Wells Fargo Facing Protests for Foreclosures from Clergy, Community Activists and Occupiers in San Francisco
- Posted on February 27, 2012 at 12:15am by
Christopher Santarelli
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Many clergy members and community activists in San Francisco have been rallying together to protest megabanks for what they say is rampant foreclosure abuse. The liberal blog Think Progress reports that “The New Bottom Line,” a coalition of faith groups, pledged to encourage consumers to move $1 billion this year to credit unions and community banks, and before Thanksgiving, churches moved $55 million away from Wall Street banks with pledges to remove as much as $100 million more.
ABC San Francisco reported that dozens of clergy members and community activists demonstrated Wednesday outside the headquarters of Wells Fargo Bank in San Francisco in protest of what they say is rampant foreclosure abuse. ABC notes that the action comes after the release last week of a report by the city’s assessor-recorder’s office that found that 84 percent of foreclosures studied in an audit of 382 San Francisco homes from the past three years violated at least one state foreclosure law.
“About 45 clergy members and another 45 community members gathered outside the bank’s headquarters at 464 California St. this morning to speak about how foreclosures have affected the city and plans to move their money out of Wells Fargo accounts, Nelson-Blake said.
The group also sprinkled ashes in front of the bank as part of an Ash Wednesday ritual symbolizing a call for the bank to repent.”
Zombie of PJ Media reports that Occupiers protested Saturday outside of the home of Wells Fargo CEO John Stumpf, with demonstrators holding up oversize cutouts of Stumpf and notices of default “foreclosing” on the “Robber Banker” CEO himself.
The blogger videotaped an “archbishop” from the John Coltrane African Orthodox Church at the demonstration, demanding that Stumpf stop “stumpfing on the poor.”
Think Progress reports that Wells Fargo issued a statement in regards to the Wednesday protest, saying, “We make every effort to avoid foreclosure.”
Wells Fargo spokesman Ruben Pulido told ABC that less than 2 percent of homeowner-occupied loans in its portfolio have resulted in foreclosures in the past year.
Pulido said, “We understand that some of our customers are going through difficult times during this economic recovery” and encouraged customers to work with bank employees to determine which options are available to them.
“The unfortunate reality is that some customers are in homes they cannot afford, even with substantially reduced payments,” Pulido told ABC.
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Comments (51)
TexBork
Posted on February 27, 2012 at 1:20pmPeople not Profit? How do people make money without profit? Home is for people not banks? Fine, don’t buy a home from a bank then. These people are either playing stupid or aren’t playing. Know what I mean?
Report Post »bullcrapbuster
Posted on February 27, 2012 at 1:11pmSo they have “dozens” of protesters. Glenn got out hundreds of thousands and the media turned a blind eye.
Report Post »SkunkWorks
Posted on February 27, 2012 at 12:20pmI like that protest sign that said “stop PG&E smart meters”.
I like how these protests have no problem giving out all their personal info on google and face or twitter any many other websites but they have a problem with goolge and PG&E keeping track of their electricity usage.
Don’t they know that these smart meters will help them keep track of their power usage making them more responsible in the amount and way they use power.
They got what they voted for and now they are crying
Report Post »BarackStalin
Posted on February 27, 2012 at 1:49pmWhat was wrong with the old meters that simply measured how much electricity you used? The world seemed to function well enough.
My auto insurance company offered me a discount if I would just let them install a device that tracks when I am operating the vehicle and where I am at all times.
Why? How does giving this info to my insurance company make me less likely to wreck my car?
I don’t know why they want to track me, and I don’t know why PG &E wants so much detailed information about my daily showering and sleeping habits…
BUT I KNOW IT’S NOT BECAUSE THEY LOVE ME AND THEY JUST WANT WHAT IS BEST FOR ME…
Report Post »ed0315
Posted on February 27, 2012 at 3:58pmUmmm, that’s not what all they do. Smart meters and the ‘smart” grid will be a huge interference in your life. Why do you a meter to tell you about your usage, you already have something that does that, it’s called a bill. Your bill is too high one month, you cut back on your usage. These smart meters and smart grid will be talking to each other as well as with your appliances. All new appliances will be smart grid enabled and will not operate unless they are “talking” with the grid. You come home from work on a very hot and humid August day and can’t wait to get into your a/c cooled home only to find out that power use is at a high point and the local utility has turned off your a/c or at a minimum scaled back it’s cooling to 78 degrees. And as far as washing your clothes and using your electric dryer? Not till night time!
Report Post »BoatFix
Posted on February 27, 2012 at 11:17amMore evidence that many in our society want someone else to take responsibility for their own actions and misfortunes. Back in the last real estate crash (1987) I was living in the Bay Area and I too bought when real estate was at it’s peak. Within 14 months my house was not worth what I paid for it. I had to rent it out just to help pay the mortgage but I was still paying another 200 a month on top of what I was getting in rent. Nonetheless, I kept it out of foreclosure for another 8 years and then sold it for more than I paid for it. My neighbor at the time kept pulling equity out of his as he had bought when the prices were much lower. He lost his house because he had borrowed the max out of it, and could not keep up the payments.
Report Post »People need to quit being cry babies, and just move on. So, you lose your house. So what! It’s just a house, it’s not a loved ones life… Its just a house.
detest
Posted on February 27, 2012 at 7:48amYa…I use Wells Fargo as well. Got a mortgage through them as well, never had a problem (that I didn’t cause.) Recommend paying your mortgage.
Report Post »Gonzo
Posted on February 27, 2012 at 7:59amYou mean you signed a contract and intend to fulfill your side of the bargain? How old fashioned of you.
Report Post »Bum thrower
Posted on February 27, 2012 at 9:06amThat just indicates that 84% of those who were foreclosed on: 1. paid too much for the property; or 2. the bank was ‘forced’ to make the loan; or 3 the borrower should have not applied in the first place;
How many times have you seen one of those “evil, greedy loan processors” run out of the bank and drag some poor minority slob inside and force them to take out a home loan? Hmmmmmmmmmmmmm
Report Post »watchtheotherhand
Posted on February 27, 2012 at 9:29amAgain it is about income/resource redistribution. Give them homes they cannot afford with money that is loaned under compulsory means. We then bailout those institutions with toxic assets with billions in tax payer money, Then those same lenders are demonized for foreclosing on property that the borrows are not and have not for a time been paying on despite compromise in the repayment schedule. Just one little guess what that does to the bank’s bottom line and who once again will be forced to cover the loss. I can think of one family who’s house needs to be foreclosed on…..Obama’s
Report Post »Gonzo
Posted on February 27, 2012 at 7:39amThe clergy in San Francisco has been doing such a great job sprading the Gospel, you just have to listen to them.
Report Post »Rational Man
Posted on February 27, 2012 at 7:06amDon’t get in over your head and pay your bills! Then there is no foreclosure problems.
Do they really think that credit unions and community banks will not foreclose on them if they don’t pay their mortgage? Nothing is free in this life. Pay up or get out………..
Could be a real problem for churches since I’m sure Ca. won’t allow home churches, (just like communist China), and they won’t let them rent a space in a school on Sunday.
Report Post »Baddoggy
Posted on February 27, 2012 at 6:29amClergy? You mean like Al Sharpton and Jesse Jackson kind of Clergy?
Report Post »Nutjobs, slumlords, poverty pimps and OWSers united as one?
Wow The Circus is truly in town!
AJAYW
Posted on February 27, 2012 at 7:33amYep the buttom feeders
Report Post »christianUSA
Posted on February 27, 2012 at 6:24amOpinion: No fan of SF-CA craziness but KNOW that when a court froze assets an WF found out they first raised interest high over state limits and were the most aggressive nastiest to deal with; therefore it seems plausible that they behave similarly of foreclosures
Report Post »Wildape
Posted on February 27, 2012 at 6:21amClergy? God wants you to have a better loan? Why even try to reason with these people?
Report Post »Diane TX
Posted on February 27, 2012 at 6:27amI keep hoping that “God” wants me to win the lottery. So far, it is not happening.
Report Post »BuggiOlleo
Posted on February 27, 2012 at 6:19amAnyone can put on a starched collar and a black shirt then call himself –Priest..Think Progress; SFOP(organizer?) try..ACORN, these folks need the Media to play along for garbage like this to become a tidal wave–justice for injustice! Maybe the folks buying a 300k home lookin over their Community Organized City should have reconsidered the nothing down with no credit and an ARM..This is typical; lawyers are licking their chops-I see another tobacco type settlement in the near future for folks being stewpid and acting as if their responsibilities lay upon someone else to clean up..After the settlement with banks last month, foreclosures are inevitable, and idiots such as this SFAKORN will be getting paid stirring up a political tsunami for acting Organizers in Chief..he is Occupying the White House in case you haven’t figured it out yet.
Report Post »I wonder if this SFAKORN has made a 60 sec spot on Nightly News or a new 60min fab on Sunday. National Media is are a bunch of peons. They will TRY those gullible enough to be persuaded.
TommyJH54
Posted on February 27, 2012 at 5:51amMy Credit Union (Belco) wanted people to support bank transfer day, so I did. I moved all my money, except the“minimum” required by the credit union, over to Wells Fargo. My credit union decided they need to charge for their paper statements because they want you to go paperless. On reason was for the environment, the other was and I quote “The $2.00/month fee is simply a motivator to get members to change their behavior.” There is no difference between commercial and credit union. Like anything else, shop around. ALL banks like to play games once in a while. Keep two accounts and play along! Wells Fargo does not charge me fees and they are great to deal with!
Report Post »TurboCat
Posted on February 27, 2012 at 6:14amWhy is nobody protesting outside of Fannie and Freddie?
Report Post »kaydeebeau
Posted on February 27, 2012 at 6:37amBecause Fannie & Freddie belong to the cathedral where this group of “clergy” worship….government (aka ba’al)
Report Post »rambosharley
Posted on February 27, 2012 at 5:44amIf everyone thinks it’s ok to blame the Banks for this housing mess …fine! However, you can’t forget about BIG GOVERNMENT….You know the COMMUNITY REINVESTMENT ACT…..forcing banks to loan $$$$ to people who weren’t qualified. We need to get rid of that and I’m pretty sure the banks will stop lending $$$$ to people that can’t pay it back. BIG GOVERNMENT needs to get out of everything and this country will be better off!
Report Post »neidermeyer
Posted on February 27, 2012 at 6:45amThe CRA is irrelevant to this problem ,,, just look at the areas hardest hit … none of them are CRA heavy areas .. This has to do entirely with the markets being flooded by money ,, forcing prices up and the total disregard for underwriting standards … Blame the people if you want but most involved HAD TO buy a home for the usual reasons (moving , growing family etc.) … 5,6,7 years ago apartments were VERY hard to find and the rents were sky high as so many were off the market being remodeled into condo conversions. Creating a bubble on purpose is criminal when it involves a thing (housing) that is NOT an option ,, people NEED housing.. This isn’t tulip bulbs or something else meaningless.
Report Post »The Third Archon
Posted on February 27, 2012 at 5:04am“Think Progress reports that Wells Fargo issued a statement in regards to the Wednesday protest, saying, “We make every effort to avoid foreclosure.”
And by “every effort” what they MEAN is they avoid it when it isn’t profitable for them to do so…which is almost never.
““The unfortunate reality is that some customers are in homes they cannot afford, even with substantially reduced payments,” Pulido told ABC.”
Report Post »Yes, that reality IS very unfortunate–what is even MORE unfortunate, is that it is the VERY SAME BANKERS who bought the political class that created the “unfortunate reality,” that they manage to find time to lament, in the first place.
kaydeebeau
Posted on February 27, 2012 at 6:44amForeclosure is profitable to a lending institution how? Hint – foreclosure generally measns that for quite some time no payment on a loan has been amde, meaning that there is a financial loss to the institution. Pile on top of that, the fact that the original asset for which a loan was obtained is now worth less than the original investment, another financial loss. Apparently you went to the government indoctrination center in yolu local community (public school) where 2 + 2 = whatever-you-want-it-to-be-so-your-little-psyche-and-self-esteem-aren’t-damaged and Economics 101 means spending and borrowing to get out of debt reigns supreme.
Report Post »neidermeyer
Posted on February 27, 2012 at 7:03amHAYDEEBEAU ,
Wake up ,, foreclosure is VERY profitable if that gives you back an assett that you HAVE ALREADY SOLD AND HAVE BEEN PAID FOR IN FULL… you get to book the full amount you eventually sell it for as profit. These banks sold the loans to wall street , the loans no longer exist as the assett (the income stream) was crafted into a security instrument. you can’t have shares of stock and a mortgage ,, one or the other. Wake up and look at the investor side lawsuits.
Report Post »Free2speakRN
Posted on February 27, 2012 at 3:55amClergy?
Report Post »R.A. Bullseye
Posted on February 27, 2012 at 2:17amHey CraztTimes- I agree. No one twisted their arms and made them sign a contract to buy a house. If you can‘t afford a house don’t buy one !!!! Think before you make that decision…THINK.
Report Post »UBETHECHANGE
Posted on February 27, 2012 at 1:47amGive the Youtube video a thumbs down!
Report Post »Crazy Times
Posted on February 27, 2012 at 1:43amSummer of 2012 is starting off early! :-/
- “I’ll be out there in the streets marching with you” -BO
You sure are Mr. Pres, you surely are….
Report Post »Female
Posted on February 27, 2012 at 1:43amMR POTTER DID IT!
The ignorance regarding the Great American Housing Holocaust is astounding in the denial and blame of the events upon victims. People were lied to and taken advantage of in the beginning loans with promises of refinance to reasonable fixed rates. People were lied to repeatedly during the “modification” process. Money was deceitfully taken as partial payments with promises that would stop the sale on the courthouse steps all the while the bank foreclosed anyway. Neighborhoods were emptied. Children displaced and friends were lost. Educations were disrupted. Crime increased. Health suffered from stress. Some deaths occurred by suicide, compromised immunity, and broken-hearts. Home values plummeted, some just before retirement. Talk to Realtors or credit unions–local banks lenders; they will tell of the financial post-tramatic stress disorder which has spread accross the industry as people are once again by homes after renting for their 3 years.
Wells Fargo is one of the worst!
Great job! I wish there was a day for all displaced families to occupy local courthouses simultaneously where their homes were sold! I wish pictures could be taken of families wearing the shirts of the banks which foreclosed on them. I wish somebody would gather all the statistics and stories from the families and publish them.
Blessings, healings, and peace to all those who suffered this blight from bank greed!
Report Post »Crazy Times
Posted on February 27, 2012 at 1:47amhey i got another idea,
DONT BUY A HOUSE IF YOU CANT AFFORD IT!!!!!!! Nobody was forced to sign a contract to buy a house.
Go occupy a toliet. It would have more meaning.
Report Post »Female
Posted on February 27, 2012 at 2:06amCrazytimes,
The truth is very few people can buy a home outright without a loan. Therefore, very few can actually afford the home they are living in and paying off. You see, sometimes, life happens, beyond your control, like death of an earner, divorce, job loss, down turn in economy, and yes, even professionals with great skill at sales down right lying to consumers! So, the difference between you and those who lost their homes might not be about how long you spend in the bathroom for your business verse theirs but just not having to experience whatever happened including “PREDATORY LENDING PRACTICES”.
Really, I am pretty much against what the occupiers do. I don’t think the people, who would go to the event I spoke of would like the atmosphere of much of the ows crew. I believe it would be a very somber event for the greiving of the American Dream of home ownership. The people who lost suffer similiarly to those after the Great Depression. However, to do this for one day and two hours, and maybe even prayful silence for our national loss; I do not believe is a toilet idea.
Perhaps, instead of being rude and comtemptuous….you could choose to be grateful you are one of the grieving, understanding enough to listen, forgiving to those who admit to being dopes, merciful enough to speak healing, and helpful by just not typing vile stuff in anger.
Report Post »The Third Archon
Posted on February 27, 2012 at 5:08am@CRAZY TIMES
“hey i got another idea,
DONT BUY A HOUSE IF YOU CANT AFFORD IT!!!!!!! Nobody was forced to sign a contract to buy a house.
Go occupy a toliet. It would have more meaning.”
I wonder if you’ll STILL be preaching that creed when the ONLY people who can afford housing are the top 1% of income earners. Keep denying income equality matters–eventually, when there IS no income equality, and you have no money (unless, of course, you ARE that one person remaining who HAS money), we’ll see if you still believe that.
Report Post »Diane TX
Posted on February 27, 2012 at 6:21amGeez! Are you for real? What normal person signs on a mortgage that they know it’s impossible for them to pay? Maybe they are crack addicts – that would explain it.
Every time there’s a Democrat President in the White House, things always go from bad to worst. It’s about time that people get smart and stop voting for them.
Report Post »term limits for congress
Posted on February 27, 2012 at 1:11pmThis is not a one-size-fits-all Great American Housing Holocaust.
The “victims” often took out huge home equity loans, or used ARM’s to purchase the house with the hopes of flipping it for PROFIT. The problem is that some of the greedy profit seekers got burned. Too bad – it is a risk.
Many more foreclosures are “strategic defaults” where the home owner (occupier) can afford the mortgage payment, but does not pay because it is no longer a good investment. The foreclosure process may take a couple of years – meanwhile, the home owner is banking the mortgage payments.
And, the bulk of foreclosures are happening in areas where mortgage prices were articially inflated.
So, the comments about educations being disrupted, suicide from stress, friends lost, etc… I ain’t buying it as a wholesale fact. Sure, banks are evil, but a lot of the victims are complicit in the evil.
Report Post »powedj
Posted on February 27, 2012 at 1:04amI’m a proud Wells Fargo customer with a mortage that I can pay. Would never change banks.
Report Post »lukerw
Posted on February 27, 2012 at 1:12amIf they have that much money to move… they can pay their Mortgages! These are;;; Black Liberation Theology Churchs… of the ilk of Obama & ACORN… involved in Gangster Activism!
Report Post »Lord_Frostwind
Posted on February 27, 2012 at 1:56amWells Fargo has been good to me, and I’m happy to support them with my dollars.
Report Post »Thevoice
Posted on February 27, 2012 at 1:00amListen…When you are dumb enough to fall for the old …Sign and drive …On something with a sticker price of $500,000 or more (as in the homes they were building and selling) that’s going to cost over a 1,000,000 paid for. You deserve the Obama OWS encampment tent and the capitalism bad sign your wearing instead of clothing today. Come on visit Oz and get a brain…
Report Post »jujubeebee
Posted on February 27, 2012 at 12:42amThe people who could not pay for their homes will survive. It will be without the home they couldn’t pay for. This is the risk taken. It is like gambling. If they cannot pay what they signed onto then so be it. Be an adult!
Report Post »mharry860
Posted on February 27, 2012 at 12:35amOccupiers finally got something right, check out Zero Hedge.
Report Post »HorseCrazy
Posted on February 27, 2012 at 12:35amdon’t pay for your home it gets taken by the bank. Yes it is awful to lose you rhome do the banks screw up paperwork? of course sometimes it happens. Does it mean you are waved from paying back the loan? no. I pray for folks during these hard times. The banks would have been in a lot better position if they would have encouraged people to stay in their homes and added back payments onto the principal and lowered the interest and ammoratized over a 40-50yr instead of the standard 30. win win for everyone since they would not be out a dime. I said this since day 1 but what am I? Just a gal who owns a commercial real estate and property management co and a chain of mortgage offices. what the heck do I know. I am sure all these protestors and ag’s suing banks etc are really going to help things…not
Report Post »AxelPhantom
Posted on February 27, 2012 at 12:47amYes, homeowners have rules to follow that they agreed to and banks have rules to follow as well. If the statistics cited in the article are correct and 84% of the forclosures at that bank broke a law, then they are by no means let off the hook, something isn’t right there.
Report Post »VoteRightDammit
Posted on February 27, 2012 at 12:32amI saw there were, apparently, alleged ‘clergy’ from other supposed ‘churches’ ……..
but my wager is this was coordinated by the Episcopal ‘clergy’ {sic}, given the decay of that organization and their adoption of anti-Christian teachings (especially since Prop 8, in which they led the opposition to the people’s efforts to defend marriage).
Report Post »HorseCrazy
Posted on February 27, 2012 at 12:38amyes clergy has taken new meaning these days now that anyone can be ordained online
Report Post »Greenwood
Posted on February 27, 2012 at 9:17pmJesus was neutral in the social and political conflicts of the day.
Report Post »John 17: 14 I have given your word to them, but the world has hated them because they are no part of the world, just as I am no part of the world. The early christians refused to engage and chose to suffer rather than compromise their neutral stand. A big contrast from what we see here.