On the agenda for San Francisco’s Land Use and Economic Development Committee next week, a resolution “urging City and County officials and departments to protect homeowners from unlawful foreclosures; and urging City contractors and all mortgage and banking institutions, especially San Francisco-based Wells Fargo, to suspend foreclosure activities and related auctions and evictions until State and Federal measures to protect homeowners from unfair and unlawful practices and provisions for principal reductions are in place.”
And yes, Supervisor Cohen who walked away from her underwater condo prior to being elected is one of the sponsors.
Land Use and Economic Development Committee Agenda: 4/2/12 [sfbos.org]
As Pre-Foreclosure Activity Drops, Scheduled Auctions Tick Up In SF [SocketSite]
San Francisco Supervisor Cohen Walks Away From Underwater Condo [SocketSite]

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Comments from “Plugged-In” Readers

  1. Posted by nancydrew99

    I think unlawful foreclosures should be stopped, but a halt to all foreclosures? Yeah, right. I’m not the most financially savvy gal, but even I can see that this will have little to no effect on Wells Fargo’s practices here in SF, not to mention local contractors, etc.

  2. Posted by BT

    Niether Wells nor any other public financial institution could legally comply with this. They have a duty to their shareholders to do what’s best for those shareholders and the company, and no legal duty to halt legal and justified foreclosures.
    As a shareholder, if I found out they were not foreclosing when it was in the bank’s interest, I would sue.

  3. Posted by two beers

    OkK, NT, but I hope you’re willing to spend time behind bars for all the unlawful foreclosures done in your name?

  4. Posted by shza

    I hope you’re willing to spend time behind bars for all the unlawful foreclosures done in your name
    Ha. That’s not how it works, pal. Check your research on the high bar for piercing the corporate veil.
    I agree with BT. This is also just terrible policy. God forbid responsible people who would actually pay their debts have an opportunity to bid on non-price-inflated homes.

  5. Posted by anon-random

    what a joke. again, people are falling victims to the banks…not to their own bad decisions, but to the banks. supervisor cohen…bigger joke. she should go the way of mirkarimi and be out of office.

  6. Posted by sanfrantim

    … because Cohen walked away from her condo purchase?? Nothing immoral, unethical, or unlawful about walking away from an underwater mortgage. In many cases, it makes good business sense to do so. It is a bargained-for event in that each party gets precisely what it bargained for. Owner takes the hit in terms of lost investment and negative credit event. Lender gets possession of a property whose appraisal at a specific value it knowingly accepted before lending the purchase money.

  7. Posted by anon-random

    you want to make a business decision, then make a business decision. but don’t come out and tell me that you were a victim of predatory lending. own that shit and tell me you made a bad business decision followed by a good business decision.

  8. Posted by Fishchum

    It may not have been immoral or unethical for Cohen to walk away from her condo, but it troubles me that someone who foolishly paid $600K for a condo in the Bayview during one of the biggest real estate bubbles has influence over this city’s finances and policy decisions.

  9. Posted by moz

    Foreclosures in SF have been intentionally stalled for years now … all the banks hoping the market will rebound to lessen their losses. All these “victims” have been living for free in the homes they will ultimately trash on their way out. As a renter, I have no sympathy for anyone that was able to purchase a $581k condo on a single salary, reap the tax benefits, not pay her mortgage, and then walk away with all that cash in-hand.

  10. Posted by [anon.ed]

    “Foreclosures in SF”
    Banks don’t care about regions or cities. Nor do they delegate managers to look into specific markets with any sort of penetrative study. (And they should. A whole cottage industry has been obviated, IMO.) No, these properties are numbers on a spreadsheet to the banks. Now, foreclosures nationwide? OK. Yes, I’ll agree that banks have sat on inventory. But locally? Foreclosures of good properties get stalled in SF a lot because the people attached can get financially resourceful, when push comes to shove, to a degree that some other regions perhaps cannot. But if you think it’s some sort of formulaic cabal for SF that the banks are all in on? No chance.
    Mostly bad properties sell on the courthouse steps. But occasionally some good ones too. It would be instructive for a lot of you online types to go down to the courthouse steps sometime. I have numerous times, following properties. Invariably, the good ones get postponed. And it’s not the banks’ doing.

  11. Posted by BillyBalls

    Gratuitous pandering to the self-pitying, victimized masses. Nothing more.
    At least they did it without a broccoli reference.

  12. Posted by inclinejj

    Also remember this famous line,
    Sub-prime and alt-A loans are not going to be a problem!!!

  13. Posted by anon

    ^ not a famous line.

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