June 12 San Francisco Retirement System Refusing Debate on Investments in Discriminatory Banks

Update: Nine housing justice activists staged a “magical, transformational intervention” of the San Francisco Employee Retirement System (SFERS) Retirement Board meeting on June 12, 2013, in which masked players impersonated the Retirement Board Commissioners and explained why they had a change of heart, then passed two motions to engage banks like Wells Fargo, Bank of America, and JP Morgan Chase on their illegal, predatory, and discriminatory lending practices according to the long-standing SFERS social investment policy.

The nonviolent protest took place at the time that has been reserved for public comment for the past 20 years until the public comment period was moved to the end at the last SFERS Retirement Board meeting in May, requiring those wanting to make public comment to wait through three to four hours of deliberations before getting a chance to speak. SFERS Executive Director Jay Huish had also canceled, for no other reason than his “discretion”, a May 29th Special Meeting to discuss the motions on discriminatory bank lending requested by SFERS Commissioner Malia Cohen, who also serves on the San Francisco Board of Supervisors.


The San Francisco Employee Retirement System (SFERS) Retirement Board is refusing to debate two motions regarding investments in banks engaged in discriminatory lending. For the sixth month, Foreclosure and Eviction Fighters and their supporters from the vast majority of SFERS current and retired employee organizations will demand that the Retirement Board consider these motions to urge the banks to halt their predatory lending practices and to stop evicting our neighbors from their homes and make it right for those who have already been evicted.

What: SFERS Retirement Board Meeting on Predatory Bank Investments
When: 1:30pm on Wednesday, June 12 (go immediately to sign in and stand in line at the door to get a seat — no protest in front of the building this time)
Where: 30 Van Ness Avenue, 3rd floor, near Market Street, San Francisco
Petition: https://tinyurl.com/crt5kga

SFERS Commissioner Herb Meiberger introduced the motions at the April 10, 2013, SFERS Retirement Board meeting with overwhelming support from current and retired city employees served by the retirement system (read Commissioner Meiberger’s remarks about the meeting here).

Background:

IMG_2972_1Current and retired city employees, Foreclosure and Eviction Fighters, and supporters from Service Employees International Union (SEIU) 1021, Alliance of Californians for Community Empowerment (ACCE), Occupy Bernal, Occupy Noe, and the Occupy the Auctions and Evictions Campaign provided important testimony about the illegal, predatory, and discriminatory practices of banks like Wells Fargo, JP Morgan Chase, and Bank of America at meeting of the San Francisco Employee Retirement System Retirement Board on January 9, February 13, March 13, April 10, and May 8, 2013.

At each meeting, the group asked the Retirement Board to uphold its fiduciary responsibility to investigate the illegal, predatory, and discriminatory practices of the banks, to request that the banks stop these practices, to sponsor shareholder resolutions if they don’t stop, and some asked the banks to divest from the banks’ stocks if the shareholder resolutions do not succeed. Some of the Commissioners responded favorably to the public comment testimony.

A number of organizations have declared their support of the motions including organizations representing most of the members of the SFERS retirement system:

The San Francisco Employee Retirement Systems (SFERS) handles investments for pension funds for current and retired San Francisco city employees. SFERS has policies that include “Social Investment Procedures” adopted at the SFERS Retirement Board meeting of September 27, 1988, which requires the SFERS Retirement Board when making investments in stocks, mutual funds, and so on, to consider:

“Community Relations: the relationship of the corporation to the communities in which it operates shall be maintained as a good corporate citizen through observing proper environmental standards, supporting the local economic, social and cultural climate, conducting acquisitions and reorganizations to minimize adverse effects and not discriminate in making loans or writing insurance.” (emphasis added by Occupy the Auctions)

A record number of San Francisco City and County employees, as well as others residents of San Francisco and beyond, are facing mortgage loan defaults, foreclosures, and evictions (an estimated 12,000 foreclosures in San Francisco between 2008 and 2011). Many have already lost their homes.

Wells Fargo, JP Morgan Chase, and Bank of America are the market leaders in foreclosures and related evictions here in San Francisco and statewide. These banks engaged in illegal, predatory, and discriminatory practices by putting African-American and Latino borrowers into higher-cost, subprime loans than white borrowers. In fact, in July 2012, Wells Fargo agreed to pay what ended up as $234.3 million to settle a United States Department of Justice lawsuit for its discriminatory mortgage lending practices affecting more than 30,000 borrowers, including those banking at the Bayview Wells Fargo branch.

Billions of dollars in mortgage lender settlements with government agencies and other parties have to date not managed to solve the mortgage lending crisis, making mortgage lenders and servicers a potential medium-term and long-term investment risk. Illegal, predatory, and discriminatory foreclosures harm all homeowners, erode the property tax base, and cost local governments, hurting the standard of living of retirees and all working people.

01Wells Fargo is #1 in San Francisco foreclosures. San Francisco’s Mayor and Board of Supervisors have unanimously requested a halt to foreclosures and related evictions, especially since San Francisco Assessor-Recorder’s report showing that 84% of foreclosures have at least one legal violation and due to Wells’ $234.3 million settlement with the United States Department of Justice paid in response to allegations of racial discrimination in providing mortgage loans in San Francisco’s Bayview-Hunters Point and other neighborhoods.

Wells Fargo’s “waterfall” model, along with similar policies from other lenders, ensures that the bank can squeeze the most money possible from homeowners struggling to make payments while finally discarding them like trash if the bank can’t make a profit on every single loan. Running a mortgage loan business means assuming risks, especially after receiving billions in bailout funds from the taxpayers, many of whom are Wells’ mortgage loan borrowers.

Wells Fargo is putting 32 families at risk of losing their homes due to foreclosure and related evictions. Wells Fargo is foreclosing on and evicting veterans and disabled and senior homeowners and families with children, as well as targeting homeowners with life-threatening illnesses. Wells Fargo has engaged in predatory, fraudulent, and racist lending practices and has contributed to a rash of foreclosure deaths.

Links:

Statement Read by ACCE/Occupy Organizers at May 8, 2013, SFERS Retirement Board Meeting    Petition Supporting SFERS Motions    SFERS Retirement Board Meeting on April 10, 2013    Agenda for SFERS Retirement Board Meeting on April 10, 2013    Staff Memo for SFERS Retirement Board Meeting on April 10, 2013    SFERS Social Investment Policy    Members of SFERS Retirement Board    SFERS Retirement Board Meeting on March 13, 2013    SFERS Retirement Board Meeting on January 9, 2013    San Francisco Business Times    KCBS (including audio segment)    Wells Pays $234.3 Million to Resolve Allegations of Racial Discrimination in Providing Mortgage Loans    Occupy Our Homes Wells Fargo Bayview Branch Action    Occupy Wells Fargo Noe Branch    Occupy Wells Fargo HQ    Occupy Senior and Veteran Evictions and Foreclosures (Occupy Anniversary)

For updates: http://occupytheauctions.org/wordpress/?p=9983

SFERS Again Delays Action on Discriminatory Lending Motions for City Retirement Funds

IMG_3525_1At the May 8, 2013, meeting of the San Francisco Employee Retirement System (SFERS) Retirement Board, the Commissioners again took no action to implement the SFERS Social Investment Policies which specifically state they should engage at “Level I” to vote on shareholder resolutions at corporate shareholder meetings of corporations engaged in “discriminatory lending”.

Commissioner Brenda Wright, a Senior Vice President of Community Relations at Wells Fargo, currently serving beyond the end of her term, was not present.

Twelve organizers from the Alliance of Californians for Community Empowerment (ACCE) and Occupy Bernal attended the meeting prepared to deliver a statement at the public comment period traditionally held at the opening of the meeting. Instead, they found that SFERS Executive Director Jay Huish had moved the public comment period to nearly the end of the agenda.

IMG_3529_1Then, during his Executive Report, Jay Huish announced that at his “discretion” he had cancelled a May 29 meeting calendared at the request of San Francisco Supervisor Malia Cohen, who is the sole Commissioner on the SFERS Retirement Board appointed by the President of the San Francisco Board of Supervisors. Some Commissioners questioned Executive Director Huish about the reasons for his decision to cancel the May 29 meeting and he said he would calendar the discriminatory lending item for no later than the July 10th meeting agenda. In the public comment for that item, some organizers complained about Executive Director Huish’s seemingly arbitrary decisions and how they made public comment and discussion of the discriminatory lending issue much more difficult.

Representatives of San Francisco Supervisor John Avalos and the movement for fossil fuel divestment also commented that Executive Director Huish’s report failed to mention passage of a resolution by the San Francisco Board of Supervisors urging SFERS to divest from fossil fuel investments.

The organizers, who had arrived at 1:00pm in order to make sure they would be able to get seats in the small windowless room where the SFERS Retirement Board holds its meetings (despite promises to shift the venue), found that we had to wait until nearly 5:00pm, that is for four hours, to make our comments. The comments reminded the SFERS Commissioners of their Social Investment Policies regarding investing in corporations engaging in discriminatory lending and documented the extensive proof of discriminatory lending on the part of Bank of America and Wells Fargo in particular, since they are the ones who the U.S. Department of Justice compelled to arrive at the largest settlements by far in U.S. history for their discriminatory lending practices.

The organizers also asked everyone for a minute of silence to mourn Wells Fargo’s eviction of disabled African-American senior Bernetta Adolph, a SFERS plan participant, and to pray that she finds a safe and secure home.

Go to: Videos    Photos    Background    Links   

Videos

Photos

Background:

IMG_2337_1Current and retired city employees, Foreclosure and Eviction Fighters, and supporters from Service Employees International Union (SEIU) 1021, Alliance of Californians for Community Empowerment (ACCE), Occupy Bernal, Occupy Noe, and the Occupy the Auctions and Evictions Campaign provided important testimony about the illegal, predatory, and discriminatory practices of banks like Wells Fargo, JP Morgan Chase, and Bank of America at meeting of the San Francisco Employee Retirement System Retirement Board on January 9, February 13, March 13, and April 10, 2013.

At each meeting, the group asked the Retirement Board to uphold its fiduciary responsibility to investigate the illegal, predatory, and discriminatory practices of the banks, to request that the banks stop these practices, to sponsor shareholder resolutions if they don’t stop, and to divest from the banks’ stocks if the shareholder resolutions do not succeed. Some of the Commissioners responded favorably to the public comment testimony.

A number of organizations have declared their support of the motions including organizations representing most of the members of the SFERS retirement system:

The San Francisco Employee Retirement Systems (SFERS) handles investments for pension funds for current and retired San Francisco city employees. SFERS has policies that include “Social Investment Procedures” adopted at the SFERS Retirement Board meeting of September 27, 1988, which requires the SFERS Retirement Board when making investments in stocks, mutual funds, and so on, to consider:

“Community Relations: the relationship of the corporation to the communities in which it operates shall be maintained as a good corporate citizen through observing proper environmental standards, supporting the local economic, social and cultural climate, conducting acquisitions and reorganizations to minimize adverse effects and not discriminate in making loans or writing insurance.” (emphasis added by Occupy the Auctions)

A record number of San Francisco City and County employees, as well as others residents of San Francisco and beyond, are facing mortgage loan defaults, foreclosures, and evictions (an estimated 12,000 foreclosures in San Francisco between 2008 and 2011). Many have already lost their homes.

Wells Fargo, JP Morgan Chase, and Bank of America are the market leaders in foreclosures and related evictions here in San Francisco and statewide. These banks engaged in illegal, predatory, and discriminatory practices by putting African-American and Latino borrowers into higher-cost, subprime loans than white borrowers. In fact, in July 2012, Wells Fargo agreed to pay what ended up as $234.3 million to settle a United States Department of Justice lawsuit for its discriminatory mortgage lending practices affecting more than 30,000 borrowers, including those banking at the Bayview Wells Fargo branch.

Billions of dollars in mortgage lender settlements with government agencies and other parties have to date not managed to solve the mortgage lending crisis, making mortgage lenders and servicers a potential medium-term and long-term investment risk. Illegal, predatory, and discriminatory foreclosures harm all homeowners, erode the property tax base, and cost local governments, hurting the standard of living of retirees and all working people.

01Wells Fargo is #1 in San Francisco foreclosures. San Francisco’s Mayor and Board of Supervisors have unanimously requested a halt to foreclosures and related evictions, especially since San Francisco Assessor-Recorder’s report showing that 84% of foreclosures have at least one legal violation and due to Wells’ $234.3 million settlement with the United States Department of Justice paid in response to allegations of racial discrimination in providing mortgage loans in San Francisco’s Bayview-Hunters Point and other neighborhoods.

Wells Fargo’s “waterfall” model, along with similar policies from other lenders, ensures that the bank can squeeze the most money possible from homeowners struggling to make payments while finally discarding them like trash if the bank can’t make a profit on every single loan. Running a mortgage loan business means assuming risks, especially after receiving billions in bailout funds from the taxpayers, many of whom are Wells’ mortgage loan borrowers.

Wells Fargo is putting 32 families at risk of losing their homes due to foreclosure and related evictions during this holiday season. Wells Fargo is foreclosing on and evicting veterans and disabled and senior homeowners and families with children, as well as targeting homeowners with life-threatening illnesses. Wells Fargo has engaged in predatory, fraudulent, and racist lending practices and has contributed to a rash of foreclosure deaths.

Links:

Statement Read by ACCE/Occupy Organizers at May 8, 2013, SFERS Retirement Board Meeting    Petition Supporting SFERS Motions    SFERS Retirement Board Meeting on April 10, 2013    Agenda for SFERS Retirement Board Meeting on April 10, 2013    Staff Memo for SFERS Retirement Board Meeting on April 10, 2013    SFERS Social Investment Policy    Members of SFERS Retirement Board    SFERS Retirement Board Meeting on March 13, 2013    SFERS Retirement Board Meeting on January 9, 2013    San Francisco Business Times    KCBS (including audio segment)    Wells Pays $234.3 Million to Resolve Allegations of Racial Discrimination in Providing Mortgage Loans    Occupy Our Homes Wells Fargo Bayview Branch Action    Occupy Wells Fargo Noe Branch    Occupy Wells Fargo HQ    Occupy Senior and Veteran Evictions and Foreclosures (Occupy Anniversary)

May 8 San Francisco Retirement System Debating Investments in Discriminatory Banks

The San Francisco Employee Retirement System (SFERS) Retirement Board is debating two motions regarding investments in banks engaged in discriminatory lending.

What: SFERS Retirement Board Meeting on Predatory Bank Investments
When: 1:00pm on Wednesday, April 10 (go immediately to sign in and stand in line at the door to get a seat — no protest in front of the building this time)
Where: 30 Van Ness Avenue, 3rd floor, near Market Street, San Francisco
RSVP: https://www.facebook.com/events/508497745864874
Petition: https://tinyurl.com/crt5kga

SFERS Commissioner Herb Meiberger introduced the motions at the April 10, 2013, SFERS Retirement Board meeting with overwhelming support from current and retired city employees served by the retirement system (read Commissioner Meiberger’s remarks about the meeting here).

Background:

IMG_2972_1Current and retired city employees, Foreclosure and Eviction Fighters, and supporters from Service Employees International Union (SEIU) 1021, Alliance of Californians for Community Empowerment (ACCE), Occupy Bernal, Occupy Noe, and the Occupy the Auctions and Evictions Campaign provided important testimony about the illegal, predatory, and discriminatory practices of banks like Wells Fargo, JP Morgan Chase, and Bank of America at meeting of the San Francisco Employee Retirement System Retirement Board on January 9, February 13, March 13, and April 10, 2013.

At each meeting, the group asked the Retirement Board to uphold its fiduciary responsibility to investigate the illegal, predatory, and discriminatory practices of the banks, to request that the banks stop these practices, to sponsor shareholder resolutions if they don’t stop, and some asked the banks to divest from the banks’ stocks if the shareholder resolutions do not succeed. Some of the Commissioners responded favorably to the public comment testimony.

A number of organizations have declared their support of the motions including organizations representing most of the members of the SFERS retirement system:

The San Francisco Employee Retirement Systems (SFERS) handles investments for pension funds for current and retired San Francisco city employees. SFERS has policies that include “Social Investment Procedures” adopted at the SFERS Retirement Board meeting of September 27, 1988, which requires the SFERS Retirement Board when making investments in stocks, mutual funds, and so on, to consider:

“Community Relations: the relationship of the corporation to the communities in which it operates shall be maintained as a good corporate citizen through observing proper environmental standards, supporting the local economic, social and cultural climate, conducting acquisitions and reorganizations to minimize adverse effects and not discriminate in making loans or writing insurance.” (emphasis added by Occupy the Auctions)

A record number of San Francisco City and County employees, as well as others residents of San Francisco and beyond, are facing mortgage loan defaults, foreclosures, and evictions (an estimated 12,000 foreclosures in San Francisco between 2008 and 2011). Many have already lost their homes.

Wells Fargo, JP Morgan Chase, and Bank of America are the market leaders in foreclosures and related evictions here in San Francisco and statewide. These banks engaged in illegal, predatory, and discriminatory practices by putting African-American and Latino borrowers into higher-cost, subprime loans than white borrowers. In fact, in July 2012, Wells Fargo agreed to pay what ended up as $234.3 million to settle a United States Department of Justice lawsuit for its discriminatory mortgage lending practices affecting more than 30,000 borrowers, including those banking at the Bayview Wells Fargo branch.

Billions of dollars in mortgage lender settlements with government agencies and other parties have to date not managed to solve the mortgage lending crisis, making mortgage lenders and servicers a potential medium-term and long-term investment risk. Illegal, predatory, and discriminatory foreclosures harm all homeowners, erode the property tax base, and cost local governments, hurting the standard of living of retirees and all working people.

01Wells Fargo is #1 in San Francisco foreclosures. San Francisco’s Mayor and Board of Supervisors have unanimously requested a halt to foreclosures and related evictions, especially since San Francisco Assessor-Recorder’s report showing that 84% of foreclosures have at least one legal violation and due to Wells’ $234.3 million settlement with the United States Department of Justice paid in response to allegations of racial discrimination in providing mortgage loans in San Francisco’s Bayview-Hunters Point and other neighborhoods.

Wells Fargo’s “waterfall” model, along with similar policies from other lenders, ensures that the bank can squeeze the most money possible from homeowners struggling to make payments while finally discarding them like trash if the bank can’t make a profit on every single loan. Running a mortgage loan business means assuming risks, especially after receiving billions in bailout funds from the taxpayers, many of whom are Wells’ mortgage loan borrowers.

Wells Fargo is putting 32 families at risk of losing their homes due to foreclosure and related evictions. Wells Fargo is foreclosing on and evicting veterans and disabled and senior homeowners and families with children, as well as targeting homeowners with life-threatening illnesses. Wells Fargo has engaged in predatory, fraudulent, and racist lending practices and has contributed to a rash of foreclosure deaths.

Links:

Petition Supporting SFERS Motions    SFERS Retirement Board Meeting on April 10, 2013    Agenda for SFERS Retirement Board Meeting on April 10, 2013    Staff Memo for SFERS Retirement Board Meeting on April 10, 2013    SFERS Social Investment Policy    Members of SFERS Retirement Board    SFERS Retirement Board Meeting on March 13, 2013    SFERS Retirement Board Meeting on January 9, 2013    San Francisco Business Times    KCBS (including audio segment)    Wells Pays $234.3 Million to Resolve Allegations of Racial Discrimination in Providing Mortgage Loans    Occupy Our Homes Wells Fargo Bayview Branch Action    Occupy Wells Fargo Noe Branch    Occupy Wells Fargo HQ    Occupy Senior and Veteran Evictions and Foreclosures (Occupy Anniversary)

For updates: http://occupytheauctions.org/wordpress/?p=9510

Occupy the Banks for Housing Justice on April 27, 2013

IMG_3484_1Foreclosure and Eviction Fighters took the struggle for housing justice to the Mission neighborhood in San Francisco on April 27, 2013, with an Occupy the Banks for Housing Justice bank crawl.

The crowd visited the Bank of America branch near 29th and Mission Streets, the JP Morgan Chase branch at 26th and Mission Streets, the Bank of America branch at 23rd and Mission Streets, the US Bank branch at 22nd and Mission Streets, and the Wells Fargo branch at 22nd and Missions Streets.

At each branch, Foreclosure and Eviction Fighters delivered a letter to be faxed to bank executives. The group leafleted the Mission in Spanish and English.

Many thanks to the Brass Liberation Orchestra which provided festive music for the event and to Reverend Billy and the Stop Bank of America Gospel Choir (aka Stop Shopping Choir) visiting from New York City who joined up with us at the second Bank of America branch.

SFERS Inaction on Predatory Bank Motions for City Retirement Funds

IMG_2972_1The San Francisco Employee Retirement System (SFERS) Retirement Board decided on April 10, 2013, not to decide anything at all on the two predatory banking motions Commissioner Herb Meiberger proposed to the Retirement Board. The vote took place in a roundabout way after much comment from the public and the commissioners in Commissioner and SF Supervisor Malia Cohen’s absence (due to illness) and once SFERS Retirement Board President Wendy Paskin-Jordan and Commissioner Brenda Wright, a senior Wells Fargo employee, had recused themselves from the deliberations. Commission Victor Makras disclosed ownership of about $11,000 of Bank of America stock, which perhaps also should have been grounds for recusal.

After much discussion from the standing-room only crowd, including lots of Wells Fargo employees paid to attend and representatives from nonprofit organizations receiving Wells Fargo funds, as well as presentation of a petition in support of the motions signed by more than 130 people, Commissioner Meiberger was unable to get a second for the motion. Then, Commissioner Makras proposed a negative motion to stop further deliberations on Herb’s motion, for which he got a second, but could not get a majority vote since Commissioner and police officer Brian Stansbury joined Commissioner Meiberger in opposing the negative motion. However, when Commissioner Meiberger again proposed the original motion, Commissioner Stansbury still did not second the motion, so the Commission did nothing at all.

If the motion should come up with Commissioner Cohen present, it seems that she could provide the necessary second for the original motions and would perhaps be able to cast the deciding vote yea or nay on at least the first, if not also the second motion.

Go to: Media Coverage    Videos    Audio    Photos    Background    Links   

Media Coverage

San Francisco Business Times (note: incorrectly states that activists protested at Brenda Wright’s home)    San Francisco Examiner

Videos

Thanks to Steve Zeltzer for the first summary video above.

Thanks to John of Bright Path Video for the summary videos above (parts I and II).

Audio

Photos

Background:

IMG_2337_1Current and retired city employees, Foreclosure and Eviction Fighters, and supporters from Service Employees International Union (SEIU) 1021, Alliance of Californians for Community Empowerment (ACCE), Occupy Bernal, Occupy Noe, and the Occupy the Auctions and Evictions Campaign provided important testimony about the illegal, predatory, and discriminatory practices of banks like Wells Fargo, JP Morgan Chase, and Bank of America at meeting of the San Francisco Employee Retirement System Retirement Board on January 9, February 13, and March 13, 2013.

At each meeting, the group asked the Retirement Board to uphold its fiduciary responsibility to investigate the illegal, predatory, and discriminatory practices of the banks, to request that the banks stop these practices, to sponsor shareholder resolutions if they don’t stop, and to divest from the banks’ stocks if the shareholder resolutions do not succeed. Some of the Commissioners responded favorably to the public comment testimony.

Since the last SFERS Retirement Board meeting, a number of organizations have declared their support of the motions under consideration at the April 10 meeting, including the Retired Employees of the City and County of San Francisco (RECCSF), Housing Rights Committee of San Francisco, and the San Francisco Tenants Union.

The San Francisco Employee Retirement Systems (SFERS) handles investments for pension funds for current and retired San Francisco city employees. SFERS has policies that include “Social Investment Procedures” adopted at the SFERS Retirement Board meeting of September 27, 1988, which requires the SFERS Retirement Board when making investments in stocks, mutual funds, and so on, to consider:

“Community Relations: the relationship of the corporation to the communities in which it operates shall be maintained as a good corporate citizen through observing proper environmental standards, supporting the local economic, social and cultural climate, conducting acquisitions and reorganizations to minimize adverse effects and not discriminate in making loans or writing insurance.” (emphasis added by Occupy the Auctions)

A record number of San Francisco City and County employees, as well as others residents of San Francisco and beyond, are facing mortgage loan defaults, foreclosures, and evictions (an estimated 12,000 foreclosures in San Francisco between 2008 and 2011). Many have already lost their homes.

Wells Fargo, JP Morgan Chase, and Bank of America are the market leaders in foreclosures and related evictions here in San Francisco and statewide. These banks engaged in illegal, predatory, and discriminatory practices by putting African-American and Latino borrowers into higher-cost, subprime loans than white borrowers. In fact, in July 2012, Wells Fargo agreed to pay $175 million to settle a United States Department of Justice lawsuit for its discriminatory mortgage lending practices affecting more than 30,000 borrowers, including those banking at the Bayview Wells Fargo branch.

Billions of dollars in mortgage lender settlements with government agencies and other parties have to date not managed to solve the mortgage lending crisis, making mortgage lenders and servicers a potential medium-term and long-term investment risk. Illegal, predatory, and discriminatory foreclosures harm all homeowners, erode the property tax base, and cost local governments, hurting the standard of living of retirees and all working people.

01Wells Fargo is #1 in San Francisco foreclosures. San Francisco’s Mayor and Board of Supervisors have unanimously requested a halt to foreclosures and related evictions, especially since San Francisco Assessor-Recorder’s report showing that 84% of foreclosures have at least one legal violation and due to Wells’ $175 million settlement with the United States Department of Justice paid in response to allegations of racial discrimination in providing mortgage loans in San Francisco’s Bayview-Hunters Point and other neighborhoods.

Wells Fargo’s “waterfall” model, along with similar policies from other lenders, ensures that the bank can squeeze the most money possible from homeowners struggling to make payments while finally discarding them like trash if the bank can’t make a profit on every single loan. Running a mortgage loan business means assuming risks, especially after receiving billions in bailout funds from the taxpayers, many of whom are Wells’ mortgage loan borrowers.

Wells Fargo is putting 32 families at risk of losing their homes due to foreclosure and related evictions during this holiday season. Wells Fargo is foreclosing on and evicting veterans and disabled and senior homeowners and families with children, as well as targeting homeowners with life-threatening illnesses. Wells Fargo has engaged in predatory, fraudulent, and racist lending practices and has contributed to a rash of foreclosure deaths.

Links:

Petition Supporting SFERS Motions    April 10 Media Advisory    Agenda for SFERS Retirement Board Meeting on April 10, 2013    Staff Memo for SFERS Retirement Board Meeting on April 10, 2013    SFERS Social Investment Policy    Members of SFERS Retirement Board    SFERS Retirement Board Meeting on March 13, 2013    SFERS Retirement Board Meeting on January 9, 2013    San Francisco Business Times    KCBS (including audio segment)    Wells Pays $175 Million to Resolve Allegations of Racial Discrimination in Providing Mortgage Loans    Occupy Our Homes Wells Fargo Bayview Branch Action    Occupy Wells Fargo Noe Branch    Occupy Wells Fargo HQ    Occupy Senior and Veteran Evictions and Foreclosures (Occupy Anniversary)

San Francisco Retirement System to Debate Investments in Predatory Banks

The San Francisco Employee Retirement System (SFERS) Retirement Board plans to consider two motions regarding investments in banks engaged in illegal, predatory, or discriminatory lending at its next meeting.

What: SFERS Retirement Board Meeting on Predatory Bank Investments
When: 1:30pm on Wednesday, April 10 (arrive early to get a seat before meeting starts at 2:00pm)
Where: 30 Van Ness Avenue, 3rd floor, near Market Street, San Francisco

SFERS Commissioner Herb Meiberger introduced the motions with overwhelming support from current and retired city employees served by the retirement system.

Background:

IMG_2337_1Current and retired city employees, Foreclosure and Eviction Fighters, and supporters from Service Employees International Union (SEIU) 1021, Alliance of Californians for Community Empowerment (ACCE), Occupy Bernal, Occupy Noe, and the Occupy the Auctions and Evictions Campaign provided important testimony about the illegal, predatory, and discriminatory practices of banks like Wells Fargo, JP Morgan Chase, and Bank of America at meeting of the San Francisco Employee Retirement System Retirement Board on January 9, February 13, and March 13, 2013.

At each meeting, the group asked the Retirement Board to uphold its fiduciary responsibility to investigate the illegal, predatory, and discriminatory practices of the banks, to request that the banks stop these practices, to sponsor shareholder resolutions if they don’t stop, and to divest from the banks’ stocks if the shareholder resolutions do not succeed. Some of the Commissioners responded favorably to the public comment testimony.

Since the last SFERS Retirement Board meeting, a number of organizations have declared their support of the motions under consideration at the April 10 meeting, including the Retired Employees of the City and County of San Francisco (RECCSF), Housing Rights Committee of San Francisco, and the San Francisco Tenants Union.

The San Francisco Employee Retirement Systems (SFERS) handles investments for pension funds for current and retired San Francisco city employees. SFERS has policies that include “Social Investment Procedures” adopted at the SFERS Retirement Board meeting of September 27, 1988, which requires the SFERS Retirement Board when making investments in stocks, mutual funds, and so on, to consider:

“Community Relations: the relationship of the corporation to the communities in which it operates shall be maintained as a good corporate citizen through observing proper environmental standards, supporting the local economic, social and cultural climate, conducting acquisitions and reorganizations to minimize adverse effects and not discriminate in making loans or writing insurance.” (emphasis added by Occupy the Auctions)

A record number of San Francisco City and County employees, as well as others residents of San Francisco and beyond, are facing mortgage loan defaults, foreclosures, and evictions (an estimated 12,000 foreclosures in San Francisco between 2008 and 2011). Many have already lost their homes.

Wells Fargo, JP Morgan Chase, and Bank of America are the market leaders in foreclosures and related evictions here in San Francisco and statewide. These banks engaged in illegal, predatory, and discriminatory practices by putting African-American and Latino borrowers into higher-cost, subprime loans than white borrowers. In fact, in July 2012, Wells Fargo agreed to pay $175 million to settle a United States Department of Justice lawsuit for its discriminatory mortgage lending practices affecting more than 30,000 borrowers, including those banking at the Bayview Wells Fargo branch.

Billions of dollars in mortgage lender settlements with government agencies and other parties have to date not managed to solve the mortgage lending crisis, making mortgage lenders and servicers a potential medium-term and long-term investment risk. Illegal, predatory, and discriminatory foreclosures harm all homeowners, erode the property tax base, and cost local governments, hurting the standard of living of retirees and all working people.

01Wells Fargo is #1 in San Francisco foreclosures. San Francisco’s Mayor and Board of Supervisors have unanimously requested a halt to foreclosures and related evictions, especially since San Francisco Assessor-Recorder’s report showing that 84% of foreclosures have at least one legal violation and due to Wells’ $175 million settlement with the United States Department of Justice paid in response to allegations of racial discrimination in providing mortgage loans in San Francisco’s Bayview-Hunters Point and other neighborhoods.

Wells Fargo’s “waterfall” model, along with similar policies from other lenders, ensures that the bank can squeeze the most money possible from homeowners struggling to make payments while finally discarding them like trash if the bank can’t make a profit on every single loan. Running a mortgage loan business means assuming risks, especially after receiving billions in bailout funds from the taxpayers, many of whom are Wells’ mortgage loan borrowers.

Wells Fargo is putting 32 families at risk of losing their homes due to foreclosure and related evictions during this holiday season. Wells Fargo is foreclosing on and evicting veterans and disabled and senior homeowners and families with children, as well as targeting homeowners with life-threatening illnesses. Wells Fargo has engaged in predatory, fraudulent, and racist lending practices and has contributed to a rash of foreclosure deaths.

Links:

Agenda for SFERS Retirement Board Meeting on April 10, 2013    Members of SFERS Retirement Board    SFERS Retirement Board Meeting on March 13, 2013    SFERS Retirement Board Meeting on January 9, 2013    San Francisco Business Times    KCBS (including audio segment)    Wells Pays $175 Million to Resolve Allegations of Racial Discrimination in Providing Mortgage Loans    Occupy Our Homes Wells Fargo Bayview Branch Action    Occupy Wells Fargo Noe Branch    Occupy Wells Fargo HQ    Occupy Senior and Veteran Evictions and Foreclosures (Occupy Anniversary)

For this release and updates: http://occupytheauctions.org/wordpress/?p=8821

Action: SFERS, Please Stop Investing in Wells Fargo!

ACCE, SEIU, Occupy Bernal, and Occupy Noe Foreclosure and Eviction Fighters and supporters again provided important testimony about the illegal, predatory, and discriminatory practices of banks like Wells Fargo, JP Morgan Chase, and Bank of America at the meeting of the San Francisco Employee Retirement System Retirement Board on March 13, 2013, just as previously on January 9, 2013 and on February 13, 2013.

The group again asked the Retirement Board to investigate the illegal, predatory, and discriminatory practices of the banks, to request that the banks stop these practices, to sponsor shareholder resolutions if they don’t stop, and to divest from the banks’ stocks if the shareholder resolutions do not succeed. Some of the Commissioners responded favorably to the public comment testimony.

Media coverage: San Francisco Business Times    KCBS (including audio segment)

Videos:

Grace Martinez of ACCE provides testimony to SFERS Retirement Board.

Foreclosure and Eviction Fighter Gladys Dewitt provides testimony to SFERS Retirement Board.

SFERS Retirement Board President Wendy Paskin-Jordan, a former Wells Fargo employee, responds to public testimony.

San Francisco Muni employee and Local 200 former President Alice Fialkin provides testimony to SFERS Retirement Board.

Foreclosure and Eviction Fighter Ian Haddow provides testimony to SFERS Retirement Board.

Former San Francisco city employee Susan McDonough provides testimony to SFERS Retirement Board.

Foreclosure and Eviction Fighter Larry Faulks, evicted from his home by Wells Fargo, provides testimony to SFERS Retirement Board.

Foreclosure and Eviction Fighter and Teamster Ricardo Rodriguez provides testimony to SFERS Retirement Board.

Harry Baker, Retirement Security Chair for SEIU Local 1021, which is the largest union representing SFERS members, provides testimony to SFERS Retirement Board.

Foreclosure and Eviction Fighter Jackie Wright provides testimony to SFERS Retirement Board.

Grace Martinez of ACCE provides testimony to SFERS Retirement Board.

SFERS Retirement Board staff and commissioners discuss whether they can calendar consideration of a resolution on foreclosures and related evictions at the next SFERS meeting in April 2013.

SFERS Retirement Board staff and commissioners continue discussing whether they can calendar consideration of a resolution on foreclosures and related evictions at the next SFERS meeting in April 2013.

The rest of the discussion was not captured on video.


01#1 in SF Foreclosures and Related Evictions: Racist and Predatory

Who: (Retired and Current) City Employees, especially those facing foreclosure/eviction and supporters
What: Public Comment at San Francisco Employees Retirement System (SFERS) Retirement Board Meeting (2 minute limit)
When: 2:00pm, Wednesday, March 13
Where: 30 Van Ness Avenue, 3rd floor (near Market Street)

We are asking SFERS to do the following:

  • Investigate investments in Wells Fargo, which is #1 in foreclosures and related evictions in San Francisco and elsewhere, as well as other lenders foreclosing on and evicting San Francisco homeowners..
  • Prepare and submit a Wells Fargo shareholder resolution to stop predatory and/or racist foreclosures and related evictions for consideration at the next annual Wells Fargo shareholder meeting (probably in April 2013).
  • If Wells Fargo doesn’t adopt the shareholder resolution at its next shareholder meeting and take immediate steps to implement policies and practices in line with the resolution, then divest from any investment in Wells Fargo within three months after that shareholder meeting.

We are asking San Francisco Mayor Lee to do the following:

  • Appoint only qualified candidates to the SFERS Retirement Board who are not executives or employees at Wells Fargo, JP Morgan Chase, or Bank of America (the top three in predatory foreclosures and related evictions in San Francisco).
  • Issue a statement in support of divestment from Wells Fargo of all San Francisco City and County funds, including employee retirement and disability funds.

Background:

The San Francisco Employee Retirement Systems (SFERS) handles investments for pension funds for current and retired San Francisco city employees. SFERS has policies that include “Social Investment Procedures” adopted at the SFERS Retirement Board meeting of September 27, 1988, which requires the SFERS Retirement Board when making investments in stocks, mutual funds, and so on, to consider:

“Community Relations: the relationship of the corporation to the communities in which it operates shall be maintained as a good corporate citizen through observing proper environmental standards, supporting the local economic, social and cultural climate, conducting acquisitions and reorganizations to minimize adverse effects and not discriminate in making loans or writing insurance.” (emphasis added by Occupy the Auctions)

Wells Fargo is #1 in San Francisco foreclosures. San Francisco’s Mayor and Board of Supervisors have unanimously requested a halt to foreclosures and related evictions, especially since San Francisco Assessor-Recorder’s report showing that 84% of foreclosures have at least one legal violation and due to Wells’ $175 million settlement with the United States Department of Justice paid in response to allegations of racial discrimination in providing mortgage loans in San Francisco’s Bayview-Hunters Point and other neighborhoods.

Wells Fargo’s “waterfall” model, along with similar policies from other lenders, ensures that the bank can squeeze the most money possible from homeowners struggling to make payments while finally discarding them like trash if the bank can’t make a profit on every single loan. Running a mortgage loan business means assuming risks, especially after receiving billions in bailout funds from the taxpayers, many of whom are Wells’ mortgage loan borrowers.

Wells Fargo is putting 32 families at risk of losing their homes due to foreclosure and related evictions during this holiday season. Wells Fargo is foreclosing on and evicting veterans and disabled and senior homeowners and families with children, as well as targeting homeowners with life-threatening illnesses. Wells Fargo has engaged in predatory, fraudulent, and racist lending practices and has contributed to a rash of foreclosure deaths.


This alert brought to you by ACCE, Occupy Bernal, and other supportive organizations coordinated within the Occupy the Auctions and Evictions campaign.

Links: SFERS Meeting on January 9, 2013    Wells 29 Action Alert    Wells 32 Action Flyer (four to page)    Wells Pays $175 Million to Resolve Allegations of Racial Discrimination in Providing Mortgage Loans    Occupy Our Homes Wells Fargo Bayview Branch Action    Occupy Wells Fargo Noe Branch    Occupy Wells Fargo HQ    Occupy Senior and Veteran Evictions and Foreclosures (Occupy Anniversary)    Upcoming Bank Auctions of Foreclosure/Eviction Fighter Homes    Foreclosure/Eviction Fighter Profiles

For updates and this action alert: http://occupytheauctions.org/wordpress/?p=8449

Action: SFERS, Please Stop Investing in Wells Fargo!

Update: ACCE, Occupy Bernal, and Occupy Noe Foreclosure and Eviction Fighters and supporters provided important testimony about the illegal, predatory, and discriminatory practices of banks like Wells Fargo, JP Morgan Chase, and Bank of America at the meeting of the San Francisco Employee Retirement System Retirement Board on January 9, 2013.

The group asked the Retirement Board to investigate the illegal, predatory, and discriminatory practices of the banks, to request that the banks stop these practices, to sponsor shareholder resolutions if they don’t stop, and to divest from the banks’ stocks if the shareholder resolutions do not succeed. Some of the Commissioners responded favorably to the public comment testimony.

Media coverage: San Francisco Business Times    KCBS (including audio segment)

Videos and photos:


01#1 in SF Foreclosures and Related Evictions: Racist and Predatory

Who: (Retired and Current) City Employees, especially those facing foreclosure/eviction and supporters
What: Public Comment at San Francisco Employees Retirement System (SFERS) Retirement Board Meeting (2 minute limit)
When: 2:00pm, Wednesday, January 9
Where: 30 Van Ness Avenue, 3rd floor (near Market Street)

We are asking SFERS to do the following:

  • Investigate investments in Wells Fargo, which is #1 in foreclosures and related evictions in San Francisco and elsewhere, as well as other lenders foreclosing on and evicting San Francisco homeowners..
  • Prepare and submit a Wells Fargo shareholder resolution to stop predatory and/or racist foreclosures and related evictions for consideration at the next annual Wells Fargo shareholder meeting (probably in April 2013).
  • If Wells Fargo doesn’t adopt the shareholder resolution at its next shareholder meeting and take immediate steps to implement policies and practices in line with the resolution, then divest from any investment in Wells Fargo within three months after that shareholder meeting.

We are asking San Francisco Mayor Lee to do the following:

  • Appoint only qualified candidates to the SFERS Retirement Board who are not executives or employees at Wells Fargo, JP Morgan Chase, or Bank of America (the top three in predatory foreclosures and related evictions in San Francisco).
  • Issue a statement in support of divestment from Wells Fargo of all San Francisco City and County funds, including employee retirement and disability funds.

Background:

The San Francisco Employee Retirement Systems (SFERS) handles investments for pension funds for current and retired San Francisco city employees. SFERS has policies that include “Social Investment Procedures” adopted at the SFERS Retirement Board meeting of September 27, 1988, which requires the SFERS Retirement Board when making investments in stocks, mutual funds, and so on, to consider:

“Community Relations: the relationship of the corporation to the communities in which it operates shall be maintained as a good corporate citizen through observing proper environmental standards, supporting the local economic, social and cultural climate, conducting acquisitions and reorganizations to minimize adverse effects and not discriminate in making loans or writing insurance.” (emphasis added by Occupy the Auctions)

Wells Fargo is #1 in San Francisco foreclosures. San Francisco’s Mayor and Board of Supervisors have unanimously requested a halt to foreclosures and related evictions, especially since San Francisco Assessor-Recorder’s report showing that 84% of foreclosures have at least one legal violation and due to Wells’ $175 million settlement with the United States Department of Justice paid in response to allegations of racial discrimination in providing mortgage loans in San Francisco’s Bayview-Hunters Point and other neighborhoods.

Wells Fargo’s “waterfall” model, along with similar policies from other lenders, ensures that the bank can squeeze the most money possible from homeowners struggling to make payments while finally discarding them like trash if the bank can’t make a profit on every single loan. Running a mortgage loan business means assuming risks, especially after receiving billions in bailout funds from the taxpayers, many of whom are Wells’ mortgage loan borrowers.

Wells Fargo is putting 29 families at risk of losing their homes due to foreclosure and related evictions during this holiday season. Wells Fargo is foreclosing on and evicting veterans and disabled and senior homeowners and families with children, as well as targeting homeowners with life-threatening illnesses. Wells Fargo has engaged in predatory, fraudulent, and racist lending practices and has contributed to a rash of foreclosure deaths.


This alert brought to you by ACCE, Occupy Bernal, and other supportive organizations coordinated within the Occupy the Auctions and Evictions campaign.

Links: Wells 29 Action Alert    Wells 29 Action Flyer (four to page)    Wells Pays $175 Million to Resolve Allegations of Racial Discrimination in Providing Mortgage Loans    Occupy Our Homes Wells Fargo Bayview Branch Action    Occupy Wells Fargo Noe Branch    Occupy Wells Fargo HQ    Occupy Senior and Veteran Evictions and Foreclosures (Occupy Anniversary)    Upcoming Bank Auctions of Foreclosure/Eviction Fighter Homes    Foreclosure/Eviction Fighter Profiles

For updates and this action alert: http://occupytheauctions.org/wordpress/?p=7719

Occupy the Auctions on January 2, 2013, in San Francisco

On the morning of January 2, 2013, Auction.com auctioneers most likely sold 2 Wall Place #2 back to lender Bank of America and 215 De Long Street #V back to an unknown lender (no video or pictures). The disposition of 1477 Palou Avenue is unknown as of this writing.

On the afternoon of January 2, 2013, auctioneers didn’t sell any family’s homes at the foreclosure auction in San Francisco.

Steve Neil of of Cal Agent Services read postponements and cancellations.

Dear Wells Fargo, Thanks for All the Foreclosures!

Wells Fargo Bank remains #1 in foreclosures in San Francisco with more than double the foreclosure auctions (92 auctions) scheduled than #2 forecloser JP Morgan Chase (44 auctions) and #3 forecloser Bank of America (43 auctions) to sell off family’s homes this holiday season.

One indicator of trends in foreclosures is the situation with bank preforeclosures (properties in default with no foreclosure auction date yet set). Wells Fargo is #1 in San Francisco in preforeclosures (77 homes) with JP Morgan Chase at #2 (54 homes) and Bank of America #3 (24 homes).

For current bank-owned (REO) properties in San Francisco since July 25, 2012, JP Morgan Chase is #1 in San Francisco REOs (11 properties), Wells Fargo is #2 (9 properties), and Bank of America and US Bank are tied for #3 (7 properties each).

Top Ten Data

The top 10 lenders by number of foreclosure auctions scheduled in San Francisco as of November 17, 2012 (source Foreclosure Radar, aggregated by corporate empire):

Rank Lender Auctions Scheduled
1 WELLS FARGO BANK N A 92
2 JP MORGAN CHASE BANK N A 44
3 BANK OF AMERICA N A 43
4 THE BANK OF NEW YORK TRUST CO 31
5 US BANK NATIONAL ASSOCIATION 28
6 NATIONSTAR 16
7 DEUTSCHE BK NATL TRUST CO TR 11
8 CITIBANK N A 10
9 HSBC BANK USA N A 8
10 (tie) OCWEN LOAN SERVICING LLC 5
10 (tie) MORTGAGE ELECTRONIC REGISTRATION 5

The top 10 lenders by number of foreclosure auctions scheduled in San Francisco as of November 17, 2012 (source Foreclosure Radar, aggregated by corporate empire):

Rank Lender Auctions Scheduled
1 WELLS FARGO BANK N A 77
2 JP MORGAN CHASE BANK N A 54
3 BANK OF AMERICA N A 24
4 DEUTSCHE BK NATL TRUST CO TR 18
5 US BANK NATIONAL ASSOCIATION 16
6 THE BANK OF NEW YORK TRUST CO 15
7 CITIMORTGAGE 10
8 (tie) EAST-WEST BANK 10
8 (tie) ONEWEST BANK FSB 6
9 OCWEN LOAN SERVICING LLC 5

The top 10 lenders by number of bank-owned properties in San Francisco as from July 25, 2012, to November 17, 2012 (source Foreclosure Radar, aggregated by corporate empire):

Rank Lender Auctions Scheduled
1 JP MORGAN CHASE BANK N A 11
2 WELLS FARGO BANK N A 9
3 (tie) US BANK NATIONAL ASSOCIATION 7
3 (tie) BANK OF AMERICA N A 7
4 (tie) NATIONSTAR 4
4 (tie) CITIBANK N A 4
5 DEUTSCHE BK NATL TRUST CO TR 3
6 (tie) ING BANK, FSB 2
6 (tie) ONEWEST BANK FSB 2
6 (tie) THE BANK OF NEW YORK TRUST CO 2
6 (tie) VERICREST FINANCIAL, INC 2