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Richmond, California takes action

November 19, 2010

Community Leaders call on Wells Fargo to be accountable for theft against communities

RICHMOND, CA – On Thursday, November 18th, faith and community leaders held a press conference and action in front of a Wells Fargo branch in downtown Richmond and called on this and other big banks to be accountable for the theft they are committing against our families and communities.

This holiday season, while big banks gear up to pay $144 billion in bonuses countless of Americans will lose their jobs, home and families. Unemployment is at all-time high of 9.6% and foreclosures are constantly rising.  In the 94801 zip code, the largest in Richmond, almost half of all homes are in foreclosure or are financed in sub-prime mortgages and are at risk of foreclosure. 

At the action, a diverse group of community leaders shared their testimonies and made demands on Wells Fargo Bank to create real change and place a foreclosure freeze until a thorough investigation of their foreclosure procedure takes place.  Richmond Mayor Gayle McLaughlin also attended the event, announcing the introduction of a “Responsible Banking Ordinance” that would require banks to earn the City’s money investing in communities through small business lending and by working with families in good faith to help eligible homeowners obtain permanent loan modifications.

Wells Fargo recently admitted that they wrongfully foreclosed on 55,000 families.  Yet, they still refuse to freeze their foreclosure process and make any systemic changes.  Meanwhile, and while our economies continue to suffer, Wells Fargo Bank also reported $3.34 billion dollars in profit this past month.

This action is part of a national effort from November 15 – 19 with community groups from across the country to demand that big banks fix the foreclosure crisis they created and halt foreclosures until homeowners have a real chance to save their homes.

2 Comments leave one →
  1. Take Responsibility permalink
    November 22, 2010 4:58 AM

    I have an issue with this website and its articles. All of this finger pointing towards “big banks” needs to stop. First of all, the main problem for housing recession was AIG, who was offering ARMS and sub-prime mortgages without income verification and credit check ups. Was that scandalous? Yes. There’s no way around that. But you know what? People need to use common sense and take responsibility for their own actions and quit blaming others. Many of these foreclosures happened b/c people bought homes they knew they couldn’t afford with a conventional loan with a traditional bank, but b/c of their lust for a home out of their price range and a suspect financial institution in AIG making it seem they could pay whatever they wanted as a monthly payment and there would be no consequences eventually, people bought these homes. PLEASE. Where is the common sense that a person is supposed to use? Was it wrong for not just AIG, but other insitutions who participated in these activities? ABSOLUTELY. But what about the responsibility of the consumer? They aren’t supposed to take any? Those people who took out those bad loans KNEW they couldn’t afford those homes, yet they still bought them. Paying whatever you want for 5 years on your home and you don’t think there’s something fishy or there’s a catch after those 5 years? People weren’t “dooped”, people were negligent in using due diligence in order to find out that the decision they were making was not only a good decision short term for their family but long term as well. People need to quit blaming “big banks” and start using common sense. Become educated, read up on what you’re getting into before you sign documents, and quit blaming others for the decisions you make. Banks offer many services that people need to appreciate more. Do they do everything correctly? No, but no person or entity is perfect. But ultimately the responsibilty should come back upon the consumer. They knew their situation, they knew what they could afford, and they signed the documents on a house they knew was out of their budget after the 5 years of paying nothing on the home. Stop it with this bank blaming and take responsibility for your own actions. And for the people’s homes who declined in value b/c of foreclosures and short sales? Don’t blame the banks either, blame the people down the street who made a dumb decision they knew they shouldn’t have made. The banks are offering a service you need to appreciate b/c no one has $50,000 or $100,000 laying around to just go buy a home. They give you the money to buy a home, they break it down into a long term so that it’s affordable to you, and they earn money on it which they rightfully should b/c they’re taking a risk loaning a huge, lump sum of money to a person and expecting that not only that person keep a steady job for 30 YEARS, but that person has the ability to repay the loan for 30 YEARS. If you’re going to bitch and moan about the banks, don’t get a mortgage. Go rent for the rest of your life. Yes, a few banks did some shady things, but most of the “big banks”, Chase, Wells Fargo & US Bank didn’t contribute to this crisis. AIG was the main culprit, please understand this. This website is off base with its facts and its using propaganda to blame the “big banks” b/c people don’t want to admit they didn’t use common sense and in turn don’t want to take responsibility for their own dumb decisions.

  2. losing my home in florida permalink
    January 26, 2011 12:16 AM

    wells fargo is one of the biggist culprits. what do u call appraisal fraud? straw buyers splitting pay offs on our dime artificially raising property values. We bought homes bc of the mortgage intrest deduc. Most of us counted on salary raises in a normal economy by now we should have seeen salaries rise but with asour economy no raises but layoffs and stress which causes illnesses. I dont appritate people putting this all on the home owners we have children most of us are responsible. these loans were sold on the day we closed. sold to investors. Unsecured debt. not recording slae with county. appraisal fraud so instead of running your mouth help us keep our homes beleive me if i could sell i would thank you

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