greater relief. >> i think we need to open up public comment. this will be to allow members of the public to give comment right now. there will be a few of them, and then we will have members of the city departments to speak after that. we will go back to general public comment over again. ok? superisor mar: i think supervisor avalos felt the public comment was so important on this item. the department had could hear the information so they could be able to respond to issues raised by the public. my suggestion is two minutes maximum per person. supervisor avalos: ok.

thank you for your patience. >> i will try to be quick. i am with the california reinvestment coalition. it is a statewide advocacy group that is located in san francisco. i am on the board, so i appreciate the comments. i would also acknowledge the efforts of the folks on the ground, who were the heroes in the crisis. all the folks who are here. i appreciate all the supervisors and their leadership. we are working as part of the refund california coalition. it is a larger coalition that includes unions, faith based groups, community groups, students groups, all trying to address the foreclosure crisis. i come here to support the resolution. i think it is very important. local governments are trying to

figure out what they can do to weigh in on this crisis. i think there resolution sets a template out for what other jurisdictions can do. i appreciate supervisor campos and cohen. i wanted to support a few particular points for additional work around to fannie mae and freddie mac to get them to engage in principle of production. also to support tenants, as others have mentioned already. i will focus my comments on the issue of the moratorium. it seems like this is a critical window that we are in. there is a ramp up period. peeper all calling supervisor cohen: -- people are calling

supervisor cohen. the banks are not ready to deal with the people who need help for the settlement. at the same time, there is a confusing separate process -- there is a huge demand and there is some limited opportunities for people to get help. the window is now. we fully support the resolution. thank you. supervisor avalos: thank you very much. the impact of immigrants tenants. >> thank you. we will be speaking about tenant issues. i want to focus on one particular group of tenants that

i have been sitting at the office and you are left out of the pictures we talk about foreclosures. that is immigrant spanish- speaking population. particularly from district 10 and parts of the mission. these are folks or often living in single family dwellings, often, the place is divided into two or three units. these folks are receiving no notification of anything that is happening to the house. nothing. even if they do, it is never in spanish. in fact, they generally do not even notice there is a foreclosure until every letter from the bank comes around. usually, there really does not speak spanish. when the tenants get to my office, they are absolutely terrified that they will be locked out of their place and all other things will be put on the street.

i have had attended say to me that there really told them that if they did not leave in 24 hours, three days, or whatever, the things we put on the street and the doors will be locked. a lot of times, these tenants are not willing to fight for a number of reasons. one of them is because of their immigration status. sometimes, it is also because they are afraid if they fight, it will hurt their chances to get another place. i am running out of time, wow. i can tell you about a number of nightmare conversations i have had with banks or realtors. tenants have rights in san francisco. immigration status does not matter. finally, i really wished the

board could simply puts a total moratorium on all foreclosures and evictions in san francisco. the reality is, housing is a human rights. foreclosures and evictions for profits are a violation of human rights. [applause] supervisor avalos: thank you very much. i have a few speakers, foreclosure fighters. vivian richardson, please come up. kathy bell does -- valdez. please come up. just to these speakers whose names were called. >> good afternoon.

i am here today to ask for support to call a moratorium on evictions and foreclosures until all the sediment and issues with the settlement have been acknowledged and figured out. thank you. supervisor avalos: thank you. next speaker, please. >> [speaking spanish] >> i will be interpreting. she is a little bit 6 she apologizes. -- sick and she apologizes.

>> [speaking spanish] >> i have been fighting with wells fargo for the past three years. i am continually asked to reasons in paper work. i was hospitalized for a period of time and i was still being hunted by the bank to provide different information.

there has never been an agreement reached. and so, i am at this point. >> [speaking spanish] >> i had a sale date for march 27 and i have been calling. i was not able to reach anyone. ultimately, we were able to stop that sale date. yet there has not been a solution that has been presented. this was a huge stress on my family.

my spouse was scheduled to have surgery on march 30. this has been very trying. >> [speaking spanish] >> i have been so stressed by

this experience. i had another terrible asthma attack recently as a result of this process. i am looking for a resolution. i want to work with wells fargo, and that has not been the case. >> [speaking spanish] >> the day before the sale date, i have been calling to ask what paper work they need. please provide me with this information. my husband was about to go into

surgery. wells fargo was not cooperative. yes, this is a terrible process. it has yet to have any sort of double dip -- resolution. supervisor avalos: thank you. next speaker, please. we have cathy galvez. >> wells fargo is that to me on march 28. -- evicted me on march 28. my sister, myself, and are dog were made homeless on march 28. thanks to videovian, she took us

in. she took in three or fence -- orphans. we had no place to go. please, please, please stop these foreclosures. i do not want other people to go through what i have gone through. i had a large victorian, victorian furniture, now i have to -- wells fargo put a deadline for me to leave the house. it is really scary. i have a lot of people helping me. i do not want anybody else to have to thoroughly their memories and their emotions and -- throw away their memories and their emotions just to feed some greedy banks. you have to stop these banks from doing what they did to me. support the moratorium on

foreclosures. please do that. i might seem like -- my sister is more affected by it. it is scary, dangerous, i have a lot of health issues. i go to a kidney specialist next week. they kept changing my appointment. it is all connected. i have blood pressure problems. the blood pressure caused me to have damage to my heart. the blood pressure has caused me to have pulmonary edema. i was hospitalized because of pulmonary edema. the blood pressure, i am sure, it is the cause of whatever is going wrong with my kidney. supervisor avalos: thank you. i am sorry for what you were going through. [applause]

next up. >> thank you, board of supervisors, for helping me. i have a letter from 2008. i started applying for a loan. they say they could not find -- it has been more than five years that i have been fighting until i defaulted this year in january. we have been working at this. march 14, m we had a protest. i wrote him a letter. very respectfully to review my history.

this is a very -- right now, because all the work that you have done and all of the work that occupy has done, i have been approved. nobody has to suffer five years. i mean, i have anxiety, my heart is still not happy. even though i have been approved, i am not happy because there are thousands of people in foreclosure. we want them to stop all the foreclosures. with your help, all but foreclosures would be stopped. not having to suffer what i went through for five years. this is very painful for me. people that i know have lost -- i am lucky, but people that i

know in my neighborhood or people that i note in oakland, they lost their homes. thank you. stop the foreclosures. [applause] supervisor avalos: thank you during much. i am happy to hear that you have some help. before hearing from city departments, we have one more speaker. the lead housing counselor at the san francisco housing corporation. the microphone is yours. >> thank you, supervisor avalos. i want to thank all the supervisors for taking the time to have this hearing today. i want to personally thank supervisor cohen and supervisor avalos and supervisor campos for the leadership all of you have shown around this issue.

i want to talk about two things. the experience of counselors, what we have been going through and faced with and what we have been asked to deal with. i want to talk about a particular solution that san francisco and housing development corp has been dealing with -- working on. i think you've pretty much heard from various folks who are going through foreclosure what it is that they are experiencing. it is safe to say that counselors themselves are experiencing the same things. it is hard for a counselor or anyone that is a human being not to care for another human being as well as to internalize the pain and suffering. i would also say that the burnout rate for counselors is approximately 12 months.

we are down to one last counselor, and that is me. it is only because i care deeply about the community. i was born and raised here. i want to also talk about the various programs, the making home affordable program, as well as keep your home california. it has a success rate of approximately 13%. keep your home california has a success rate of 10%. it seems to me that if we are going to commit resources to addressing this issue, we need to be looking at the other side of the equation. the reality is that 87% of all

people that come forward for a loan modification, a 13% -- or 87% are basically going to lose their homes or they will have to bring the mortgage current. or some other type of outcome. in most cases, it is not a favorable outcome. the refunding perspective, and i heard quite a bit of conversation about funding we would do great harm if we continue to throw good money after bad money. we will do so by focusing on the wrong side of the equation. there is 87% of the pie that is not receiving any assistance. it brings me to the model we are working on. the boston canada capital model. -- the boston community capital model. on the left-hand side, it is a brief narrative about what is

happening to san francisco from the counseling perspectives. on the right-hand side, that information pertaining to the top two sheets and i will see if i can put them up here. supervisor avalos: i was not sure if your time was up. if you could continue. >> this spreadsheet was an affordability analysis that we conducted to try to determine whether or not the folks we were seeing, whether or not they fell into the affordability guidelines for the boston model. after determining that come up with the purchase price of the home the in terms of trying to rescue it and keep the client in the home. for those who don't know, the city of boston, what they have done is set up a model where the

nonprofits is partnering with a hedge fund and a lender. they are screening focused through partnerships with banks like banc of america at to determine whether or not the folks can qualify in order to allow boston community capital to purchase the house at a discounted price. in return, sell the house back to the client at a decent discounted price. we put this affordability analysis together, taking in comes from 60% of to 120% to determine what that acquisition price would have to be in order to make something like this successful in san francisco. i want to point out of the real- estate market in san francisco is very similar to the market -- that the markets in boston is very similar to the market in san francisco. the average sales price is 631. san francisco is 649.

there are some similarities. you have more expensive neighborhoods in boston and in working-class neighborhoods as well. and looking all the way to your right, acquisition price from the banks, for a one-person household at 98,000 and going all the way up to $259,000. if you go to a to-person households, a family that is 60% would have to buy the house back out 126. going all the way up to 120%, 344. we wanted to back into what that acquisition price would be based on the income category. if you take a quick look at the next seat behind this front sheet, it is a report on sales of real estate in san francisco over the last year. if you notice, at starting with

the first house on the list, it sold for $120,000. what is interesting, if you take a look good all the numbers, you will notice that roughly about half of them were sold for less than $300,000. if you take a look at the affordability analysis that we conducted and the acquisition price of the property you will notice that many of the numbers are very close, if not more than the $300,000. what this is telling us is that we're back testing it, we basically had an opportunity to purchase 53 of the 106 properties that were sold. supervisor avalos: in order to be able to see something like this locally, what has to happen? >> there are a couple of things. in san francisco housing development, but we will be given the presentation for the mayor's office of housing

sometime next week. we can begin to talk about this in an effort -- if you take a look at this narrative piece on the right side, what is needed from the city in order to be able to accomplish this. there are several things. what we're looking for is a general partnership with the city that says to the financial institutions that these are our partners on the ground dealing with the day-to-day activities around foreclosures and helping us to put something like this into place. for example, in boston, boston community capital has a relationship with bank of america. bank of america is sending their clients to them to be screened for this type of outcome. in order for this model to work in san francisco, there are a

couple of things that can happen. one of which is that we leased to own the property back to the client. the other is that we create a loan pool that allows the client to borrow money to buy the house back in respect of their credit. -- irrespective of their credit. a national revitalization firm that is conducting commodities stabilization strategy is has a partnership with hud which allows mortgagees to participate in a purchase of homes to keep clients in them. the other thing that i was -- in terms of the idea of creating a loan pool that could also be facilitated by a group where they could begin to do the back office work to allow us to do the lending to clients that have experienced difficulties

with their credit. but have the income to qualify for something like this. what we're looking for is a partnership with the city that can help to facilitate the relationships with the banks as well as to put something like this least two loan program in place and using the mayor's office of housing. to look at the idea of of the creation of a loan pool, which was also called for. it identified the need for a loan pool in order to began to rescue folks who are having difficulties with the mortgage. some of the things we have been able to do to date, we have a commitment of $20 million from various capital partners. they stand ready to invest with us and to help us with this. one of the things they wanted to see was the city being at the table, blessing the situation.

maybe offering a shorted bonds to stabilize the whole thing and to make sure that if something does go are right, we have the city at the table as a partner. i am ready to answer questions. i have been working on this for over a year. supervisor avalos: i know we talked about it again ago. i am very intrigues and would like to continue offline to have a discussion. perhaps we could explore that with other partners in the city. we have representatives here you can provide feedback after the hearing. >> i want to point out that i had a conversation with jeff buckley prior to coming here. what we're looking to do is to have -- to conduct a presentation for the city staff. supervisor avalos: thank you.

next up -- [applause] mr. jeff buckley. he is the mayor's senior adviser on foreclosures. >> jeff buckley with the mayor's office. i will be available for any questions that he may have after the presentation. >> i'm director of community development for the mayor's office of housing. i think listening to what people are sagging, instead of going feel a formal presentation, i want to summarize -