Economics
Governor Signs Leno´s Foreclosure Prevention Bill
The Homeowner Survivor Bill of Rights, authored by Senators Mark Leno and Cathleen Galgiani, has been signed by Governor Brown. Senate Bill 1150 closes a loophole in California law that fails to provide surviving family members important protections against foreclosure that are available to other homeowners.
“Facing foreclosure after the loss of a loved one can be devastating,” said Senator Leno. “The governor’s approval of SB 1150 will help keep more families in their homes and reaffirms California as a nationwide leader in protecting vulnerable homeowners.”
While the California Homeowners’ Bill of Rights—approved by the Legislature in 2012—provided foreclosure relief for thousands of California families, the legislation did not protect surviving family members who own their homes but are not listed on the mortgage.
These survivors report that servicers fail to provide factual information about loan details and foreclosure avoidance programs or refuse to communicate with them. As a result, many families have experienced unnecessary foreclosures.
SB 1150 clarifies the responsibilities of a mortgage servicer when a borrower dies and one of the surviving homeowners wishes to assume the loan. The legislation ensures that heirs receive accurate information about loan assumption and foreclosure prevention programs.
It also gives survivors a single point of contact with the servicer and the ability to apply for loan assumption and modification.
“The American dream has turned into a nightmare for people like me,” said Kit Dillon Givas, a surviving homeowner in Sacramento. “My husband passed away in February this year. Instead of spending time to properly grieve, I’ve spent the last six months trying to get my mortgage servicer to talk to me about how to keep our home of 28 years. I thank Governor Brown for signing this bill so that other survivors like me don’t have to go through what I have.”
“(This) is a victory for seniors, for protecting the largest asset most of us will ever own, for stopping mortgage servicing abuses that were leading to needless foreclosures, and for stabilizing California communities. We thank the nonprofit housing counselors, attorneys and other advocates who first brought these abuses to light, who helped homeowners to keep their homes, and who supported SB 1150 throughout the legislative process. We’re also grateful to the homeowners who courageously testified about the many challenges they faced so that other survivors wouldn’t have to in the future,” said Kevin Stein, associate director of the California Reinvestment Coalition, a co-sponsor of SB 1150.
SB 1150 was sponsored by the California Alliance for Retired Americans, Housing and Economic Rights Advocates and California Reinvestment Coalition. The bill was supported by Attorney General Kamala Harris, AARP and the California District Attorneys Association, as well as a long list of civil rights, housing and labor organizations.
Activism
Oakland Post: Week of April 24 – 30, 2024
The printed Weekly Edition of the Oakland Post: Week of April 24 – 30, 2024
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Business
Black Business Summit Focuses on Equity, Access and Data
The California African American Chamber of Commerce hosted its second annual “State of the California African American Economy Summit,” with the aim of bolstering Black economic influence through education and fellowship. Held Jan. 24 to Jan. 25 at the Westin Los Angeles Airport Hotel, the convention brought together some of the most influential Black business leaders, policy makers and economic thinkers in the state. The discussions focused on a wide range of economic topics pertinent to California’s African American business community, including policy, government contracts, and equity, and more.
By Solomon O. Smith, California Black Media
The California African American Chamber of Commerce hosted its second annual “State of the California African American Economy Summit,” with the aim of bolstering Black economic influence through education and fellowship.
Held Jan. 24 to Jan. 25 at the Westin Los Angeles Airport Hotel, the convention brought together some of the most influential Black business leaders, policy makers and economic thinkers in the state. The discussions focused on a wide range of economic topics pertinent to California’s African American business community, including policy, government contracts, and equity, and more.
Toks Omishakin, Secretary of the California State Transportation Agency (CALSTA) was a guest at the event. He told attendees about his department’s efforts to increase access for Black business owners.
“One thing I’m taking away from this for sure is we’re going to have to do a better job of connecting through your chambers of all these opportunities of billions of dollars that are coming down the pike. I’m honestly disappointed that people don’t know, so we’ll do better,” said Omishakin.
Lueathel Seawood, the president of the African American Chamber of Commerce of San Joaquin County, expressed frustration with obtaining federal contracts for small businesses, and completing the process. She observed that once a small business was certified as DBE, a Disadvantaged Business Enterprises, there was little help getting to the next step.
Omishakin admitted there is more work to be done to help them complete the process and include them in upcoming projects. However, the high-speed rail system expansion by the California High-Speed Rail Authority has set a goal of 30% participation from small businesses — only 10 percent is set aside for DBE.
The importance of Diversity, Equity and Inclusion (DEI) in economics was reinforced during the “State of the California Economy” talk led by author and economist Julianne Malveaux, and Anthony Asadullah Samad, Executive Director of the Mervyn Dymally African American Political and Economic Institute (MDAAPEI) at California State University, Dominguez Hills.
Assaults on DEI disproportionately affect women of color and Black women, according to Malveaux. When asked what role the loss of DEI might serve in economics, she suggested a more sinister purpose.
“The genesis of all this is anti-blackness. So, your question about how this fits into the economy is economic exclusion, that essentially has been promoted as public policy,” said Malveaux.
The most anticipated speaker at the event was Janice Bryant Howroyd known affectionately to her peers as “JBH.” She is one of the first Black women to run and own a multi-billion-dollar company. Her company ActOne Group, is one of the largest, and most recognized, hiring, staffing and human resources firms in the world. She is the author of “Acting Up” and has a profile on Forbes.
Chairman of the board of directors of the California African American Chamber of Commerce, Timothy Alan Simon, a lawyer and the first Black Appointments Secretary in the Office of the Governor of California, moderated. They discussed the state of Black entrepreneurship in the country and Howroyd gave advice to other business owners.
“We look to inspire and educate,” said Howroyd. “Inspiration is great but when I’ve got people’s attention, I want to teach them something.”
Activism
Oakland Post: Week of April 17 – 23, 2024
The printed Weekly Edition of the Oakland Post: Week of April 17 – 23, 2024
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