Homeowner defense groups to target Wells Fargo shareholders

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“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.

Comments

What does that mean? Are Asians "of color?" Because they're not experiencing this surge in foreclosures.

2000 foreclosures in 3 years in a city of 800,000 people does not seem like a high number - at all. How many were there in the 3 years before? How does this rate compare to other metro areas of the same size?

And perhaps MOST importantly Sarah - what are your contacts in ABU saying about this?

Posted by Lucretia Snapples on May. 02, 2011 @ 1:22 pm

Please multiply each foreclosure by 2.5, which is the average number of people living in each home. That does not include animals, which become abandoned or given to shelters which often have to enthanize them. It does not include job loss due to families having to move away from the area.

This has NOTHING to do with color or race. For whatever reason, all major banks have been acting unethically with regard to mortgages; they got people into the loans anyway they could and then generally talked them into using the home as a piggybank by saying there is no reason to sit on equity when you could use the money for school, a new car, vacations, start a busienss, etc. The average person isn't up to this level of pressure marketing and fell for this drivel. There is something inherently evil on what is going on in the U.S. today. I just can't figure out what it is or what the purpose is. The banks would rather have the homes sit empty or sell at a greatly reduced price rather than help the homeowner stay in the home they sold them.

Banks such as Wells Fargo make a profit of $49 billion, Wells laid off 6385 workers since 2008, and increased executive pay by 180% to $49.8 million in 2010 for its top 5 executives -- all of whom should be in general population prison (or at least burn in Hell for eternity).

Posted by Guest on Dec. 29, 2011 @ 2:59 pm

There are a lot of foreclosures in areas with higher percentage populations of Asians:

http://hotpads.com/search/foreclosure#lat=37.760672785359546&lon=-122.43...

Posted by marcos on May. 02, 2011 @ 1:52 pm

Back in 2009, it looked as if San Francisco wasn't being as hard hit by foreclosures as other Bay Area counties. And compared to Contra Costa, which saw hundreds of thousands of foreclosures that year, the 800 foreclosures that San Francisco saw in 2008, really didn't look that bad. Only one problem: these foreclosures were clustered in D10 and D11, which are home to the city's last remaining pockets of affordable housing and family neighborhoods. Fast forward to 2011, and the problem still is focussed in these neighborhoods, only now the Sunset and Richmond are looking more vulnerable. And yes, the foreclosures are also hitting Asian residents and families, too.

Posted by sarah on May. 02, 2011 @ 2:21 pm

If people who can't afford a home any longer lose it it goes back on the market and is sold to someone else, or rented, and housing prices and rents have declined since 2008 - meaning the affordable housing stock is increased. It's difficult to understand what someone losing a home to foreclosure because they can't afford it any longer has to do with affordable housing - they lost they house because they couldn't afford it. Someone else will be able to afford it - isn't that the definition of affordable housing?

So the problem is related specifically to D10 and D11 - not the whole city? How many foreclosures were there in the three years before 2008? If we're going to do a comparison we have to have more than the last three awful years to add validity to the comparison.

Posted by Lucretia Snapples on May. 02, 2011 @ 6:10 pm

Affordability is not a function of house prices, rather it is a function of wages relative to house prices. As wages fall and employment becomes uncertain, then even in a market where prices fall, housing does not become more affordable.

Posted by marcos on May. 02, 2011 @ 8:49 pm

Wells Fargo was once the worst bank in San Francisco. Now the worst bank in San Francisco is Bank of America....wait!...Charlotte.

Posted by DanC on May. 04, 2011 @ 4:15 pm

If what I remember is accurate, 75% of all current home foreclosures are for the same homeowners who were bailed out in 2009.

How often does one get to get bailed out? And is a 2.5% foreclosure rate for a city indicative of an unusual or alarming trend?

Starting with Carter, and revived under Clinton, banks were threatened with huge fines if they did not offer loans to under-qualified minorities. So when does one assume responsibility for one's own decisions? How many bailouts?

Posted by Guest Evangeline Brabant on May. 05, 2011 @ 11:07 am

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