News
PICO and National People's Action kick off series of Fed Reserve hearings in hard-hit communities
Contra Costa Interfaith Supporting Community Organization (CCISCO), PICO National Network, June 16, 2009
On June 11, grassroots community leaders from PICO affiliate Contra Costa Interfaith Supporting Community Organization (CCISCO) in Richmond, CA teamed up with National People's Action in kicking off a series of Federal Reserve hearings in ten cities across the country hard hit by the foreclosure and financial crises.
This first hearing was held in Richmond, California, where ten percent of homes have been foreclosed. On some city blocks, there are more boarded-up, empty houses than homes with residents. Two hundred area residents came to tell representatives from the Federal Reserve about the challenges their communities face in recovering from the twin crises, and ask for:
- Help pushing lenders to modify bad mortgages;
- Measures to keep the tenants of foreclosed buildings in their homes;
- Policies that compel banks to fix their own mess by making quality, stable, affordable credit available to all communities without discrimination;
- Greater transparency in mortgage lending so that communities and government can better hold lenders accountable for peddling bad financial products;
- And a follow-up meeting with Fed Reserve Chairman Ben Bernanke after the conclusion of the ten forums.
The biggest win of the day was a commitment from Preston DuFauchard, Commissioner of the California Department of Corporations, who committed to prosecute banks that do not abide by a 90-day moratorium on foreclosures CCISCO won that starts July 1.
Additional hearings will take place in July, August and September in New York City, Boston, Kansas City, Chicago, Buffalo, Cincinnati, Des Moines, and Decatur (IL).
Media Coverage
Fed Seeks Feedback on Crisis, Hears of Lost "Dream", Bloomberg News, June 19, 2009
Federal Reserve officials tour foreclosures in Richmond, KALW News, June 18, 2009
