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News Advisory from the California Reinvestment Coalition

Short Documentary Shows Foreclosure Crisis Affects All

SAN FRANCISCO, July 24 /PRNewswire-USNewswire/ -- The California Reinvestment Coalition released today a short documentary about the foreclosure crisis that continues to destroy the dreams ofCalifornia families and threaten the stability of small businesses, city governments and neighborhoods.

The documentary, entitled Mo' Money, Mo' Money, Mo' Money: How Greedy Corporations Destroy the American Dream shows the crisis affects everyone. Mo' Money tells the story of borrowers who were lied to and ignored by their mortgage loan servicers, and the people who are working to keep them in their homes. It also reveals how this disaster could have been avoided if regulators and government officials did not ignore predatory lending practices.

"A conspiracy of greed in the mortgage industry and benign neglect by the Federal Reserve has taken the homes of thousands of Californians and leaves hundreds of thousands more at risk," says Alan Fisher, California Reinvestment Coalition executive director. "Our documentary shows the need for stronger legislation to protect consumers, and stricter regulation of the mortgage lending industry."

To watch the documentary, visit www.calreinvest.org. If you would like to embed the documentary on your website, you may use this code: <object width="425" height="344"><param name="movie" value="http://www.youtube.com/v/SzKxGsndT1Y&hl=en&fs=1"></param><param name="allowFullScreen" value="true"></param><embed src="http://www.youtube.com/v/SzKxGsndT1Y&hl=en&fs=1" type="application/x-shockwave-flash" allowfullscreen="true" width="425" height="344"></embed></object>

For more information and press inquiries contact Victoria Leon Guerrero at (415) 864-3980 or victoria@calreinvest.org.

The California Reinvestment Coalition advocates for the right of low-income communities and communities of color to have fair and equal access to banking and other financial services. CRC has a membership of more than 250 nonprofit organizations and public agencies across the State.

SOURCE California Reinvestment Coalition

Copyright © 2009, PRNewswire
Copyright © 2009, NewsBlaze, Daily News

Tags: ,FIN,RLT,MLM,POL,STP,CalReinvest-doc-film

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