We will be featured on ABC News Nightline Wednesday, July 4, 2012 at 11:30 pm EST. Check local listings for air times in your area.
Wells Fargo is blatantly discriminating against our Hispanic client. They clearly qualify for a HAMP loan modification, but Wells Fargo is refusing to modify the loan and postpone the auction that is scheduled for Thursday, February 23, 2012. We are very disappointed with the treatment our clients are experiencing. This loan is predatory and discriminatory. We will update with more information and the complete story tomorrow.
Update: Wells Fargo postponed this auction. The new date is March 26, 2012. Our hope is that Wells Fargo will follow the guidelines and modify this mortgage.
Rachel Kendall and her supporters will be joined by Occupy Sacramento to protest at the Wells Fargo Home Preservation Event in Sacramento on February 9, 2012. For anyone who is interested in joining them, the address is:
Sacramento Convention Center
1400 J Street
Sacramento, CA 95814
Perhaps the protestors will encourage Wells Fargo to preserve home ownership instead of using unfair and deceptive practices that lead to foreclosure.
If you can’t be at the event, please sign our petition telling Wells Fargo you stand with Rachel Kendall.
Rachel Kendall and supporters will be protesting at the Wells Fargo Home Preservation Event in Sacramento, California on February 8, 2012. They will be protesting Rachel’s wrongful foreclosure and Wells Fargo’s unfair and deceptive practices towards other homeowners.
The address is:
Sacramento Convention Center
Feb 8th – 9am – 7pm
You can read more about Rachel Kendall here on our blog. Please support her fight to have her wrongful foreclosure rescinded by stopping by the event and/or signing our petition at Change.org.
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What does it mean to be poor?
If it means living at or below the poverty line, then 15 percent of Americans — some 46 million people — qualify. But if it means living with a decent income and hardly any savings — so that one piece of bad luck, one major financial blow, could land you in serious, lasting trouble — then it’s a much larger number. In fact, it’s almost half the country.
“The resources that people have — they are using up those resources,” said Jennifer Brooks, director of state and local policy at the Corporation for Enterprise Development, a Washington, D.C., advocacy group. “They’re living off their savings. They’re at the end of their rope.”
The group issued a report today examining so-called liquid asset poverty households — the people who aren’t living below the poverty line, but don’t have enough money saved to weather a significant emergency.
According to the report, 43 percent of households in America — some 127.5 million people — are liquid-asset poor. If one of these households experiences a sudden loss of income, caused, for example, by a layoff or a medical emergency, it will fall below the poverty line within three months. People in these households simply don’t have enough cash to make it for very long in a crisis.
The findings underscore the struggles of many Americans during what has often seemed like an economic recovery in name only. While the Great Recession officially ended more than two years ago, unemployment remains high and wages have barely budged for most workers. For more people, whether they draw a paycheck or not, a life free of deprivation and financial anxiety seems perpetually out of reach.
That’s not to say that everyone who is liquid-asset poor spends all their time fretting. On the contrary, because many have regular paychecks coming in, they may not grasp the precariousness of their situation.
More than 38% of the 2,300 mortgage complaints sent to the Consumer Financial Protection Bureau in December related to loan modification and foreclosure concerns, the largest share in this category.
The CFPB took nearly 10,000 total complaints across its entire array of monitored financial products since July, which includes payday loans, student loans, credit cards and others.
And the bureau reports that when the CFPB comes calling, mortgage firms largely answer.
The bureau said implicated companies responded to 88% of the complaints. Of these, companies provided relief — in some cases payment to the borrower — on more than half. Nearly 19% of the relief provided went to mortgage-related complainants.
The CFPB began taking consumer complaints regarding mortgages at the beginning of that month. Of these, 889 regarded problems with mortgage modifications or the foreclosure process, nearly double the next largest category, according a semi-annual report to Congress from the bureau.