Atty General Calls on Fannie Mae to Halt Foreclosures

See Los Angeles Times article on California Attorney General Kamala Harris calling upon Fannie Mae and Freddie Mac to halt foreclosures in California.

Keep Your Home California -- Resources

The State of California has launched a website with links to several resources for keeping your home. Click here to see website. Check out this video which explains the services and what you need to do to qualify for one of several programs aimed at helping homeowners keep their property.

Map of Foreclosures In Long Beach

I joined three other councilmembers last Tuesday on a motion to request the City Manager to work closely with the State Attorney General so that Long Beach residents can receive their fair share of the mortgage settlement just reached by the Attorney General against three banks due to illegal mortgage foreclosure. This is an important step considering the number of homes in Long Beach currently in our foreclosure registry. This registry was set up to allow the city to monitor and enforce when banks leave the homes in disrepair. As more information becomes available on the mortgage settlement, I will post it here and on my email alerts. Foreclosures in Lb

More Bad News on Freddie Mac

  Click here to Read latest story on Freddie Mac

This is yet another reason why I have asked the City Manager to review the City of Long Beach's investments in entities such as Freddie Mac and Fannie Mae. Why are we investing in them if they are harming our residents?

Several Councilmembers Urge Engagement

Several city councilmembers are calling for the City of Long Beach to engage with the State Attorney General to determine what funds and assistance might be forthcoming as a result of her settlement with three banks over illegal foreclosures. This is very important that Long Beach residents get a fair share of this assistance.

Huffington Post's News About Mortgage Settlement

Check out the latest on the Huffington Post concerning the national mortgage settlement.

Click here to read the articles.

How Can You Get Help

From the National Mortgage Settlement Website:
 Click here for more specifics of the how the settlement will work over the next three years.


Because of the complexity of the mortgage market and this agreement, which will be performed over a three year period, borrowers from the settlement states will not immediately know if they are eligible for relief.

For loan modifications and refinance options, borrowers may be contacted directly by one of the five participating mortgage servicers. 

For borrowers who lost their home to foreclosure between Jan. 1, 2008 and Dec. 31, 2011, a settlement administrator designated by the attorneys general will send claim forms to persons eligible for cash restitution.

Even if you are not contacted, if your loan is serviced by one of the five settling banks, you are encouraged to contact your servicer to see if you are eligible.  

In any event, borrowers may contact their mortgage servicer to obtain more information about specific loan modification programs and whether the borrower may be impacted by this settlement.  You may reach them at the Web sites and phone numbers below:

• Ally/GMAC: 800-766-4622
• Bank of America: 877-488-7814
• Citi: 866-272-4749
• JPMorgan Chase: 866-372-6901
• Wells Fargo: 800-288-3212

Highlights of the Mortgage Settlement

From the Attorney General's Website:

The financial benefits of this historic agreement extend to homeowners whose loans are owned or serviced by one of the five largest mortgage lenders. Benefits include:

- More than $12 billion is guaranteed to reduce the principal on loans or offer short sales to approximately 250,000 California homeowners who are underwater on their loans and behind or almost behind in their payments.
- $849 million is estimated to be dedicated to refinancing the loans of 28,000 homeowners who are current on their payments but underwater on their loans.
- $279 million will be dedicated to offering restitution to approximately 140,000 California homeowners who were foreclosed upon between 2008 and December 31, 2011.
- $1.1 billion is estimated to be distributed to homeowners for unemployed payment forbearance and transition assistance as well as to communities to repair the blight and devastation left by waves of foreclosures, targeted at 16,000 recent foreclosures.
- $3.5 billion will be dedicated to relieving 32,000 homeowners of unpaid balances remaining when their homes are foreclosed.
- $430 million in costs, fees and penalty payments.

County-specific payments are based on the number of homeowners and the depth of the foreclosure crisis. It is estimated that homeowners in the following counties will accrue the following level of benefits over the three-year life of the commitment.
- Los Angeles: $3.92 billion
- Riverside: $1.59 billion
- San Bernardino: $1.13 billion
- Sacramento: $820 million
- Stanislaus County: $368 million

Schipske Launches Save LB Homes

In light of the announcement by California Attorney General Kamala Harris that she has negotiated a $18 billion dollar settlement from banks over illegal foreclosures made in the state, Councilwoman Gerrie Schipske has set up this website (www:savelongbeachhomes.com) with links to information homeowners can use.

Los Angeles County is expected to receive $3.92 billion of the settlement.

The Attorney General is to be commended for holding out and demanding a higher payment from Bank America, Wells Fargo and Chase. Homeowners need financial relief in order to save their homes and in some instances to get their home back because of improper foreclosure.