground examined loans made from 2004-2008 and found that even though white families make up the majority of the foreclosed, African-American and Latino homeowners are most likely to lose their homes. Check out detailed state and metro-area data and an interactive state map.

Bay Area Cities Lead the Way on Payday Lending

The East Palo Alto City Council voted 4-1 last month to consider limiting payday lending in the city. Several members of the community turned out to support the initiative, led by Community Legal Services of East Palo Alto. The city joins neighbors Pacifica, San Jose and San Mateo County in demonstrating an opposition to predatory payday lending. Additionally, CRL conducted a survey last year that found that nearly two-thirds of voters in San Jose support payday lending restrictions, even including a moratorium on new stores.

Move Your Money

Self-Help Federal Credit Union Continues Growth and Innovation

SHFCU, a CRL affiliate, continues to expand in California’s working-class communities. This year, it merged with Mission SF Credit Union and 1st Pacific Credit Union­gaining a presence in San Francisco, Vallejo, Napa, Fairfield, American Canyon, and Vacaville. It’s a great time to be a responsible credit union, with 650,000 new accounts opening up across the country in October alone. If you’re looking for a good place to move your money, take a look at Self-Help Federal!

And if you’re not familiar with our innovative MicroBranch in San Jose, take a look at this video from The Economist on the refreshing way we meet the needs of the community.

Payday Lending Legislation: Stay Tuned

AB 1158, a bill that would raise the maximum payday loan limit from $300 to $500 passed the California Assembly, but didn’t make it to the Senate floor last year. But the delay is temporary and the bill definitely will resurface in 2012. There has been a flurry of critical news coverage of payday lending, including extensive investigative pieces in San Josetelevision reports in Los Angeles, and editorials across the state. It’s never too late to call your legislator to oppose any expansion of payday lending!

News Clips

 Payday loans are harmful predatory lending
Fresno Bee

 Mainstream banks also make payday-style loans
San Jose Mercury News

 A vicious cycle in the used-car business
Los Angeles Times
holiday debt

What Do You Want for Christmas?

No matter what’s on your list, stay away from payday loans this holiday season. If they were just expensive, that would be one thing. But payday loans are traps that get borrowers stuck in debt they can’t escape. Check out our updated video, “ All I Want for Christmas is Inescapable Debt” to see how payday loans end up being a debt trap and how much they ultimately cost.

Watch the Video

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About josephsdream2012

Join us for a dream party in Summer 2012 in Jerusalem al-Quds: Love, Peace and Justice (dance/music/art/study/pray) Summer Celebration
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