Banks

SF to consider joining Richmond in fighting banks over underwater mortgages

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Plans to ease San Francisco’s often overlooked home foreclosure crisis will have to wait a bit longer. The San Francisco Board of Supervisors this week delayed a resolution that would show the city’s “intent” to save underwater mortgages in favor of a resolution that might actually have begin to intervene in underwater mortgages.Read more »

LA siren BANKS enchants The Independent

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On Wednesday night at The Independent, a sold-out crowd anxiously awaits the mysterious creature known as BANKS. Cloaked in layers of black fabric that fall to her ankles, the dark chanteuse struts deliberately to center stage, where a spotlight shines onto her pale face. The L.A.-based signer-songwriter seductively sets into the dark R&B track “Before I Ever Met You,” recalling instrumentals by The Weeknd, with whom she toured last year.Read more »

Chronicle: Don't question the City College takeover, just submit to the flawed ACCJC

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I have very low expectations from editorials in the San Francisco Chronicle, which generally share a worldview with the Chamber of Commerce and carry water for some powerful Establishment figure or another. Read more »

Richmond gets radical, seizing foreclosed homes from banks

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As a rule of thumb, we at the Guardian tend to believe that if the banking and real estate industries are against something, then we’re probably in support of it. But that’s not the only reason that I’m so intrigued about the possibilities of Richmond taking ownership of hundreds of foreclosed homes, using eminent domain laws as needed, to keep people from being evicted and rejuvenate the community.Read more »

Art: It's like money in the bank

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The panic that grips you in those moments when you need to open a new checking account, but really needed a double shot of espresso are over. Yes, my moneyed mates, greetings and welcomes to the Financial District's somewhat recently opened Capital One 360 Cafe.

Within the gleaming walls, one can perform banking transactions and caffiene transactions with well trained bank staff-baristas. You can plan ahead and reserve a workspace at which you will enjoy free WiFi thanks to corporate America's largess. And for a limited time on those gleaming walls, you can enjoy artist Nick Mancilla's commentary on the transience of wealth while you bask in the endless future of your own, unfurling before you like a expensive, woven, cheerful, infinite Stars and Stripes. Read more »

Despite settlement, Wells Fargo still in housing activists' crosshairs

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Federal regulators cut a deal with 10 major banks to “speed up housing relief,” major news outlets reported earlier this week – but to exactly no one’s surprise, the amount promised to struggling homeowners is a pittance compared with the overwhelming losses sustained during the foreclosure crisis. Read more »

The losing bets

How interest rate swap deals are causing local government agencies to pay millions of dollars to the biggest banks

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By Darwin BondGraham

news@sfbg.com

Wall Street's massive taxpayer funded bailout, initiated by the Bush administration and carried forward under President Obama, never really ended — it just shifted from federal to local sources of funding. Even while local and state governments have been forced to cut back on crucial services, wealthy banks and investment firms are being padded with enormous cash flows sucked directly from the already strained budgets of cities, counties, and public agencies.Read more »

Why do evictions continue despite widespread banking fraud?

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Do you think a groundbreaking report – showing that 84 percent of foreclosures in San Francisco over the last three years involved faulty paperwork, some of it amounting to fraud – would finally mean swift justice for victims of those crimes?

Think again.Read more »

Can SF follow Berkeley in dumping the big banks?

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The City of Berkeley is considering dropping its contract with Wells Fargo and moving the city's money to a credit union or a smaller community bank. That makes perfect sense -- the Move Your Money Project has been urging individuals to do that, and there's no reason why cities (which are huge customers of banking services) can't do the same.

In fact, San Francisco ought to be next on the list.Read more »