Held underwater - Page 4

San Franciscans brace for another round of home foreclosures as the banking lobby kills mortgage reform proposals


But CMBA's Hobbs described AB1321 as "part of a broader attack on MERS." And an April 21 opposition letter from the banking industry describes it as "creating impediments for attracting capital to California's mortgage marketplace and imposing significant new workloads on county recorders and clerks."

Ting says he has heard lobbyists make that argument. "But my assessor recorders organization supported it — and they are mostly not elected officials," he said, noting the group usually doesn't get involved in promoting legislation.

Ting admits that it's hard to get the national reforms that are needed. "San Francisco still has a big part to play. And our legislators are still very powerful, so we have no excuse not to be fighting in Sacramento where the Democrats have a supermajority. I mean, how could these bills not get out of committee? It's not like we didn't take amendments, but no level of amendments would have made anything happen."

"Foreclosures typify this financial and political era," he continued. "They are about all the things we should have seen coming — and some of us did. But even then, and now, there is political amnesia. For all the families that lost their homes, shouldn't we do something to make sure this doesn't happen again? Wall Street was bailed out two years ago, but Main Street is still waiting."