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August 14, 2008

Mo’Money, Mo’Money, Mo’Money

Filed under: Policy, News, Research, Action — Sunaena K. Chhatry @ 2:24 pm

rand.jpgA new documentary produced by the California Reinvestment Coalition (CRC) entitled “Mo’Money, Mo’Money, Mo’Money” shows how foreclosures destroy the dreams of California families and threaten the stability of small businesses, city governments, and neighborhoods.

The film reveals how this disaster could have been avoided if regulators and government officials had not ignored predatory lending practices.

California accounts for a quarter of all foreclosures in the country and seven of the state’s cities are consistently in the list of top ten foreclosure rates in the nation. Earlier this year, seven bills were introduced in the California legislature to address the mortgage foreclosure crisis. Despite strong support from community groups, the legislature only passed one meaningful bill.

To view the documentary and learn more click here.

1 Comment »

  1. Interesting… I also hope that regulators are taking a look at the entire securitization pipeline. I am optimistic that a limit on the nepotistic relationship between raters and issuers would help to curb the drive to practice predatory lending.

    Comment by Bob — August 22, 2008 @ 1:09 pm

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