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)

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

ALERT: Wells Fargo Stop the Foreclosures and Evictions of the “Wells 32″

As #1 in foreclosures in San Francisco, 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.

Take action to stop Wells Fargo from foreclosing on and evicting the “Wells 32″–

  • Contact Wells Fargo staff with the following phone and email message:

    • Brenda Wright, Senior VP of Community Relations, +1 415-623-7738
    • Alfredo Pedroza, Director of California Local Government Relations, +1 415-396-0829
    • Ruben Pulido, Communications Staff, +1 415-852-1279
    • John Stumpf, CEO, +1 866-878-5865

     
    Sample message:
     
    To: brenda.wright@wellsfargo.com, alfredo.pedroza@wellsfargo.com, ruben.pulido@wellsfargo.com, john.g.stumpf@wellsfargo.com
    Cc: action@occupybernal.org
    Subject: Stop the Holiday Foreclosures and Evictions of the “Wells 32″

    Dear Wells Fargo staff,

    Please take IMMEDIATE action to stop holiday foreclosures and evictions. Please meet the demands listed for each of the 32 families listed below who Wells Fargo has put at risk (Name, Demand, Address, Loan #, Priority) and stop dual tracking by continuing to list foreclosure auctions while negotiating loan modifications:

    1. Bernetta Adolph, Stop eviction (20130303) Rescission of foreclosure sale and fair deal loan modification, 48 Lobos Street, SF, CA 94112, 44793073, 1
    2. Larry Faulks, Undo eviction (20121216), Rescission of foreclosure sale and fair deal loan modification, 25 Cameo Way, SF, CA 94131, 004 6406278, 1
    3. David Lewis, Rescission of foreclosure sale and fair deal loan modification, 442 Carl Street, SF, CA 94124, need loan #, 1
    4. Dollie and Sally Ross, Rescission of foreclosure sale and fair deal loan modification, 1075 Gilman Avenue, SF, CA 94124, 004 37815, 1
    5. Lehmann Brightman, Rescission of foreclosure sale (20130114) and fair deal loan modification, 2434 Faria Avenue, Pinole, CA 94564, 0044126233, 1
    6. Gloria Lomeli (and Alberto del Rio), Stop foreclosure auction (20130131) and fair deal loan modification, 565 Banks Street, SF, CA 94110, 47339080, 1
    7. Guadalupe Schmitt, Stop foreclosure auction (20130211) and fair deal loan modification, 11-13 Santa Marina Avenue, SF, CA 94110, 102484459, 1
    8. Benjamin and Irma Reed, Stop foreclosure auction (20130226) and fair deal loan modification, 2 Warren Drive, SF, CA 94131, , 1
    9. Emilia Hughetti, Stop foreclosure auction (20130228) and fair deal loan modification through loan servicer Chase, 1041 Florida Street, SF, CA 94110, Chase loan #20733507, 1
    10. Kim Mitchell, Postpone foreclosure auction until short sale, 601 Van Ness Ave #244, SF, CA 94102, , 2
    11. Segundina San Juan, Fair deal loan modification, 1074 Huron Avenue, SF, CA 94112, 00048634281, 2
    12. Maria and Washington Davila, New owner must keep Davilas as tenants under same rental conditions as before, 4255 Folsom Street, SF, CA 94110, , 2
    13. Armand and Maria Mejia, Stop foreclosure auction (20130204) and fair deal loan modification, 749 Athens Street, SF, CA 94112, 004 37815, 2
    14. Peter Fairfield (and L. Sweet), Stop foreclosure auction (20130205) and fair deal loan modification, 831 Chenery Street, SF, CA 94131, 1100225238, 2
    15. Eric (and John), Fair deal loan modification, 2
    16. Anonymous, Fair deal loan modification, Anonymous Street, SF, CA 94132, 004 5575008, 2
    17. Allen Stowers, Stop foreclosure auction and fair deal loan modification, 699 Peralta Avenue, SF, CA 94110, 0042836544, 2
    18. Sergio and Pureza Cardenas, Fair deal loan modification, 763 Silver Oaks Place, Walnut Creek, CA 94597, 0004274204, 3
    19. Dorothy Crawford, Fair deal loan modification, 407 Broderick Street, SF, CA 94117, 00045941416, 3
    20. Pei Jun Ding, Fair deal loan modification, 2227 38th Ave, SF, CA 94116, 00045599891, 3
    21. Henry Kielarowski, Fair deal loan modification, 1496 La Playa Street, SF, CA 94122, 7080043459395, 3
    22. Juan Lopez, Fair deal loan modification, 566 Madrid Street, SF, CA 94112, 00014382279, 3
    23. Edzel and Merrie Jo Musni, 2nd mortgage fair deal loan modification, 240 Randall Street, SF, CA 94131, 6511663531998, 3
    24. Sandra Reece, Fair deal loan modification, 1240 Revere Avenue, SF, CA 94124, , 3
    25. Margarita Rose, Fair deal loan modification, 908 Athens Street, SF, CA 94112, , 3
    26. Will Saltz, Loan payment grace period until property tax issue resolved, 177 Capistrano Avenue, SF, CA , 372095067, 3
    27. William Sandoval, Fair deal loan modification, 151 Beachview Avenue, Pacifica, CA 94044, 00156852519, 3
    28. Sheila Julia Walsh, 2nd mortgage fair deal loan modification, 112 Judson Avenue, SF, CA 94112, , 3
    29. Gladys Dewitt, 2nd mortgage fair deal loan modification, 772 Hampshire Street, SF, CA 94110, , 3

     
    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 paid to resolve 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.

    Stop contributing to the rash of deaths by foreclosure! Stop the single-minded greedy focus on profit! Stop ignoring the health and well-being of your customers and the communities where we live! Take whatever action is necessary to keep distressed families in their homes!

    This is an URGENT request, so please respond right away.

    Sincerely,

    your name here

  • Reserve December 6 and December 18 on your calendar for Wells Fargo protests on behalf of the “Wells 29″. (Update: Those protests took place with great success!)

Wells Fargo plans to foreclose on or evict the “Wells 29″ despite:

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

Links: Wells 32 Action Flyer (four to page)    Wells Pays $175 Million to Resolve Allegations of Racial Discrimination in Providing Mortgage Loans    Larry Faulks Profile    Larry Faulks Eviction Witness    DMG Asset Management Profile    Occupy DMG Home Action    Occupy Wells Fargo Noe Branch    SF Chronicle Coverage    Bay Area Reporter Coverage    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/wells

ALERT: Wells Fargo, Stop the December 14 Holiday Foreclosure Auction of Allen Stowers

Update as of 10:49am on December 13, 2012: Success! Wells Fargo told Allen Stowers this morning that his foreclosure auction is cancelled. Thanks for your response to this alert… our calls and emails make a difference.


foreclosure.acce.allen-stowersForeclosure and Eviction Fighter Allen Stowers is an African-American filmmaker, journalist, and activist who is seeking to defend his childhood home from Wells Fargo’s predatory loan practices. Allen Stowers — one of the “Wells 27” families Wells Fargo has put at risk of foreclosure or eviction during the holidays — was raised in the Bernal Heights home purchased by his family in 1957. His demand is for Wells Fargo to stop the December 14 holiday foreclosure auction of his home and to offer him a fair deal loan modification.

“The current flow of misery and degradation inflicted by the banks’ rush to auction and foreclose on our communities and their cultural institutions is beyond alarming and is unacceptable,” said Dr. Amos Brown, San Francisco Chapter President and National Board Member of the NAACP.

Take action to stop Wells Fargo from foreclosing on Allen Stowers and the “Wells 27″–

  • Contact Wells Fargo staff with the following phone and email message:

    • Ryan Smaagard, Point of Contact, +1 877-218-4356 x20477
    • Brenda Wright, Senior VP of Community Relations, +1 415-623-7738
    • Alfredo Pedroza, Director of California Local Government Relations, +1 415-396-0829
    • Ruben Pulido, Communications Staff, +1 415-852-1279
    • John Stumpf, CEO, +1 866-878-5865

     
    Sample message:
     
    To: ryan.smaagardt@wellsfargo.com, brenda.wright@wellsfargo.com, alfredo.pedroza@wellsfargo.com, ruben.pulido@wellsfargo.com, john.g.stumpf@wellsfargo.com
    Cc: action@occupybernal.org
    Subject: Stop the December 14 Holiday Foreclosure Auction of Allen Stower (loan# 42836544)

    Dear Wells Fargo staff,

    Please take IMMEDIATE action to stop the December 14 holiday foreclosure auction of Allen Stower’s home at 669 Peralta Avenue (loan# 42836544) in San Francisco’s Bernal Heights neighborhood and offer him a fair deal loan modification.

    Please also meet the demands for each of the 27 families who Wells Fargo has put at risk during the holiday season and stop dual tracking by continuing to list foreclosure auctions while negotiating loan modifications.

    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 paid to resolve 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.

    Stop contributing to the rash of deaths by foreclosure! Stop the single-minded greedy focus on profit! Stop ignoring the health and well-being of your customers and the communities where we live! Take whatever action is necessary to keep distressed families in their homes!

    This is an URGENT request, so please respond right away.

    Sincerely,

    your name here


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

Links: Wells 27 Action Alert    Wells 27 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    Larry Faulks Profile    Larry Faulks Eviction Witness #1    Larry Faulks Eviction Witness #2    DMG Asset Management Profile    Occupy DMG Home Action    Occupy Wells Fargo Noe Branch    SF Chronicle Coverage    Bay Area Reporter Coverage    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=7062

ACTION: Witness Faulks Eviction — Protest Wells Fargo and DMG!

Update as of about 7am on December 13, 2012: DMG Asset Management attorney Jak Marquez and Sheriff’s deputies evicted Larry Faulks. He’s now on the road, sleeping in his van.


IMG_1839_1Update as of 7:30pm on December 12, 2012: Greeted by a rainbow and a light rain shower, a group of about 30 supporters of Larry Faulks came to his home to bear witness the eviction, including holding up signs and banners, lots of friendly discussion, wonderful hot cappuccinos and tea from Larry’s brother, and a carol rendered as “Silent Night, Homeless Night” thanks to Tommi Avicolli-Mecca. We also made calls to DMG Asset Management principals and Wells Fargo Senior Vice President of Community Relations Brenda Wright to try to get them to stop the eviction. When the eviction hadn’t materialized by 11:30am or so, so a group of us took Larry out to lunch, then he requested that we head on our way while he went back to take a nap.

Media coverage: Bay Area Reporter

Video and photos of the event appear below. Thanks to everyone who participated.


Foreclosure and Eviction Fighter Larry Faulks’ eviction has been delayed for the last time.

What: Larry Faulks Eviction Witness

When: 8am (check back for updates) on Wednesday, December 12

Where: 25 Cameo Way, Diamond Heights, San Francisco (map, buses 52, 48, 37, plan for tricky routes!)

Stay tuned for the gathering time which we will post on the web page at http://occupytheauctions.org/wordpress/?p=6915.

Investment firm DMG Asset Management plans to evict disabled African-American senior Larry Faulks even after they agreed to postpone the eviction to work with him and his family on negotiations with Wells Fargo. Wells Fargo has not yet agreed to rescind the foreclosure sale of Larry’s home, which they did while negotiating a loan modification with him. This practice is called dual tracking and it will be illegal in California starting January 1, 2013, under the 2012 Homeowner Bill of Rights.

Please take action:

  1. Come to the Eviction Witness on Wednesday, December 12. Time is tentatively scheduled for 8:00am (will post updates to this page).
  2. Respond to the Wells Fargo action alert to try to stop the eviction.
  3. Respond to the DMG Asset Management action alert to try to stop the eviction.

Larry Faulks and his brother — both disabled — as well as their renter want to stay in the home their parents purchased in 1962. The Faulks’ were the first African-American family in the Diamond Heights neighborhood and at a time when only the Eichler company was willing to sell homes to black families. Please come to the Eviction Witness (there may be an opportunity for those who wish to participate in nonviolent direct action to block the eviction).

Links: Wells 26 Action Flyer (four to page)    Wells Pays $175 Million to Resolve Allegations of Racial Discrimination in Providing Mortgage Loans    Larry Faulks Profile    Larry Faulks Eviction Witness    DMG Asset Management Profile    Occupy DMG Home Action    Occupy Wells Fargo Noe Branch    SF Chronicle Coverage    Bay Area Reporter Coverage    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

Occupy Wells Fargo Homeless Shelter on November 17, 2012

On November 17, 2012, Foreclosure and Eviction Fighters and their supporters gathered at a Chase bank branch at 15th and Market Streets in San Francisco to protest the effect of bank foreclosures and evictions on homeowners and renters. About 10 police officers turned out for the protest.
Meanwhile, someone altered the signage at a nearby Wells Fargo Home Mortgage location so that it became a Wells Fargo Homeless Shelter.

The protestors moved to the Wells Fargo location on Market Street between 15th and 16th Streets and set up a soup kitchen, played music, and spoke about the problem of foreclosures, evictions, and homelessness, as well as connections with the banks investing in prisons and environmental degradation.

The protestors highlighted the case of Larry Faulks, a disabled African-American gay senior — while negotiating a loan modification with him, Wells Fargo sold his home at a foreclosure auction and now refuses to buy it back from DMG Asset Management, the company who bought the property at the auction. Wells Fargo also refuses to give Larry Faulks a fair deal loan modification.

As one participant read off the names of families at risk from Wells Fargo’s foreclosures and evictions, the group responded by chanting “…shall not be moved” after each name.

Thanks to Arizmendi for donating delicious bread and pastries from their worker-owned cooperative bakery and to Space Transformers for organizing the fabulous soup kitchen. Representatives from many groups participated, including Occupy Bernal, ACCE-SF, Occupy Direct Action Workgroup, Occupy Action Council of SF, Occupy SF Environmental Justice Workgroup, Community Not Commodity, Occupy Noe, San Francisco Tenants Union, Senior and Disability Action, Manilatown Heritage Foundation, Communities United in Defense of Olmsted, and Occupy South San Francisco.

Media coverage: Huffington Post

Thanks to Peter Menchini for first video below.

Thanks to Peter Menchini for the last 15 photos below.

Foreclosure and Eviction Fighter Profile: David Lewis

David Lewis lives near Kezar Stadium in San Francisco with his wife and two children. The family pursued a loan modification from Wells Fargo when payments became difficult due to an injury David’s wife sustained working as a flight attendant, which reduced the family’s income by 40 percent. Wells Fargo denied the loan modification due to the reduction in income, then encourage the Lewis family to apply for another loan modification. However, they dual tracked the Lewis’ and sold their home at a foreclosure auction during the loan modification negotiations, a practice that will be illegal starting January 1, 2013, due to the California Homeowner Bill of Rights. David and his family want to remain in their home, so they are demanding that Wells Fargo rescind the sale of their home and offer them a fair deal loan modification based on current family income.

Video of David Lewis speaking at December 6, 2012, Occupy Our Homes Wells Fargo Bayview branch action:

ALERT: Demand DMG Assets Stop Eviction of Faulks Family

Investment firm DMG Asset Management is threatening a San Francisco family with eviction after DMG agreed to postpone the eviction to work with the family on negotiations with Wells Fargo and even though disabled family members can’t find housing elsewhere.

Larry Faulks and his brother — both disabled — as well as their renter want to stay in the home their parents purchased in 1962.

DMG plans to evict Larry on Wednesday, November 7.

Please take action to help the Faulks family–

  1. Call DMG management, their real estate agent, and their attorney with the following message:

    • Daniel Woo, +1 415-706-6170
    • Angela Woo Lee, +1 415-420-8881
    • Gilbert Chung, +1 916-947-8625
    • Marcus Lee, +1 415-999-2022 (real estate agent)
    • Jak Marquez, +1 415-495-8500 x12 (attorney)

     
    Sample message:

    Please stop the eviction of Larry Faulks and his brother — both disabled — as well as their renter. The Faulks family has lived in the family home at 25 Cameo Way in San Francisco for 50 years. Wells Fargo promised in writing not to foreclose on the Faulks during the modification process, but instead sold the property to you. DMG agreed to postpone the eviction to work out a plan to sell the property back to Wells Fargo at the price you paid, so that Wells Fargo can offer the Faulks family a loan modification to remain in their home.

    Please don’t put disabled African-American seniors out onto the streets.

  2. Please mark your calendar for a possible eviction defense at 7:00am on Wednesday, November 7.

For updates and this action alert: http://occupytheauctions.org/wordpress/?p=5636

Links: Larry Faulks Profile    DMG Asset Management Profile    Occupy DMG Home Action    Occupy Wells Fargo Noe Branch    Bay Area Reporter Coverage    Occupy Wells Fargo HQ    Occupy Senior and Veteran Evictions and Foreclosures (Occupy Anniversary)

Occupy Wells Fargo Headquarters to Save the Faulks Home

Supporters of Foreclosure and Eviction Fighter Larry Faulks gathered at the Wells Fargo headquarters in downtown San Francisco on October 30, 2012, to demand that Wells Fargo rescind the sale of the Faulks home to DMG Asset Management and offer Larry a fair deal loan modification. Larry and his brother are elderly and disabled and don’t deserve to be thrown to the curb after Wells Fargo illegally sold their home at auction while negotiating a loan modification with them (a practice called “dual tracking”). The group also voiced support for Bernetta Adolph of San Francisco, Jacqueline Barber of Georgia, and Ana Casas Wilson in Los Angeles, California, all of whom Wells Fargo is trying to evict.

The group presented more than five hundred signatures to a representative of the bank who accepted them on behalf of Wells Fargo Community Relations Director Brenda Wright and Wells Fargo CEO John Stumpf.

The action was organized by Occupy Noe, Occupy Bernal, and the Alliance of Californians for Community Empowerment (ACCE) with participation from the Occupy Direct Action Workgroup (DAWG) and Community Not Commodity.