D10 candidate Malia Cohen deserves kudos for publicly confronting rumors that she was facing a foreclosure--and for vowing to be a strong advocate, in future.
“I first addressed the rumors publicly a month ago,” said Cohen, who returned to the topic of her foreclosure earlier this week at a San Francisco Housing Coalition candidate night.
You can watch the entire proceedings of the Housing Coalition’s candidate night by clicking on the video clip at the end of this post.
But what Cohen personally told me today not only typifies many of the foreclosure horror stories that have been making national headlines. It also illustrates the abysmal lack of local leadership on this issue--and that's something that Cohen says she'll change.
"During the apex of the economic boom, I was the recipient of a predatory loan,” Cohen explained. “I bought a house in the Bayview in 2006 and started the process to modify my home loan. It took one year to get the banks to answer my questions, my paperwork has been lost, and I have a housing counselor I’m working with.”
“Months ago, I got word that my foreclosure has been rescinded and the property is back in my name, so I look forward to being a housing advocate, if elected,” Cohen continued."Because what the housing crisis has done locally has been to decimate and destabilize our local neighborhoods.”
She notes that 1400 homes have already been lost in the Bayview, and another 1200 are currently teetering on the edge, but so far efforts to reform foreclosure laws have failed in the California legislature.
“Senator Mark Leno proposed SB 1275, which laid out a homeowner’s Bill of Rights, but the bank lobby was too strong,” Cohen said.
‘It’s such a helpless feeling, it’s been a nightmare, “ Cohen continued. "And once again there was no leadership locally to protect our interests, which is another reason why Malia Cohen is in this race. I am going to work hard to advocate on behalf of the community. It’s a crime the amount of money that was transferred out of the Latino and African American community during this crisis. Someone needs to be held accountable.”