Rep. Diane Watson Joins FHLBank San Francisco and Housing Activists to Discuss Government Plans to Regulate Housing Finance Industry
Los Angeles, CA – August 25, 2009 – (RealEstateRama) — On August 13, 2009, housing activists, community leaders, and public officials, including Rep. Diane Watson (CA-33), joined the Federal Home Loan Bank of San Francisco (FHLBank San Francisco) for a roundtable discussion on pending regulatory reform legislation that will impact homeowners and potential homeowners, as well as many financial institutions in the region.
Much of the conversation focused on finding ways that government action can help homeowners prevent foreclosures. For instance, the attendees debated how money from the stimulus package could be used to spur economic development in their communities.
“The federal government has allocated billions of dollars for bailouts and stimulating the economy, but many people are still hurting,” said Lawrence H. Parks, Senior Vice President, Legislative and External Affairs, FHLBank San Francisco. “We need to ensure that middle-class and working families get the relief they need to keep their homes and survive the recession.”
Rep. Watson said the government must have more accountability so that the billions being spent can be tracked and it can be determined which communities are being helped.
“I want to tell my constituents that their tax dollars were spent creating jobs, helping people keep their homes, and developing projects that revive their communities,” Rep. Watson said. “But we need more accountability before I can do that. People have a right to know where their tax dollars are going.”
The group discussed the need to “declare a state of emergency” to allow the government to more actively intervene to help homeowners. In addition, there was focus on why the current foreclosure prevention programs are not working and the role of the new agency that has been proposed by Congress to protect consumers.
In addition to Rep. Watson, those attending the roundtable included Alice Salinas, Commissioner of the Los Angeles Housing Department’s Affordable Housing Commission; Cynthia Ryan, Director of Community Economic Development for New Economics for Women; Ralph Lippman, Executive Director of the California Community Economic Development Association; Forescee Hogan-Rowles, President and Chief Executive Officer of the Community Financial Resource Center; Lula Balton, CEO of West Angeles CDC; and Ron Griffith, President and CEO of Century Housing.
The Federal Home Loan Bank of San Francisco
The Federal Home Loan Bank of San Francisco delivers low-cost funding and other services that help member financial institutions make home mortgages to people of all income levels and provide credit that supports neighborhoods and communities. The Bank also funds community investment programs that help members create affordable housing and promote community economic development. The Bank’s members—its shareholders and customers—are commercial banks, credit unions, savings institutions, thrift and loans, and insurance companies headquartered in Arizona, California, and Nevada.
Contact: Kevin Blackburn, 415.616.2572
blackbur (at) fhlbsf (dot) com
