“Foreclosures are the new F-Word.” So said Regina Davis, executive director of the San Francisco Housing Development Corporation, at an April 29 seminar at SFHDC's office on Third Street that explored ways to prevent more foreclosures in San Francisco, California and beyond.
Since the economic meltdown in 2008, there have been 2,000 foreclosures in San Francisco. And the majority have impacted low-income folks and communities of color, who were sold more predatory loans than other groups, Davis and a panel of foreclosure experts warned
And as the recession drags on, another 2,000 foreclosures could be in the works, further destabilizing communities and draining more resources from the city, in terms of lost property values and related tax revenues.
And while deep-pocketed lobbyists have been making it hard to pass laws that would offer at-risk homeowners more protections, homeowner defender groups have decided to target, and now protest against, the group they believe stand directly in the way of equitable reforms: the banks.
“Wells-Fargo CEO John Stumpf took home $21 million in 2009 while his bank received $25 billion in TARP funds,” stated a flier that ACCE (formerly ACORN) and the Home Defenders League are distributing to urge folks to meet at Justin Herman Plaza at 11: 30 a.m., May 3 and march to the Wells Fargo shareholder meeting where protesters plan to personally deliver a list of their demands to WF CEO Stumpf.
“He and his cronies fought tooth and nail to kill consumer protection bills in California and around the country and are currently trying to gut a 50-state Attorneys General settlement with homeowners that have been defrauded,” the flier concluded.
It noted that ACCE and the Home Defenders League sponsored this event, in partnership with the California State Labor Federation, the California Nurses Association, Contra Costa Interfaith Supporting Community Organizing, Causa Justa: Just Cause, ENLACE, Jobs for Justice, National Education Association, Oakland Education Association PICO California, PICO National Network, SEIU United Service Workers West and Local 1021 and Tenants Together.
“We are also part of The New Bottom Line, a national campaign focused on creating an economy that works for the many, and not the few,” the flier stated.