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Wednesday, February 27, 2013

Occupy Still Really Mad at Wells Fargo, Plans to Announce New Campaign Today

Posted By on Wed, Feb 27, 2013 at 9:00 AM

Could really use a principle reduction
  • Could really use a principle reduction

It's been a while since we've heard any rumblings from Occupy and disgruntled homeowners in general. But that's not to say they haven't been actively pissed-off. In fact, the group has been working up a new campaign, behind the scenes, which they plan to launch today.

This morning, homeowners/Occupiers in San Francisco, Oakland, and Los Angeles will descend upon their local Wells Fargo banks to announce their latest effort to purify the big bank. Specifically, the groups want Wells Fargo to enact a broad principal reduction program and reduce short sales.

See Also: Wells Fargo Accused of Discriminatory Home Foreclosures

If you can ditch work today, the San Francisco event will start at 11:30 a.m. at 120 Kearny Street in the Financial District. We'll provide a map below.

According to the Alliance of Californians for Community Empowerment and the Home Defenders League, Wells Fargo remains the largest mortgage service provider in California and is currently in the process of foreclosing on more homeowners than any other bank in the nation. Wells Fargo has refused to hand out principal reduction, which is a standard element of loan modifications. Also, the dollar amount of principal reduction Wells Fargo is providing is "paltry," the groups say.

Loan modifications with principal reduction will help homeowners stay in their homes and stabilize our communities and our economy.

These distressed homeowners are pointing to a recent progress report from the Attorney General settlement that shows Wells Fargo's average amount of principal reduction is $74,837, compared to Bank of America's $192,090. By the way, Bank of America gave out nearly $1 billion more in principal reduction during in California than Wells Fargo did between 2008 and 2011.

"Wells Fargo is a community destroyer, with plans to kick over 3,500 families out of their homes next month. It's time for Wells Fargo to invest in making California stronger and healthier," says Ross Rhodes, a Wells Fargo borrower and member of the ACCE Home Defenders League.

So here's their latest demands:

  • Make principal reduction a core front-end strategy when considering loan modifications;

  • Release information on the race and income of the homeowners they foreclose on, evict or assist.

  • Stop all foreclosures and evictions until these steps are put into place.

C'mon, Wells Fargo, they're not asking for world peace.

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About The Author

Erin Sherbert

Erin Sherbert

Erin Sherbert was the Online News Editor for SF Weekly from 2010 to 2015. She's a Texas native and has a closet full of cowboy boots to prove it.


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