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FOR IMMEDIATE RELEASE
August 6, 2009
Assemblymember Ted Lieu to Address California's Foreclosure Crisis and Solutions to Help Affected California Homeowners
At Press Conference Hosted by the Federal Reserve, Mabuhay Alliance and HomeFree USA
(SAN FRANCISCO) - On August 7th, senior management from the five largest mortgage servicers will be meeting two leading foreclosure crisis non-profits, HomeFree USA and Mabuhay Alliance, at the San Francisco Federal Reserve Bank to discuss a “Tenant to Homeowner” solution to the foreclosure crisis. The meeting is hosted by the Federal Reserve and it is expected that most of the other major banking regulators, as well as the five largest servicers, Bank of America, J.P. Morgan Chase, Citibank, Wells Fargo and U.S. Bancorp will be in attendance.
Directly following this meeting at 2 pm, a press conference will be held to discuss the results of the meeting and negotiations to save the forty percent of homeowners in states such as Arizona, California, Nevada, and Florida that are deeply underwater. Assemblymember Ted Lieu has been asked to speak at this press conference as he is a well respected leader in California’s fight to reform unfair mortgage practices.
Assemblymember Lieu has led California against Wall Street’s excess and is the author of the most comprehensive law in the country to stem the tide of foreclosures, The California Foreclosure Prevention Act. Assemblymember Lieu believes that government’s first priority is to protect its citizens, and to treat all citizens equally regardless of race or gender.
Now in his final term in the Assembly, Lieu has ascended to a key leadership post as Chair of the Assembly Rules Committee. He is also the Chair of the Asian Pacific Islander Legislative Caucus. Dedicated to his country, Assemblymember Lieu holds the rank of Major in the United States Air Force Reserves and served on active duty for four years as a member of the JAG Corps as a military prosecutor.
Where: The Federal Reserve Bank, 101 Market Street, San Francisco, CA
When: Friday, August 7th at 2pm
Contact: Lindsay Shoemaker 916 443 7817