San Francisco Group Targets Banks On Foreclosures

SAN FRANCISCO (KCBS) – A group of San Francisco city leaders and Bayview residents who were foreclosed on gathered at City Hall Thursday, seeking legislative action against Wall Street and banks.

The coalition is calling for the reintroduction of proposals that would impose foreclosure fees on banks, and force them to write down mortgages.

A new report by the Community Reinvestment Coalition found the Bayview Hunters Point neighborhood has disproportionately suffered, with 3,000 foreclosures since 2008.

City Assessor-Recorder Phil Ting, who is running for mayor of San Francisco, held a news conference to say these foreclosures are costing San Francisco too much.

KCBS’ Anna Duckworth Reports:

“We’ve seen almost $7 billion in lost home values,” said Ting. “We’ve seen the city lose almost $42 million in property tax revenue, and that’s money that could have gone towards public schools, public safety, or public health.”
Ting said that state legislation imposing a $10,000 to $20,000 fine on banks for each foreclosure will be reintroduced next year, as will a city ordinance mandating more transparency from banks.
“Everybody is just in disbelief because it’s uprooting our community,” said Bayview homeowner Curtis Warren. “It used to be that we knew all of our neighbors, and it could happen to anyone.”
The report by the coalition found bank repossessions in San Francisco have jumped 39 percent since June.

(Copyright 2011 by CBS San Francisco. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)

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