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Alliance of Californians for Community Empowerment

Warren Tells "Gutless" Wells Fargo CEO To Resign

Peter Dreier | Posted 09.21.2016 | Politics
Peter Dreier

Wells Fargo CEO John Stumpf was on the hot seat Tuesday when he faced Senator Elizabeth Warren of Massachusetts and other angry lawmakers at a Senate Banking Committee hearing designed to investigate the bank's widespread rip-off of its customers.

Community Activists And Senator Warren Persuade HUD Sec. Julian Castro To Help Homeowners And Reign In Wall Street Speculators

Peter Dreier | Posted 07.01.2016 | Politics
Peter Dreier

With more homes in the hands of non-profits instead of Wall Street speculators, communities will gain further control over their neighborhoods and be less at the mercy of Wall Street.

Real Estate Mogul Greg Geiser Sues Working Class Couple for Protesting Unfair Eviction

Peter Dreier | Posted 05.19.2016 | Politics
Peter Dreier

On March 30, Greg Geiser, the CEO of Wedgewood Inc., kicked Mercedes and Pablo Caamal out of their modest home in Rialto, a working class suburb of Los Angeles. So that night the couple, joined by supporters from the Alliance of Californians for Community Empowerment.

A Working Class Family Battles a 'Fix and Flip' Real Estate Tycoon

Peter Dreier | Posted 03.28.2016 | Politics
Peter Dreier

The Caamals never missed a payment on their mortgage, but Wells Fargo nevertheless denied their request for a permanent modification and then began returning their payments. This, too, is an experience that millions of Americans have faced, because Congress failed to require banks to participate in loan modifications (including a tool called "principal reduction") as part of the 2010 Dodd-Frank bank reform law designed to prevent the kind of predatory lending practices that brought the country to the brink of economic collapse.

The Big Short's Big Shortcomings

Peter Dreier | Posted 02.01.2017 | Politics
Peter Dreier

The movie's coda informs us that despite the enormous damage done by Wall Street, little has changed. That's simply not true. So what's missing from "The Big Short"? For starters: Dodd-Frank, Elizabeth Warren, Occupy Wall Street and Bernie Sanders.

Underwater America: Will President Obama, Mel Watt and Wall Street Finally Do the Right Thing for Troubled Homeowners?

Peter Dreier | Posted 07.21.2014 | Politics
Peter Dreier

The Obama administration did too little, too late, to help troubled homeowners, who faced plummeting home prices and the risk of foreclosure. The most important thing they can do is get Fannie Mae and Freddie Mac to adopt principal reduction.

Why Is Fannie Mae Evicting the Coronel Family?

Peter Dreier | Posted 06.08.2014 | Business
Peter Dreier

The Coronel family is part of a growing national movement to challenge Wall Street and the financial industry, whose predatory practices resulted in millions of Americans losing their homes and millions more still "underwater" with homes worth less than their mortgages.

What Would MLK Be Marching for Today?

Peter Dreier | Posted 03.23.2014 | Politics
Peter Dreier

King began his activism as a crusader against racial segregation, but he soon recognized that his battle was part of a much broader fight for a more humane society.

Activists Confront Financial Titans Larry Fink and William Gross

Peter Dreier | Posted 01.23.2014 | Politics
Peter Dreier

Two activists who have been on the front lines of the battle against Wall Street's predatory practices confronted two of the world's wealthiest and most powerful financial titans.

Richmond, California Defies Wall Street to Help Homeowners

Peter Dreier | Posted 11.11.2013 | Business
Peter Dreier

About 300 residents packed the six hour long meeting -- held at the Richmond Memorial Auditorium instead of the City Council chambers -- to discuss the city's plan to help families whose home values have plummeted through no fault of their own.

Wall Street Lobbyists Nervous As Cities Use Eminent Domain to Protect Homeowners

Peter Dreier | Posted 09.29.2013 | Politics
Peter Dreier

Now the same Wall Street players who crashed the economy in the first place are trying to stop local governments from solving the problem.

To Rescue Local Economies, Cities Seize Underwater Mortgages Through Eminent Domain

Peter Dreier | Posted 09.17.2013 | Politics
Peter Dreier

In almost every part of the country, entire neighborhoods -- and in some cases, whole cities -- are underwater. They are not victims of natural disasters like Hurricanes Katrina and Sandy. They are drowning in debt, victims of Wall Street's reckless and predatory lending practices.

Wheelchair-bound Homeowner With Breast Cancer Pledges to Fight Bank Eviction

Peter Dreier | Posted 12.22.2012 | Politics
Peter Dreier

California is ground zero in the battle between homeowners and Wall Street.

Putting Names And Faces To The 1 Percent: Wells Fargo's Tim Sloan

Peter Dreier | Posted 12.02.2012 | Politics
Peter Dreier

Wells Fargo CFO Tim Sloan makes $8 million a year and lives in a $5 million house in San Marino, a wealthy Los Angeles suburb. His bank is trying to e...

Fannie, Freddie, and the FHFA Holding The Line On Foreclosure Policies

Joel Sucher | Posted 05.09.2012 | Politics
Joel Sucher

Fannie and Freddie never signed on to the Shaun Donovan-brokered agreement; now, along with their overseer and majordomo, the Federal Housing Finance Agency, executives at the "three F's" are hunkered down in the trenches, hands clamped over ears.

Marine Fights Freddie Mac to Save His Home

Peter Dreier | Posted 04.01.2012 | Politics
Peter Dreier

"I didn't do anything wrong. I'm doing this for my family and for the millions of other families in similar situations. We can't let the Wall Street banks and Freddie Mac get away with these kinds of practices."

Teary-Eyed Success: Polluting Plant Relocates After Making Community Sick

The Huffington Post | Kathleen Miles | Posted 12.21.2011 | Los Angeles

The South Los Angeles 28th Street Elementary School community has been fighting for eight years to close down the polluting plant that was making thei...

Occupy Wall Street and the Tea Party

Peter Dreier | Posted 12.21.2011 | Politics
Peter Dreier

Many observers view this new phenomenon as the progressive counterpart to the Tea Party. There are some important similarities and some significant differences. Here are some key points of comparison.

Steve Mnuchin, Meet Rose Gudiel

Peter Dreier | Posted 12.03.2011 | Business
Peter Dreier

Gudiel would like Mnuchin to visit her at her home, because his OneWest Bank is trying to evict her and her family. If Mnuchin won't come to visit Gudiel, she will visit him, and bring some of her neighbors and friends with her.

California Homeowners Mount a Growing Protest Movement Against Foreclosures

Peter Dreier | Posted 11.28.2011 | Politics
Peter Dreier

Rose Gudiel is on the front lines of a growing protest movement to stop banks from foreclosing on families victimized by the economic crisis and abusive banking practices.

How to Lose Your Home: Curing My Perception Deficiency

Alex Brant-Zawadzki | Posted 10.19.2011 | San Francisco
Alex Brant-Zawadzki

On Tuesday I got a phone call from my buddy Guillermo. "Hey man," he said, "You should come down to the Attorney General's office this afternoon. Some...

The Most Important Report of the Next Two Years

Mike Lux | Posted 05.25.2011 | Politics
Mike Lux

The Big Banks Bonus Bonanza report makes the case strongly for an economic play that would give the country a far bigger economic boost than anything Obama is going to be able to get out of Congress in the next two years.

Los Angeles Homeowners Take to the Streets to Protest Foreclosure Abuses

Peter Dreier | Posted 05.25.2011 | Los Angeles
Peter Dreier

A David vs. Goliath battle is developing this holiday season between hard-working families facing foreclosure and banking giants such as Wells Fargo and JP Morgan Chase.

Showdown on Wall Street and K Street

Peter Dreier | Posted 05.25.2011 | Politics
Peter Dreier

Organizers believe that the recent victory on health care reform will help propel a similar movement to take on banking giants.