Contact:
Bruce Mirken, Greenlining Institute Media Relations Coordinator, 510-926-4022; 415-846-7758 (cell)
Tunua Thrash, Greenlining Institute Director of Innovation, 310-499-8470

Applications Taken Through Sept. 10 for Leaders to Ensure District Lines Fairly Represent People of Color, Low-Income Communities

BERKELEY, CALIFORNIA – The Greenlining Institute has extended the application deadline for its California Community Redistricting Leaders program. Greenlining is recruiting dynamic grassroots leaders from around California to spearhead a new push to ensure that redistricting — the process of drawing new boundaries for legislative districts — fairly represents communities of color and low-income Californians. Grassroots leaders chosen for the program will receive a stipend of $2,000.
(more…)

Contact: Bruce Mirken, Greenlining Institute Media Relations Coordinator, 510-926-4022; 415-846-7758 (cell)

$350 Billion Loss of Wealth Requires Strong Action to Update Community Reinvestment Act

LOS ANGELES – In testimony today before a Los Angeles hearing convened by the Federal Reserve system and other federal financial agencies, the Greenlining Institute called for strong action to modernize the Community Reinvestment Act (CRA), first passed in 1977. “In a sense, communities of color have become the canaries in the coal mine of the economic crisis,” Greenlining Community Reinvestment Director Preeti Vissa told the hearing. “While the nation has experienced a recession, too many in our communities have experienced a depression.”
(more…)

Contact: Bruce Mirken, Greenlining Institute Media Relations Coordinator, 510-926-4022; 415-846-7758 (cell)

Federal Reserve to Consider Updating Implementation of Landmark Law Boosting Investment in Low-Income Communities

LOS ANGELES – The Federal Reserve system and other federal financial agencies will hold a hearing in Los Angeles Aug. 17 to consider updating regulations implementing the Community Reinvestment Act (CRA), a landmark law first passed in 1977 to encourage banks and other financial institutions to meet the credit needs of the communities they serve. While some on the far right have tried to blame CRA for the subprime mortgage meltdown, The Greenlining Institute and others have argued that improving and expanding CRA is the best way to avoid a repeat of the recent housing crisis, as well as being crucial to efforts to address the large and growing racial wealth gap. In May, the New York Times reported that for every dollar of wealth owned by a white family, an average African-American or Latino family has just 16 cents.
(more…)

New America Media
Aaron Glantz

After sitting through two hours of testimony at the Federal Reserve Bank of San Francisco, plumber Carlos Moreno can barely contain his anger.

In January, he lost his home in Menlo Park to foreclosure, after his adjustable rate mortgage reset, and his monthly payments increased by more than $1,000 a month.
(more…)

Contact: Bruce Mirken, Greenlining Institute Media Relations Coordinator, 510-926-4022; 415-846-7758 (cell)

Testimony at Today’s Hearing Urges Immediate Release of Data on Underwater Mortgages to Prepare For Possible New Crisis; Calls For Better Data on Asian-Americans

SAN FRANCISCO – Greenlining Institute Executive Director Orson Aguilar today urged the Federal Reserve to take immediate action to help the public and private sectors brace for a possible new wave of foreclosures. Aguilar spoke at the Federal Reserve Bank of San Francisco’s public hearing on the Home Mortgage Disclosure Act (HMDA).
(more…)

Contact: Bruce Mirken, Greenlining Institute Media Relations Coordinator, 510-926-4022; 415-846-7758 (cell)

Urgent Action Needed as Communities of Color Face Greatest Loss of Wealth in History, Greenlining Institute Executive Director Orson Aguilar Will Testify

SAN FRANCISCO – The Federal Reserve Bank of San Francisco will host a public hearing on modernization of the Home Mortgage Disclosure Act (HMDA) this Thursday, Aug. 5. Among the experts invited to testify will be Greenlining Institute Executive Director Orson Aguilar, who will argue for urgent action as crashing levels of homeownership drive the greatest loss of wealth in history among communities of color.
(more…)

Contact: Bruce Mirken, Greenlining Institute Media Relations Coordinator, 510-926-4022; 415-846-7758 (cell)

Free Information and Advocacy Forum Sponsored by Greenlining Institute and KPCC 89.3 FM’s Crawford Family Forum

PASADENA, CALIFORNIA – Assemblymember Mike Eng (D-Monterey Park) has joined a distinguished panel that will examine the growing crisis of economic insecurity for seniors of color July 30 in Pasadena. Because people of color often have less wealth than their white counterparts, they may enter retirement in a particularly vulnerable financial situation. The free discussion is sponsored by The Greenlining Institute and KPCC 89.3 FM’s Crawford Family Forum.
(more…)

Contact: Bruce Mirken, Greenlining Institute Media Relations Coordinator, 510-926-4022; 415-846-7758 (cell)

Crisis Last Winter Led to Push For Action

SAN FRANCISCO – The California Public Utilities Commission is scheduled to vote Thursday on a proposed decision that would give critical protections for Californians facing shut-off of their electricity and gas service. Last winter, The Greenlining Institute joined with a coalition of consumer advocates to push for such protections as Californians – battered by a weak economy and soaring unemployment – struggled to pay their utility bills and shut-offs spiked during the coldest, rainiest part of the year. The PUC held an emergency hearing on the crisis Dec. 16.
(more…)

THE GREENLINING INSTITUTE
A Multi-Ethnic Public Policy, Research and Advocacy Institute
www.greenlining.org

Contact:
Bruce Mirken, Greenlining Institute Media Relations Coordinator, 510-926-4022; 415-846-7758 (cell)
Tunua Thrash, Greenlining Institute Director of Innovation, 310-499-8470

BERKELEY, CALIFORNIA – The just-released list of 120 finalists for 14 positions on the Citizens Redistricting Commission is far more diverse than the original applicant pool and represents significant progress toward fully representing all of California’s communities, policy experts at The Greenlining Institute said today.
(more…)

THE GREENLINING INSTITUTE
A Multi-Ethnic Public Policy, Research and Advocacy Institute
www.greenlining.org

Contact: Bruce Mirken, Greenlining Institute Media Relations Coordinator, 510-926-4022; 415-846-7758 (cell)

Letter Calls For Treasury’s Share of Settlement to Go to Principal Reduction, Mortgage Counseling, Reclaiming Foreclosed Homes as Affordable Housing

BERKELEY, CALIFORNIA – In a letter sent Friday to President Obama and Secretary of the Treasury Timothy Geithner, a coalition of 19 organizations led by the Greenlining Institute call the just-announced settlement between the Securities and Exchange Commission and Goldman Sachs “disappointing,” arguing that it “does nothing for struggling homeowners.” The letter calls for the Treasury Department’s $300 million share of the proceeds to be used for principal reduction for borrowers who are “under water” due to crashing home values, grassroots mortgage counseling for struggling homeowners, and to allow local nonprofits to purchase and repair foreclosed homes for use as affordable housing.
(more…)