Non-Violent Protest and Direct Action at Wells Fargo Annual General Meeting – www.stopwellsfargo.com
We are a coalition of homeowners, clergy, immigrant rights advocates, unions, tenant rights groups and residents who represent some of the hardest hit communities across the country, where families and communities are being destabilized because of the outrageous practices of big Wall Street banks
In 2012 our coalition of organizations and individuals plans to continue our pursuit to engage Banks like Wells Fargo to demand that they endorse across the board and responsible principal reduction of both loans they own and loans they service. In addition, we are demanding the following:
Responsible lending:
We demand that Wells Fargo initiate a widespread principal and interest reduction program that fixes all of its underwater mortgages and offers families sustainable monthly payments. Furthermore we demand that Wells Fargo stop all foreclosure and eviction proceedings as the Attorneys General multi-state mortgage settlement is completed and relief reaches California homeowners. We are calling upon Wells Fargo to be consistent with their claims of being an industry leader by endorsing responsible principal reduction on loans they own and loans they service to encourage other lenders and investment pools to follow suit
Transparency and accountability:
We are demanding that Wells Fargo begin “showing the note” to borrowers to prove they in fact are the rightful owners of the mortgage being foreclosed upon
Paying what you owe:
Wells Fargo currently has hundreds of vacant, foreclosed properties across the country. Cities and counties estimate that it costs approximately $34,000 per each foreclosed home that becomes vacant and a potential blight on our communities. We are demanding you continue to maintain and PAY the fines on your blighted properties and help share in the cost to our cities and counties starting with Cities and Counties throughout California with Foreclosure Blight and Building Registration Ordinances.
Wells Fargo has used tax loop holes at the local and federal level to avoid paying your fair share which has helped lead to unprecedented cuts to service and layoffs of thousands of public employees. We are demanding that you pay all of your federal taxes and local property taxes that you owe. Our Public Schools and services have been bearing the brunt of the budget crisis and we need you to pay your fair share.
Protecting Tenants:
There are currently thousands of tenants living in foreclosed properties across the state/country. Many of these tenants have had their rights trampled on by large Banks and it is time that Banks partner with the community to end this unjust practice. We are demanding that Wells Fargo commit to having your Bank and the servicers, real estate firms and contractors you work with to follow local and state Tenant protection laws.
Additionally, we demand that Wells Fargo commit to ceasing all illegal evictions on tenant occupied properties in Foreclosure and we demand that Wells cease “passing the buck” by committing to ensuring that the servicers, real estate companies and contractors Wells Fargo works with commits to the same principles
Respecting Human Rights:
The incarceration of communities of color and immigrants is big business. Private prisons like the Geo Group and Corrections Corporation of America have made record profits, due in part to their active involvement in advocating for racist laws like Arizona’s SB 1070. Wells Fargo is an investor in the GEO Group, notwithstanding also sharing the same lobbyists to jointly profit of imprisoning communities of color and immigrants. That is why our organizations are joining with Immigrant Rights Groups to demand that Wells Fargo STOP investing in anti-immigrant policies across the country and cease investment in detention centers that detain immigrants and contribute to breaking apart families
An End to Predatory Payday Lending:
We demand that Wells Fargo end their credit agreements and financing of predatory payday lending corporations. We demand that Wells Fargo stop making their own predatory payday loans which they call “direct deposit advances.”
