National Community Reinvestment Coalition (NCRCs), members are community organizations nationwide working to promote fair and equal access to credit, capital and banking services for all communities and populations. NCRC supports and empowers its members to be effective leaders and representatives in their own communities and engages them in support of national legislative initiatives.
Since its founding in 1990, NCRC has built a membership composed of over 600 organizations nationwide. I could not find a list of the members of the NCRC
These organizations represent community development corporations, civil rights groups, local and state government agencies, and religious institutions. They range from large national nonprofit organizations to concerned individuals, but most are local nonprofit groups based in communities of color and lower income neighborhoods. These groups offer a variety of programs, including small business micro-lending, housing development, community organizing, rural land loss and more. They have held town meetings and rallied up membership. I did not see any of these rallies being held in California. Speaking of California, everyone in California should be aware of the fact that they will NOT be receiving their state income tax; however they will receive an IOU. I have a question, can we the taxpayers charge the state interest and penalties on the money they will hold? I think its fair to charge the state the same rates they charge citizens who owe state taxes. I think that the fact that the state of California plans to issue IOUs to its citizens is absolutely outrageous.
There is one good thing the NCRC is doing it has Filed a Civil Rights Complaint against Standard & Poors. Civil penalties and equitable relief sought for consumers and communities injured by rating agencys role in foreclosure crisis
There is no legitimate business OR PERSONAL justification for discriminatory conduct. It is against the law.
NCRC - Use TARP Funds Immediately to Address Foreclosures
The Troubled Asset Relief Program (TARP) is a program of the United States government to purchase assets and equity from financial institutions in order to strengthen the financial sector. It is the largest component of the government's measures in 2008 to address the subprime mortgage crisis. This is the name of Paulsons rescue plan. It is a 110-page financial bailout bill and is available on the Internet
In testimony before the United States House of Representatives Committee on Financial Services, the National Community Reinvestment Coalition (NCRC) today proposed that remaining Troubled Assets Relief Program (TARP) funds be used to establish a national loan modification program to purchase 3-5 million home loans using the power of eminent domain. Arresting the foreclosure crisis, which is the root cause of the current financial crisis, and its contagion effects, will begin the process of repairing the economy and stabilizing the turbulent financial markets.
Faced with intense scrutiny from taxpayers and Capitol Hill about its spending habits in recent weeks, the New York City-based bank issued its first quarterly progress report on its spending of funds from the government's Troubled Asset Relief Program, or TARP.
Lawmakers and taxpayers have accused banks of using much of the TARP money to fund acquisitions, pay lavish bonuses or other seemingly frivolous expenses.
Former WAMU/JPMORGAN Chase. soon to be known as Chase Bank, sent out a letters stating they would honor certain other WAMU customers accounts. A couple of weeks later I heard from someone that their account/card was closed. When he called he bank he was told to pay on the card and the balance of the ACCOUNT WOULD be refunded. Im sorry I have a problem for something I cannot use. Three weeks letter I received the balance in my account. Humm.is this indicative of what these banks that merge are going to do to clear liabilities from their books? I dont see how these kinds of accounts hurt the bottom line; however I will consult some experts.
In a final analysis, I would like to say that if you keep doing the same thing, you are bound to get the same results. If you want something different to happen, then do something different.
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