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California legislature may expand lending limit

Rick Jurgens, SF Public Press — Dec 15 2011 - 5:18pm

LEGISLATION: Lawmaker wants to raise payday loan limit to $500; others want restrictions

“Fast Easy Cash when you want it!” That’s the promise on the cover of an application for a “cash ’til payday” loan from DFC Global Corp. The company operates eight Money Mart stores in San Francisco, more than any other payday lender. But fast money comes at a high price —an annual percentage rate up to 459 percent. Currently, California has a $300 limit on each payday loan. But legislation pending in Sacramento would raise the maximum amount to $500. While supporters of the bill say the loans benefit working people, consumer advocates worry that borrowing at high interest rates can sink poor people further into debt. That was the concern of the San Francisco city attorney’s office, which this fall settled a suit with a payday lender accused of exceeding the legal limit.

Big banks help payday lenders offer quick cash at steep prices

Rick Jurgens, SF Public Press — Dec 15 2011 - 5:17pm

BUSINESS: Wells Fargo, Credit Suisse among biggest backers of profitable low-finance firms

Even as the Occupy San Francisco encampment at the base of Market Street expressed outrage at big banks and high finance, it remained business as usual at some of the city’s less glamorous financial establishments. San Franciso-based Wells Fargo, as well as other banks, are investing big money in firms that lend money at rates they are prohibited from offering. High-interest, unsecured “payday” loans are readily available at 32 establishments along Market Street and in low-income communities around the city. The banks’ names and brands are nowhere to be seen, but they have invested hundreds of millions of dollars in businesses that charge an annual percentage rate of 400 percent or more, a practice once considered by the state of California to be “usury.”

Change starts at neighborhood corner store

Marta Franco, Mission Local — Nov 3 2011 - 10:15am

Cookies, sandwiches, salads: Every afternoon, neighbors and visitors stop at Tony’s Market at 24th and Hampshire to buy  food or pick up lunch at Pal’s Takeaway, inside the store. Only a few years ago, Kassa Mehari, the store’s owner, sold mostly liquor. But three years ago, as the street was developing, Mehari decided it was time for the store to change. 

Activists say ditch banks, go to credit unions on Nov. 5

Niema Jordan, Oakland Local — Nov 2 2011 - 1:20pm

Did you know that this Saturday, Nov. 5, is Bank Transfer Day? If you've seen the Facebook event, which has more that 58,000 RSVPs, or the Twitter page, then you've seen the red, white and blue mask, and have probably read the following: "Together we can ensure that these banking institutions will ALWAYS remember the 5th of November!! If the 99% removes our funds from the major banking institutions to non-profit credit unions on or by this date, we will send a clear message to the 1% that conscious consumers won't support companies with unethical business practices."

Behind the protest signs: The voices of Occupy San Francisco

Christopher D. Cook, SF Public Press — Oct 20 2011 - 8:05am

Those drawn to the movement are thinking big, and broad

Beyond the slogans and chants, what is this occupation movement about and why is it catching like wildfire? What do the growing ranks of Occupy Wall Street/San Francisco/fill-in-the-blank hope comes of this tempest of progressivism? In an emerging movement where everyone and no one is a spokesperson, and where centralized demands and hierarchy are eschewed, there is no single, or simple, answer. But there are plenty willing to express their varied hopes for the ultimate outcome to the protests.

READERS HELPED FUND THIS REPORTING THROUGH A MICRO-FUNDING CAMPAIGN ON SPOT.US

SF economic protests focus on foreclosures

Christopher D. Cook, SF Public Press — Sep 30 2011 - 11:14am
As “Occupy Wall Street” demonstrations entered their 12th day in New York and economic justice rallies spread across the country, several hundred San Franciscans took to the streets Thursday to “make the banks pay,” as the protests signs put it. Snaking through the Financial District, the crowd rallied outside the offices of Goldman Sachs, CitiBank, Charles Schwab and then Chase Bank, where six demonstrators sat in and were arrested.

Dissecting the news media's claim of anti-panhandling 'clamor'

T.J. Johnston, SF Public Press — Sep 23 2011 - 8:35am

“Aggressive panhandling” made Page One of the San Francisco Chronicle again recently. But the report, like so many others before it in newspapers, magazines, TV and websites, left readers with more questions than answers about whether the trend indicated by the paper really existed. The Chronicle reported an increase in complaints from tourists and the local hospitality industry at the presence of panhandlers who won’t take no for an answer. While it quoted hoteliers and travelers opining on the city’s homelessness problem, some vital information was missing from the story: When they say aggressive panhandling, what activities precisely are they complaining about? How do they know the panhandling problem is growing — are there any statistics? If there is more desperate poverty on the street, what are the causes?

US will recover from home loan disaster: Bank of America’s Barbara Desoer

Rick Jurgens, SF Public Press — Aug 5 2011 - 1:27pm

The market slump that vaporized $6 trillion of homeowners’ equity, and left one in four owing more on their mortgage than their house was worth, will continue through 2012. But this too shall pass, said Barbara Desoer, president of Bank of America’s home loans unit, at the Commonwealth Club Thursday. “We have weathered, and we have overcome, cycles like this before,” she said. The calm atmosphere of the talk contrasted with the turmoil that has roiled housing markets in the Bay Area, and throughout California and the nation, since 2007.

City gave up $3.5 million in community benefits before passing Twitter tax deal

Nina Frazier, SF Public Press — Jun 7 2011 - 11:17am

The April tax break for social media giant Twitter was supposed to include sweeteners to help community organizations, small businesses and the arts in the blighted mid-Market neighborhood. But just before the Board of Supervisors approved a tax exemption, which is projected to save Twitter $70 million, it abandoned a draft community benefits agreement worth at least $3.5 million, plus 1 percent of the company’s pre-tax income and myriad other community service projects. These included improvements to public parks, the opening of a neighborhood grocery store, a local hiring provision and free Wi-Fi for neighbors, the Public Press has learned. The board now has a chance to retroactively approve a committee to come up with such an agreement, but neighborhood activists say the city is in a worse bargaining position now that Twitter has its tax break.

 

Harder to Chronicle: fewer reporters cover more territory as Hearst, Media News reduce coverage overlap

Angela Hart, SF Public Press — Jun 2 2011 - 11:02am

BYGONE BUREAUS: 8 of 9 local offices of the San Francisco Chronicle shuttered in last decade

This story appeared in the spring print edition as part of the Public Press’ media package of stories.

The days of the major daily newspapers in the Bay Area battling on each others’ home turf for domination is over, as consolidation and staff reductions forced them to slash bureaus and zoned editions. The San Francisco Chronicle, which a decade ago had nine news bureaus scattered across the entire Bay Area,  now just has one, in Oakland. And in San Mateo County, where the pressroom used to be packed with reporters from radio, TV and newspapers, most days there is only a single reporter from a regional wire service.

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