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Banks Encourage Homeowners to Sell at a Loss

Published

14 years ago

April 5, 2013

Oakland Post

Pam Hall

By Tanya
Dennis

Banks are encouraging underwater homeowners to short sale their properties, that is, sell their home at a loss rather than go through foreclosure.
In 2009, the Obama Administration designed a $75 billion “Making Home Affordable program, initially created to help distressed borrowers’ receive loans so they could stay in their homes.
Unfortunately, the plan also offers incentives for banks if they do not offer modifications for borrowers and allow homeowners instead to sell their home at a loss.
Lenders are increasingly using this program to receive government incentive payments by offering homeowners the opportunity to short sale their homes. Under the plan, the government also shares the cost of extinguishing second liens in the form of second mortgages.
“Banks push homeowners into short sales, and the houses go to investors,” said Pam Hall, chairwoman of the Home Defender’s League.
“In Oakland, investor-owned properties are transforming our neighborhoods, especially in communities of color, as homeowners lose their homes, and Section 8 tenants are pushed out as tenants.
“Mayor Quan is dedicated to stabilizing the Oakland housing market, but rampant short sales are undermining any attempt Mayor Quan, grass-root organizations and housing organizations are using to try and keep people in their homes.”
Over 25 percent of California borrowers were underwater between 2007 and 2010, and average Americans lost 40 percent of their wealth during the recent Great Recession
With banks quick to foreclose and slow to offer loan modifications, the loss of wealth in the middle class is likely to increase.
“The Multiple Listing Service show homes in foreclosure, and real estate agents are flooding homeowner with ‘deals’ to bail out of their homes,” said Hall. “The results are, investors are able to come in, revamp a home and boost the price or get permits to tear down and build other entities that aren’t a fit for the neighborhood.”
According to Bill Fricke, senior credit officer for Moody’s Investors Service in Manhattan, banks like these short sales. “Banks have decided the deals are faster and less costly than foreclosures, which have slowed in response to regulatory probes of abusive practices. Banks are nudging potential sellers by pre-approving deals, streamlining the closing process, and in some cases providing large cash incentives.”
Looking for ways to keep people in their homes, community organizers point to the multi-state agreement between the nation’s attorneys general and the banks and how the banks continue to benefit to the detriment of homeowners.
As part of the nationwide $2-billion agreement with Bank of America, Ally Financial, Citi Mortgage, JPMorgan Chase and Wells Fargo, forgiving short sale debt is one way lenders can meet their financial obligations.
Nationwide, about 60 percent of the debt forgiven through Sept. 30 has been through short sale deficiency waivers.
“If banks were committed to stabilizing the housing market, they would keep homeowners in their homes by offering across the board principal reductions rather than short sales. Unfortunately the bank makes more money with short sales. The results are that homeowners get sold out,” said Hall.
About 14 million homeowners are in foreclosure, behind on their mortgages or owe more than their properties are worth, said RealtyTrac Inc., a property-data company in Irvine. California.

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PRESS ROOM: Transformative Justice Coalition 2026 Voting Rights Champion Awards Reception ‘Yesterday Is Today: The Battle For Voting Rights

BLACKPRESSUSA NEWSWIRE –

Published

3 days ago

October 13, 2026

Post News Group

Featuring a Special Fireside Chat with 16th Street Baptist Church Bombing Survivor Sarah Collins Rudolph

WASHINGTON, D.C. — Sixty-three years after the bombing of Birmingham’s Sixteenth Street Baptist

Church shocked the conscience of the nation, Sarah Collins Rudolph—known as the “Fifth Little Girl”—will join the Transformative Justice Coalition (TJC) for a special Fireside Chat examining the enduring connection between the civil rights struggle of 1963 and the battle for voting and civil rights in 2026.

The Fireside Chat, hosted in partnership with Attorney A. Scott Bolden of Reed Smith, LLP, will be a featured part of TJC’s 2026 Voting Rights Champion Awards Reception, held in commemoration of the September 15, 1963 bombing of the Sixteenth Street Baptist Church in Birmingham, Alabama.

Collins Rudolph survived the bombing that killed four young girls, including her sister, Addie Mae Collins, and left her seriously injured. During this extraordinary conversation, she will share her firsthand experience of the bombing, its lifelong impact, and her continuing struggle for justice.

Her appearance comes at a consequential moment for voting and civil rights in America and offers a living reminder that the struggle against racial hatred, disenfranchisement, and injustice is not simply a chapter of history. Under the theme “Yesterday Is Today: The Battle for Voting and Civil Rights in 2026,” the evening will connect the sacrifices of the Civil Rights Movement with the continuing responsibility to protect voting rights and advance justice today.

WHAT: Transformative Justice Coalition 2026 Voting Rights Champion Awards Reception

“Yesterday Is Today: The Battle For Voting And Civil Rights In 2026”

Featuring a Special Fireside Chat with 16th Street Baptist Church Bombing Survivor Sarah Collins Rudolph

WHO: Barbara Arnwine, Esquire, Founder/President/Co-Leader, Transformative Justice Coalition

Daryl D. Jones, Esquire, Board Chair/Co-Leader, Transformative Justice Coalition

Sarah Collins Rudolph, Sixteenth Street Baptist Church Bombing Survivor

A. Scott Bolden, Esquire, Reed Smith, LLP; Sponsor of the Fireside Chat and Reception

WHEN: Wednesday, September 16, 2026, from 6:00 p.m. to 8:30 p.m. WHERE: Location will be emailed to registrants 48 hours before the event.

WHY: Attorney Barbara Arnwine, the President & Founder of the Transformative Justice Coalition (TJC), and Attorney Daryl Jones, Co-Leader and Board Chair of TJC, said of Mrs. Collins Rudolph’s appearance that “TJC believes that it is critically important that people hear from the sole survivor of the Sixteenth Street Baptist Church bombing.” Arnwine and Jones further stated that “this event will provide people with an opportunity to hear, first-hand, the results of racial hatred through the eyes of Mrs. Collins Rudolph, who was in the church with the four little girls who were killed at the time of the bombing.”

Attorney A. Scott Bolden, the sponsor of the Fireside Chat and Reception to benefit the non-profit Transformative Justice Coalition, said, “I am proud to support the work of the Transformative Justice Coalition. This is an organization that is truly in the trenches fighting for social justice and voting rights in America.” Bolden continued, “I have been an advocate for social justice my entire life. I strongly encourage people to come hear Mrs. Collins Rudolph and support the work of the Transformative Justice Coalition.”

TJC will bestow its 2026 Voting Rights Champion Award upon Collins Rudolph in recognition of her courage, perseverance, and continuing struggle for justice.

Attorney Arnwine and Attorney Jones concluded that, “Mrs. Collins Rudolph’s determination, heart, and perseverance to survive is to be applauded. This is the reason why TJC is bestowing upon her the 2026 ‘Voting Rights Champion Award.’ The character that Ms. Collins Rudolph displayed in her struggle to survive exemplifies the depth of commitment we must have today to protect our voting rights and work toward building a more robust, multicultural, and inclusive society for the future.”

REGISTRATION & SUPPORT: Registration for the Fireside Chat and Reception is available through Eventbrite or TJC’s website. Donations are tax-deductible to the extent permitted by law and are strongly encouraged. Proceeds will support the TJC John Lewis Make Good Trouble Vote Bus, which will travel across America to marginalized communities, register voters, and help take voters to the polls.

Founded in 2015 by Barbara Arnwine, president emeritus of the Lawyers Committee for Civil Rights, where she created the national election protection program. Ms. Arnwine serves as President and Founder of the Transformative Justice Coalition, which seeks to catalyze transformative institutional change that advances justice and equality in the United States and abroad. Learn more at tjcoalition.org.

This story originally appeared on Black Press USA as “PRESS ROOM: Transformative Justice Coalition 2026 Voting Rights Champion Awards Reception ‘Yesterday Is Today: The Battle For Voting Rights”. Auto-delivered via NNPA Newswire.

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Locals Can Get Locally Grown Produce Delivered Through Urban Tilth

The standard price is $50 per week, which Urban Tilth says reflects the true cost of fresh, sustainably sourced, locally grown produce. Urban Tilth offers a subsidized “Food for All” price of $15 per week for individuals and families with extremely limited financial resources. Both options provide the same produce and service.

Published

3 days ago

October 13, 2026

Post News Group

A client receives groceries from a member of Urban Tilth. Courtesy photo.

By Richmond Standard Staff

West County residents can receive locally grown produce through Urban Tilth’s Farm to Table Community Supported Agriculture (CSA) program, with home delivery and pickup options available.

Contra Costa County Supervisor John Gioia highlighted the program in his newsletter, pointing out that his district office in El Cerrito serves as a pickup location.

Weekly or bi-weekly subscriptions include seasonal greens, vegetables, fruits and herbs. Produce comes from Urban Tilth’s North Richmond Farm and farms within 200 miles of Richmond, including small family farms and those owned by BIPOC, women and LGBTQIA+ growers.

Subscriptions also support hands-on job training for local youth and volunteer opportunities.

The standard price is $50 per week, which Urban Tilth says reflects the true cost of fresh, sustainably sourced, locally grown produce. A subsidized “Food for All” price of $15 per week is available for individuals and families with extremely limited financial resources. Both options provide the same produce and service.

Gioia’s office is located at 11780 San Pablo Ave., Suite D, in El Cerrito. To sign up or learn more about pickup and delivery options, visit urbantilth.org/heal/csa.

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Lead Story

New Protections for Ticket Buyers: Gov. Newsom Signs Assemblymember Isaac Bryan’s Bill

OAKLAND POST — Assembly Bill 1349 expands state regulation of original ticket sellers, resellers and online resale marketplaces. The law targets deceptive sales practices, ticket-buying software and speculative listings — tickets advertised for sale by sellers who do not possess them or have authorization to sell them.

Published

2 weeks ago

October 4, 2026

Post News Group

Assemblymember Isaac Bryan (D-Ladera Heights). File photo.

By California Black Media Staff

Gov. Gavin Newsom signed legislation on Sept. 27 authored by Assemblymember Isaac Bryan (D-Ladera Heights) that strengthens consumer protections for Californians purchasing tickets to concerts, sporting events and other live entertainment.

Assembly Bill 1349 expands state regulation of original ticket sellers, resellers and online resale marketplaces. The law targets deceptive sales practices, ticket-buying software and speculative listings — tickets advertised for sale by sellers who do not possess them or have authorization to sell them.

“Buying a ticket shouldn’t come with hidden risks or unfair practices,” Newsom wrote on social media after signing the measure.

Under AB 1349, ticket sellers are prohibited from listing tickets before they have been officially released unless they have authorization or a legally enforceable right to receive them. Online marketplaces must also take reasonable steps to prevent speculative ticket sales on their platforms.

The law prohibits sellers from using bots, multiple accounts, email addresses or internet protocol addresses to circumvent ticket limits, presale restrictions, electronic queues and other controls. It also bans websites and advertisements designed to mislead buyers into believing they are purchasing tickets from an authorized seller, venue or event organizer.

Sellers who violate certain provisions and fail to provide a promised ticket may be held liable for twice the ticket’s contracted price. Buyers may also recover nonrefundable expenses incurred while attempting to attend an event, along with reasonable attorney’s fees and court costs.

Pastor Tecoy Porter Sr., president of the National Action Network’s Sacramento chapter, said the law establishes needed accountability.

“Buying a ticket to a concert or show shouldn’t mean entering a marketplace where the rules are stacked against you. This year, we worked with a coalition of consumers, civil rights advocates, community groups, and businesses to make AB 1349 stronger. Consumers deserve enforceable rules that protect them. We thank Assemblymember Bryan for his leadership, and we will keep working to make ticketing fair for every Californian.”

Jose L. Barrera, national vice president for the Far West Region of the League of United Latin American Citizens, also praised the measure.

“Californian families deserve certain protections when they buy tickets. Assemblymember Bryan listened to communities across California and delivered a bill that puts fans first. We thank him and Governor Newsom for making it law.”