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.
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.
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.
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.
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.
"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."
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.
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.