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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 This material may not be published, broadcast, rewritten, or redistributed.)

More from Anna Duckworth
  • unknown

    So what if you cannot pay for a house you have no right to own one

  • ani

    Well, as all home owners should know that there are risks and rewards to home ownership , especially when the homes including the land are owned by the federal government. There is no real true meaning of home ownership for any individuals who wish to own a house. As long you are able to pay the taxes, including ownership and property fees, then you are entitled to the complete control of your procession. If you have bad credit, or if you are under the wagon in your finances, the bank eventually have the right to make the foreclosure, in part of the actions by creditors, and other lending businesses. I think the San Francisco Group will have incredibly tough luck when the Federal government is mostly sympathizing with the banks. Because especially in places like China, and in the USA, everything, you ‘own’ doesn’t really belong to you. Unless you make something yourself, or if you bought it with the transaction from someone else.

  • Jod

    This is pure stupidity, it will only destroy the economy further. When they got the loan they agreed to pay it back, they failed to meet their obligation, and now the bank is exercising their rights under the breach of contract clause and the city wants to cause further distress to the bank by charging them a fine…Absurd, this will only drive the costs up for those of us who actually pay our bills. Liberalisim will always fail because you won’t accept responsibility for your actions, always blame it on someone else, that is the liberal ideal, and it is bound to fail, look at the state of our country with recent liberal policies pursued, record high unemployment and an even worse economy, catch a clue people, and be responsible, if you’re not, deal with the consequences, don’t ruin it for everyone else.

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