of the team's i am particularly excited by the coliseum said the concept. we already own the land there. a lot of studies show a lot of interest and ability to privately finance a lot of that project. it is something that i think i certainly am spending a significant amount of time on, with all of the major news. the thing about being a mayor is you have to be hands on on these kinds of projects, because these are so critical to stimulate the economy in each of those regions of the city. >> is there a team in one of those stadiums that is more important economically than another? >> which of your children do you like? >> that is like choosing among your children. the reason i am holding out to

see if i can find a private investment is because baseball brings about 2 million visits to downtown oakland. at jack london square, the would be a huge boost for a hotel industry that is coming back. it is so close to the city, the vibrant restaurant industry we already have, lead by free shuttles from outside your door. we would like a lake in, jack and square, and uptown in a constant -- that would link the lake, jacklyn squre, and updown in a constant loop. with the convention center and the airport -- it would have the airport connector at the end, less than 10 minutes away. it would be a huge boost the

economy. nobody builds a team alone. you use the stadium for a multiplier effect, and how it affects our economy, whether it is downtown or the coliseum. >> san francisco is doing their part on the warriors, trying to lure them across the bridge to a new arena by at&t park. what is the status of that project, and who would pay for it? i am talking about financially. >> let me put this in perspective. if there is anything i have learned, it is that sports teams are also businesses. they want to be successful as well. there is changes. if you are an observer of the sports business, there have been changes in the business models. the giants have been extremely successful owning their own stadium in san francisco. it is one that i think some francisco has learned a little

bit early. owning your own stadium means a lot of infrastructure investment that sometimes we do not have in bad years. the model about the sports franchises who might consider owning their own stadiums is challenging. it is one i personally support, because it is their private investment that has to be laid out there. for any arena that we build, i think the reason why there is a discussion that was going on between the warriors and the giants, it is because of that very successful model. there are things i cannot say, because i am not privy to all the details. but i am hoping sports teams look at san francisco being a great venue not just for their sport, but if they do decide to invest in their own venue, the venue has to be successful well beyond those numbers of games

that might be had there. we are talking about an entertainment arena. the same challenge for the coliseum -- i used to live in oakland and wanted success all around. you have to have an environment for other things to happen, to have other events that are successful, to make money for all the different investors. you have to have an entryway and transportation infrastructure that supports that. that is what we have in mission bay. the details to follow. i think we are more than just the warriors. i think there are other sports ideas coming forth. with my discussions with the niners, we have ongoing discussions about the legacy of san francisco. they obviously want the name san francisco forty-niners. that means there has to be a constant link with us. what does that economically

mean? we are in those discussions as we speak. >> we have time for one more discussion. you were recognized, acquired rightly, as pioneers coming into office, as chinese american mayors in our regions of two biggest cities. what has that meant to your city? what benefits has a broad backs either of you can take the first crack at that. >> obviously, being the first chinese asian american mayor in san francisco is significant. as mayor quan knows, we have generations of his stories were we had the local laws that literally prevented our population from voting. it is significant for so many fronts that i think are all well spoken of already. having said that, i have been working in government for 22 years. i have seen what it takes for a mayor to be successful. i have supported for may years.

i have run five different departments. for me it is good to not only celebrate this historic vote, but recognize how important it was with communities that have suffered for many years, but to take that and share it with all the other communities of san francisco. we could be a jeremy lin. to be able to lead an open opportunities for african- americans and gays and lesbians to work with labor as strong as other mayors have and to make sure there are linked with the big decisions, to unite the city in the wake -- in a way, as you take the significance of this

appointment at election, we could be leaders as well. a lot of asians use to shy away from politics, as you know. we used to -- generations before us, our parents said to not go into politics. on your own business. be a financial person. the lawyer. you went to moscow. be a lawyer, make money. those were safe things. -- you went to law school. to make sure we can be -- as american as anybody else. shore leadership skills and values and share those values that are looked upon as strong. looking out for everybody. making sure that society is safe for everyone and looking at the whole family, as a whole for everybody. our values that i am lucky to share as the first asian american mayor of san francisco.

>> we will give you the last word. >> sometimes people ask me, if being mayor as the first asian- american or the first woman more difficult? i would say the asian american community has come into its own. we have a few glass ceilings to break. i am proud of that. that is where the chinese exclusion act and all the anti- chinese legislation started nationally and historically. my family and i helped found the society. we have a deep sense of history. to put it in more human terms, the other day, my staff and i were going somewhere and a group of young students stopped by, black and asian. typical downtown oakland and i stopped to take pictures.

i said when i grew up i never saw anybody asian on tv who was not a waiter or had a thick accent. i understand what the symbolism is for hope for young asian americans. in my city because we're so divorce, anybody can become mayor. just as president obama's election was so important for a generation of kids of all colors, breaking the barriers. probably what has been surprising, i did not know as much for ed. when i was elected, i got emails from shanghai and china. recently one of the members of the consulate staff said you are known by more chinese than by more americans. we're in such an intern global economy with the media and

internet at the time as we mean personally internationally probably maybe a role we have not totally on folded. i feel we need to market the california brand in a shut more effectively. we need to do that more collectively. that is an important market for the port of oakland. that is a huge part of our future economy. we play some personal role, oakland and san francisco are the usual stopping places for chinese investors and asian politicians. we play an important role in building that future global economy. that is something i will continue the focus on. not just selling open lines -- wines. representing the state and the

economy with the port of oakland being the only port that exports more than we import, we need to build on to that. it helps the region. >> thank you. thank you to both of you. best of luck in the coming year. [applause] >> let's have a huge round of applause for our great mares. thank you for great job of monitoring -- moderating. i want to thank our sponsors and your partner, city national bank, golden gate university, a kaiser permanente a-- kaiser permanente. we wish you great success individually and collectively. we hope you have great prosperity in 2012. we will see you next year in san francisco.

>> feel like it really is a community. they are not the same thing, but it really does feel like there's that kind of a five. everybody is there to enjoy a literary reading. >> the best lit in san francisco. friendly, free, and you might get fed. ♪ [applause] >> this san francisco ryther created the radar reading series

in 2003. she was inspired when she first moved to this city in the early 1990's and discover the wild west atmosphere of open mi it's ic in the mission. >> although there were these open mics every night of the week, they were super macho. people writing poems about being jerks. beatty their chest onstage. >> she was energized by the scene and proved up with other girls who wanted their voices to be heard. touring the country and sharing gen-x 7 as a. her mainstream reputation grew with her novel. theses san francisco public library took notice and asked her if she would begin carrying a monthly reading series based

on her community. >> a lot of the raiders that i work with our like underground writers. they're just coming at publishing and at being a writer from this underground way. coming in to the library is awesome. very good for the library to show this writing community that they are welcome. at first, people were like, you want me to read at the library, really? things like that. >> as a documentary, there are interviews -- [inaudible] >> radar readings are focused on clear culture. strayed all others might write about gay authors. gay authors might write about universal experiences. the host creates a welcoming

environment for everybody. there is no cultural barrier to entry. >> the demographic of people who come will match the demographic of the reader. it is very simple. if we want more people of color, you book more people of color. you want more women, your book more women. kind of like that. it gets mixed up a little bit. in general, we kind of have a core group of people who come every month. their ages and very. we definitely have some folks who are straight. >> the loyal audience has allowed michelle to take more chances with the monthly lineup. established authors bring in an older audience. younker authors bring in their

friends from the community who might be bringing in an older author. >> raider has provided a stage for more than 400 writers. it ranges from fiction to academics stories to academic stories this service the underground of queer fell, history, or culture. >> and there are so many different literary circles in san francisco. i have been programming this reading series for nine years. and i still have a huge list on my computer of people i need to carry into this. >> the supportive audience has allowed michele to try new experiment this year, the radar book club. a deep explorationer of a single work. after the talk, she bounces on stage to jump-start the q&a. less charlie rose and more carson daly.

>> san francisco is consistently ranked as one of the most literate cities in the united states. multiple reading events are happening every night of the year, competing against a big names like city arts and lectures. radar was voted the winner of these san francisco contest. after two decades of working for free, michelle is able to make radar her full-time job. >> i am a right to myself, but i feel like my work in this world is eagerly to bring writers together and to produce literary events. if i was only doing my own work, i would not be happy. it is, like throwing a party or a dinner party. i can match that person with that person. it is really fun for me. it is nerve wracking during the

actual readings. i hope everyone is good. i hope the audience likes them. i hope everybody shows up. but everything works out. at the end of the reading, everyone is happy. ♪

>>ç good afternoon. today. i am phil ting. çwe are happy to announce the first audit of foreclosure records in the state of california. what we startedç with, we have been facingç this foreclosure crisis for a number of years. little by little, we had çtaxpayers come in who were either refinancing or pursue foreclosures, and wanted our

assistance in looking at their çdocuments and county land records. historically, the process we have in california is a non- judicial foreclosure process. çyou do not need to go to court if you do not want to. what developed quite a while ago, beforeç security, mortgag- backed securities, fannie mae, freddie mac. it is a peer the antiquated system that has not kept up with the changes in the industry. i think what this report shows is that the system is completely broken, for us, as county recorder, the mortgage industry, the system is broken for consumers. we have plenty of laws on the books but they are clearly not being followed. equitas reviewed this together

with us. each of those records show at least one clear violation of the law. çanother percentage applied to suspicious activities. that is like backdating documents. not a violation of law, but odd when you submit documents that are backdated two yearsok prior, submitted on behalf of the agencies that no longer exist. almost every single document we reviewed of the 2405 foreclosuresç between january 2009 and november 2012 showed that. a sample of 382 documents

between -- of that total -- 2405 foreclosure sales. the main challenge we face is we want to ensure, asñr reporters, that we have a clear and transparent title process. i think we owe that not just to the taxpayers and property owners in san francisco, but we owe that to the entire state. state lawç governs everything e do. it is so important, in a state that has a non-judicial foreclosure process, that the law is followed. the reason other states have been able to pick up on these items faster is because people have to go in front of judges. they understand what all laws are and have shown less tolerance for people not following the law than here in california.

we have an issue of assignments. 75% of the assignments we looked at show the issues. for one example, we have a category of self assignments of the deed of trust. 21% of deeds of trust were self assigned. what that means is the lender of record is not signing it over to a new lender. it is the new lender signing the document over to him or herself. it would be like me taking your home but assigning it to myself without your authority. it seems very odd that 21% of the time that occurred. obviously, that is highly problematic, a violation of the law. 85% of the time there was a

substitution of trustee. the trusty that file the notice of the fault was not the same name on the deed of trust. that means the actual trustee in charge -- almost being an independent third-party to foreclose on somebody -- was not the trustee of record. somehow, they are taking this property. if you are buying a foreclosed sale, basically, we have institutions that are saying, you are buying this, but for whatever reason we do not own this property, all you get back is your deposit. we are not saying that we do not own the property there. that is problematic. that is 85% of the time, page 9 of the reports. to give you an idea of this

suspicious activity, false claims of beneficiary status. the entity claiming to be the beneficiary of the deed of trust is not the actual current beneficiary on file with the property is sold at auction. you actually have a party that is selling a home that -- at an auction, that according to our land records, has no connection to it. you may ask yourself -- as i have, walking through this report -- how did this happen? clearly, there is no oversight. there is a process that is pretty strict, in terms of what the law says, but a complete lack of oversight. the only oversight that can happen is, if i, as a consumer, was foreclosed on, and i brought it to a court of law where they

would enforce this process. we are not saying contracts were not broken in terms of whether people were able to pay their loans or not. we are not saying whether anybody individually, parties as a whole were bad actors. what we are saying is, on the whole, california has borne the brunt of this foreclosure crisis. what we are seeing is the process of where we are foreclosing property, taking property from the county land records is 100% broken, and is not working for any of us at this point. çwe obviously know there was a recent settlement from the attorneyç general's, 49 states across the country. çobviously, we think it did a good job of getting retribution back for homeowners who were

perhaps victims of this process. obviously, no settlement can encompass everything, which is impossible. what the settlement did not do is look at, in the future, what this foreclosure process should look like in the state of california. what we have for the first time is hard data. in the past, we have anecdotal evidence. a homeowner here or there, institution here, home loan there. we have statistical analysis now of records in our county that point out the level that the law has been followed or not, in a variety of texts. we hope this report will be used by policy makers, by attorney general's, city attorney, to be looking at future action, as well as the industry, to look at

what theñr process should look like. i am now going to ask lou to walk through the report. by the way, these are all the documents that we reviewed. >> that is a very small sample. from this, we produced about 4000 pages of analysis that we condensed into this 20-page report we are releasing today. good afternoon. lou pizante. i am a partner at equitas. my name is on the back of the report as well. there has been a lot of anecdotal evidence about

foreclosure irregularities, as bill said. where there is smoke, you naturally expect to find fire. what thisç report uncovered was an honor inferno. what we did was we looked at 60% of foreclosure sales over a three-year period and focused on six areas. we actually have that. we look at documents that were recorded at the county recorder's office and we also looked at public information federal filings, such as sec filings in connection with securitization. the first page is an introduction that just gives some summary statistics. then we go into each area and talk about the topics in each area and explain them with the knicks -- exception rates that we found.