Today, NOC released the following statement:

The national settlement between banks and Attorneys General announced today is stronger than it might have been because of a grassroots campaign and pressure from a handful of state Attorneys General, including Minnesota Attorney General Lori Swanson, who publicly advocated for a tougher deal.

 “The $25 billion settlement is only a down payment on what major banks like Wells Fargo need to pay to fix the damage they wrecked upon homeowners, our communities, and our economy,” said Steve Fletcher Executive Director of Minnesota Neighborhoods Organizing for Change (NOC). “Attorney General Lori Swanson was 100% right to demand that the settlement not let the banks off the hook for all of their misdeeds that led to the foreclosure crisis.”

Monique White and Bobby Hull live in different neighborhoods, but they have one thing in common: The banks who held their mortgage refused to negotiate with them, and then sold their homes for pennies on the dollar to another bank. It's time for this to stop.

Today, on this national day of action, we're calling on the major banks - particularly US Bank and Wells Fargo, who hold the largest share of mortgages in our community - to start negotiating with families, rather than with other banks.

Here's Monique's story:

“I assume you have some ideas about how the district could improve student achievement with $150 million. If not, talk to us after the meeting. NOC has some suggestions."
- Soul Marshall, NOC Member

On Monday October 10, NOC released a study that shows how the foreclosure crisis that is devastating our communities is directly responsible for draining $150 million from the Minneapolis Public Schools. One of the biggest culprits is Wells Fargo who alone is responsible for $28 million (nearly 20%) of that total. You can download the full study here.

For many of NOC’s low- and moderate-income members, ensuring a quality education for their kids is a major concern. Now it turns out that the same people who created the economic crisis are responsible for the funding crisis hitting our public schools. And with the release of Monday’s study, everyone else knows it, too, but the study got amazing press, including the front page of the Huffington Post.

Today, NOC released the following statement:

Media Release: For Immediate Release
Wednesday, September 14, 2011

NOC Members Support Attorney General Swanson’s Call for Justice

Minnesotans from hardest-hit neighborhoods still suffering the effects of the financial industry’s reckless foreclosure crisis.

Members of MN Neighborhoods Organizing for Change (NOC), a member-led community organizing nonprofit with members in low-income neighborhoods throughout the Twin Cities, greeted Attorney General Lori Swanson’s position on the emerging banking settlement.

Swanson called for a narrow settlement that allowed continued investigation into wrongdoing by the banks.  She calls for a settlement with teeth, that provides consequences for wrongful conduct and helps injured homeowners.