Housing Groups Point to Justice Department as Stonewalling Investigations into Banks

By: Thursday July 12, 2012 10:27 am

A coalition of housing advocates that supported the state/federal investigation into securitization abuses that accompanied the foreclosure fraud settlement has turned against it sharply, charging the Justice Department with stonewalling the investigation and denying it critical resources that could move prosecutions against leading banks for their role in the housing crash and subsequent economic crisis. [...]

More on How Ed DeMarco and His Critics Miss the Point on Principal Reduction

By: Thursday April 12, 2012 12:20 pm

I pretty much got out my thoughts about principal reductions and Ed DeMarco yesterday. In short, both sides are missing the point. DeMarco is consumed with self-doubt over 1/1000th of his total portfolio, and he’s inventing boogeymen to get him to stop making the logical and most beneficial call. Felix Salmon is great on this [...]

Bank Accountability Groups Will Shift From Anti-DeMarco Campaign, Move Into the Streets

By: Thursday April 5, 2012 9:55 am

Pursuant to my last post, a substantial part of the push to fire Ed DeMarco or force him to engage in principal reductions comes from the direct action bank accountability groups that have been the most aggressive and least connected to the “extend and pretend” idea. So even though writing down GSE loans without fully [...]

Progressive Groups Call for Firing of FHFA Head DeMarco

By: Thursday February 16, 2012 12:59 pm

Progressive groups have turned their guns on Federal Housing Finance Agency acting director Ed DeMarco, arguing that he is holding back the housing recovery by refusing to allow Fannie Mae and Freddie Mac to engage in principal reductions on the loans they own or guarantee. MoveOn.org sent out an email message to supporters today with [...]

Occupy Our Homes: Bank Accountability Movement Merging with OWS on Foreclosure Defense

By: Wednesday November 30, 2011 10:55 am

Justin Elliott reports on the next step in the Occupy movement, or rather a merger between the Occupy movement and the growing movement against illegal foreclosures and for bank accountability: Occupy Wall Street is promising a “big day of action” Dec. 6 that will focus on the foreclosure crisis and protest “fraudulent lending practices,” “corrupt [...]

New Bottom Line Announces National Divestment Campaign

By: Monday October 31, 2011 6:21 am

Bank of America’s $5 monthly debit card fee, a move they are now trying to walk back, has revitalized a citizen’s movement to take money out of the large Wall Street banks and to put it into community banks or credit unions. This has gone forward with minimal success since the financial meltdown, but now [...]

Move Your Money Movement Shifts to Forcing Local Divestiture from Big Banks

By: Tuesday October 25, 2011 1:04 pm

I’ve written about the revival of the Move Your Money movement alongside the Occupy Wall Street protests. But there’s a second-wave innovation here that has the potential to make the banks take notice in a much more direct way. When ordinary citizens take their savings out of big banks, it has a small effect, but [...]

Victory: Bank Accountability Movement Gets Rose Mary Gudiel Out of Eviction

By: Thursday October 6, 2011 2:44 pm

The bank accountability movement that has grown parallel to the #OccupyWallStreet protests, and has benefited from its energy, won a high-profile victory today. Rose Mary Gudiel is a California public employee facing eviction because of a two-week delayed payment at a time when her brother was shot and killed. She can make the payments now, [...]

Success Breeds Success: Powerful Anti-Bank Protests Building off Movement Energy

By: Wednesday October 5, 2011 2:10 pm

It turns out that I should have stayed put in Los Angeles rather than gone out to Washington for a liberal activist conference if I wanted to stay on the pulse of the accountability movement sweeping the country. The New Bottom Line, the coalition of bank accountability groups, chose LA as the launch pad for [...]

The Rose Mary Gudiel Story: Standing Up to Another Foreclosure Nightmare

By: Thursday September 29, 2011 1:21 pm

#OccupyWallStreet is not the only set of anti-bank protests going on in the country. The New Bottom Line has a rolling series of protests happening right now. This one against Bank of America in Boston, with bus shelters made up to look like foreclosed homes, is a good example. So is this effort in East [...]

Report: Super Committee Members Pocketed $41 Million from Finance Lobby During Congressional Careers

By: Monday September 26, 2011 12:22 pm

The New Bottom Line is a financial industry accountability coalition working on a parallel track as actions like #occupywallstreet and others. The innovation here is that they occasionally produce reports showing the deep well of influence enjoyed by Wall Street banks on Capitol Hill. Their latest report shows that members of the Super Committee, the [...]

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