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Madigan joins calls to replace DeMarco at FHFA

Days after Illinois Attorney General Lisa Madigan joined the growing chorus demanding the replacement of FHFA interim director Edward DeMarco, fifteen protestors interrupted DeMarco’s appearance Tuesday before the House Finance Committee.

Five were arrested, according to the New Bottom Line Campaign.  (Video here.)

“DeMarco is kicking my family out of my home,” called out Ramon Suero, a homeowner facing foreclosure and one of the five arrested. “Dump DeMarco! Principal Reduction now!

“Ed DeMarco’s policies are putting my three kids, my wife, and me out on the street. If the president doesn’t get rid of him, he’s responsible for putting millions of Americans just like me on street as well.”

Housing advocates have been calling on President Obama to replace DeMarco, who has blocked principal reduction for underwater homeowners with mortgages held by Fannie Mae and Freddie Mac.  (See previous Newstips here.)

“DeMarco’s actions are driving millions of Americans into foreclosure and record debt,” said Tracy Van Slyke, executive director of the New Bottom Line.

“We are fed up, and it is time for President Obama to act on his promises to America’s middle class by dumping DeMarco and nominating a permanent director who will move principal reduction at Fannie Mae and Freddie Mac and stand with all homeowners and taxpayers.”

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Lakeview protest targets record bank bonuses

Lakeview residents plan to move $170,000 out of big banks Thursday as a protest against astronomical – and growing – executive compensation at big banks.

They’re targeting branches of JPMorgan Chase and Bank of America in an action planned for Thursday, December 15, 5 p.m.,  at Clark and Belden.

Lakeview Action Council members are among thousands of community activists across the country who have signed a letter to the CEOs of Chase, BofA, and Wells Fargo, calling on them to forgo bonuses and use the money to keep families in their homes, provide credit for businesses, and pay their fair share of taxes.

While media reports have suggested bank executives will face a pay cut this year, the New Bottom Line campaign analyzed compensation pools for the first three quarters of the year and projects that compensation will be up by 3.7 percent.

At BofA, despite heavy losses and plummeting stock prices this year, compensation setasides have increased by 7 percent, according to the group.

Last year JPM Chase CEO Jamie Dimon earned $10,400 an hour, according to NBL.

“These bonuses [represent] families facing foreclosure that can’t stay in their homes, taxes not paid, student loans not made.,” said Liz Ryan Murray of National People’s Action, which is part of NBL.   “These execs are rewarding themselves for damaging our communities and economy.”

Changes in executive compensation are credited with driving the high-risk investment strategies that crashed the economy three years ago.  With longterm unemployment and foreclosures still climbing, recovery is still a long way off.

But with the help of federal bailouts, big banks have recovered nicely; they currently sit on $2 trillion in cash reserves.  Rather than using the money to create jobs, they have spent lavishly on mergers and acquisitions, stock buy-backs, dividend payments, and executive bonuses, Murray said.

Communities to banks: You can fix housing crisis, economy

Banks caused the housing crisis — and the financial crash which threw millions out of their jobs — and they can fix it, according to a new report.

By writing down underwater mortgages to market value – using a relatively small portion of bailout financing they’ve received – banks could put a floor on the housing market, stem spiraling foreclosures, and provide the economy with a badly-needed second stimulus, creating millions of jobs over the next decade, the New Bottom Line Campaign argues in a new analysis.

It was released in Chicago last week at a vacant home on the West Side that’s being rehabbed under a new program — which demonstrates how community pressure can force banks to step up and take responsibility, organizers say.

(And it came out the same day Mayor Rahm  Emanuel announced a foreclosure recovery program that includes not one single community on the hard-hit West Side.)

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  • Telling people’s stories, an ethnic media success September 2, 2015
        By Stephen Franklin Community Media Workshop   A 3-year-old child died on a plane from Chicago to Poland. This, Magdalena Pantelis instantly knew, was a story her readers would care about. But she needed more detail to write about it for the Polish Daily News, the nation’s oldest daily newspaper in Polish, founded Jan. […]
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