Stein, Kevin


By Kevin Stein Associate Director California Reinvestment Coalition advocates for the right of low-income communities and communities of color to have fair and equal access to banking and other financial services. CRC has a membership of more than 250 nonprofit organizations and public agencies across the State.

Can We Have Bank and Regulator Hearings in California Too?

By Kevin Stein and Sharon Kinlaw

California Reinvestment Coalition and Fair Housing Council of San Fernando Valley

This morning, the Senate Committee on Banking, Housing, & Urban Affairs will hold a hearing: "Improving Financial Institution Supervision: Examining and Addressing Regulatory Capture" to focus on recent, embarrassing revelations (stories here , here, here and here) about the New York Federal Reserve. Senators are concerned that this important bank regulator is not actually fulfilling its supervisory role, and instead has become deferential to the mega-banks it supervises, including Goldman Sachs, JP Morgan Chase, and others.

CFPB's New Rules Will Limit Abusive Mortgage Lending and Servicing

By Paulina Gonzalez and Kevin Stein

California Reinvestment Coalition

Last week, new rules created by the Consumer Financial Protection Bureau went into effect to stop predatory mortgage lending and to implement common-sense requirements for loan servicing companies that process mortgage payments and who are supposed to assist homeowners who are facing foreclosure.

Report Finds FHA & VA Lending Disproportionately Prevalent in Neighborhoods of Color

By Kevin Stein
California Reinvestment Coalition

Leading community organizations today report evidence of a two-tiered mortgage market characterized by high rates of government-backed loans made both to borrowers in communities of color and to minority borrowers in their new report, “PAYING MORE FOR THE AMERICAN DREAM VI: RACIAL DISPARITIES IN FHA/VA LENDING.”

Governor Jerry Brown Signs Landmark Foreclosure Legislation Into Law

By Kevin Stein
California Reinvestment Coalition

At a signing ceremony in Los Angeles this morning, Governor Jerry Brown signed landmark legislation that reforms bank’s foreclosure practices and creates a fairer foreclosure process for California’s homeowners. This legislation finally brings accountability to the banks for harmful foreclosure practices and allows homeowners to protect themselves from the commonplace violations that banks have exhibited in this foreclosure crisis.

Introduced by Attorney General Kamala Harris and championed by consumer advocates and homeowners, the California Foreclosure Reduction Act— AB 278 (Eng, Feuer, Mitchell) & SB 900 (Leno, Corbett, DeSaulnier, Evans, Pavley, Steinberg)—passed 53-25 in the Assembly and 25-13 in the Senate last week. This is a major victory for California homeowners, and a blow to banks that have spent millions of dollars to combat this legislation over the last three years.

California Homeowners and Advocates Ask State Legislators “Whose Side Are You On”

By Kevin Stein
California Reinvestment Coalition

Over 70 California community groups, labor unions, and advocates have sent a letter to California’s Assembly members and Senators asking them “Whose Side Are You On: Banks or Homeowners?” This week, members of the Joint Legislative Conference Committee on Foreclosure Issues will be voting on important legislation that will create protections and strengthen due process for California’s homeowners. The legislation could effectively end bank practices that have led to wrongful and unnecessary foreclosures for California homeowners who are struggling to negotiate a modification with their bank.

California’s homeowners and advocates are calling for strong legislation that:

  • Ends “dual track” by requiring banks to provide a "yes" or "no" answer on a modification application before proceeding with foreclosure, and to halt the process if a borrowers completes a loan modification application after the process has begun,

New Survey of Housing Counselors Points to Banks Failures in Compliance with Foreclosure Prevention

By Kevin Stein
California Reinvestment Coalition

A new survey of housing counselors in California reveals the failure of banks to comply with policies and programs that would help homeowners avoid foreclosure. When the $26 billion Attorneys General settlement was being ironed out in February, the California Reinvestment Coalition (CRC) surveyed over 70 housing counselors on banks performance on foreclosure prevention efforts in California. As banks were making more promises to policymakers and consumers, counselors overwhelmingly reported the lack of accountability for bank’s failures. The survey highlights the need for strong enforcement of the settlement and permanent consumer protection legislation in California that protects Californians from irresponsible foreclosure prevention practices like “dual track” (AB 1602/SB 1470).

97 California Organizations Demand Immediate Foreclosure Policy Changes from FHFA

By Kevin Stein
California Reinvestment Coalition

As public frustration with the Federal Housing Finance Agency builds, 97 community groups have submitted a detailed comment letter to Acting Director Ed DeMarco demanding changes to FHFA’s foreclosure policies, or his immediate resignation. The 97 groups are united in their concern about homeowners and tenants being displaced by FHFA’s damaging policies. Yesterday, the United States Senate Banking Committee heard more flawed justifications about these policies from Mr. DeMarco. Mr. DeMarco should drop his script, and start listening to the collective voice of his critics.

Loan Modifications Are Scarce And Even Worse For Borrowers of Color

By Kevin Stein
California Reinvestment Coalition

As the nation’s largest banks are paying multi-billion dollar settlements and being investigated by Attorneys General and other regulators, many of their servicing problems and abuses continue to hurt homeowners. A new report by the California Reinvestment Coalition (CRC),  “Race to the Bottom: An Analysis of HAMP Loan Modification Outcomes by Race and Ethnicity for California”, reveals that California homeowners are having trouble accessing sustainable home loan modifications, and that borrowers of color are disproportionately facing specific problems that are making it more difficult for them to access modifications. The report analyzes recently released data from the Treasury Department about the HAMP program, in conjunction with CRC’s April/May 2011 survey of nonprofit housing counselors.

Holding Banks Accountable: California Homeowners Need Further Protection

By Kristina Bedrossian and Kevin Stein
California Reinvestment Coalition

Over the last two weeks, one thing has become clear: there is no transparency in the banking industry. Outrage has ensued over news of “robo-signers” at some of the nation’s largest mortgage servicers signing thousands of foreclosure documents without ever reviewing the information in them. GMAC, Chase, and other servicers have frozen foreclosure sales in select states—and Bank of America has halted foreclosures in the entire country.

Failed Foreclosure Prevention Program Needs Major Overhaul

By Kevin Stein
California Reinvestment Coalition

California continues to be hard hit by foreclosure and its impacts on working families and neighborhoods. Six of the top ten riskiest cities for homeowners, defined as those cities with the most borrowers 30 days late or more on their mortgage payments, are located in the state: Riverside, Stockton, Modesto, Bakersfield, Vallejo, and Fresno.

In February of 2009, the Treasury Department first announced the Home Affordable Modification Program (HAMP) and issued implementing guidelines in March 2009. Since that time, HAMP has been the nation’s primary foreclosure prevention program. HAMP’s unveiling came with lofty goals – 3 to 4 million borrowers would avoid foreclosure by modifying their loans under HAMP. But over a year into the HAMP program, the results are far short of early ambitious goals, and millions of families remain at risk of foreclosure and displacement.