OCCUPIERS RALLY AT STATE ATTORNEY GENERAL’S OFFICE AND WELLS FARGO Activists Gear up for Friday’s Foreclosure-Settlement Deadline and Upcoming Meeting with Wells Fargo
PRESS RELEASE ADVISORY
WHO: Occupy Activists in Los Angeles
WHAT: Rally in Support of CA Attorney General Harris & Rally to demand Wells Fargo “Do the Right Thing”
WHEN: Friday, February 3, 2011 from 10am - Noon; Press Conference at 11am
WHERE: Outside of 300 & 333 S. Spring Street, LA (two blocks South of City Hall)
WHY: Friday is the last business day from the reported deadline for State Attorney Generals to join national foreclosure settlement; Monday Occupiers meet with 6 Wells Fargo Executives and 2 LA Community Leaders over CA & US foreclosure issues.
FOR IMMEDIATE RELEASE
OCCUPIERS RALLY AT STATE ATTORNEY GENERAL’S OFFICE AND WELLS FARGO
Activists Gear up for Friday’s Foreclosure-Settlement Deadline and Upcoming Meeting with Wells Fargo
LOS ANGELES – Members of the Occupy Movement in LA on Friday will hold a late morning rally outside the Los Angeles office of California State Attorney General and a Wells Fargo branch to address the foreclosure crisis.
Friday is the last business day before the reported deadline for states, via their respective Attorney Generals, to join a nationwide settlement with banks, including Wells Fargo, over allegedly deceptive mortgage and foreclosure practices. In addition, on Monday afternoon a handful of Occupy Activists will meet with Wells Fargo to discuss foreclosure-related concerns.
California State Attorney General, Kamala Harris, withdrew from negotiations with the nation’s biggest mortgage servicers and last week her office called the current settlement “inadequate for California”.
Many Occupy Activists agree with her assessment and want to encourage Harris to remain strong against attempts to lure California back to the table for what they see as inadequate negotiations surrounding the massive robo-signing scandal of which Wells Fargo has been implicated in. In the meantime, Seven Occupy Activists are gearing up to sit down at a boardroom table with executives from Wells Fargo late Monday afternoon to discuss foreclosure issues.
“We call on Harris to continue to represent the people’s interests over lenders’;” states Carlos Marroquin, a homeowner advocate and Occupy Activist, “Also, we call on Wells Fargo to do the right thing for homeowners.”
On Monday, February 6th, Occupy Activists will have an unprecedented meeting with Wells Fargo Executives. This meeting represents a first of its kind— since the Occupy Movement began on Wall Street in mid-September of last— where bank executives and occupiers will come together to discuss some of issues that prompted protests.
Representatives from Wells Fargo had approached members of Occupy the Rose Parade during the preparations for the Tournament of Rose Parade and Occupy Protest which drew over 5,000 Occupy supporters on January 2, 2012. Wells Fargo was the largest financial contributor of the parade and had two large floats in the parade procession this year.
The meeting with Wells Fargo comes just as 5 of the nation’s biggest mortgage servicers including Wells Fargo, along with Bank of America, JPMorgan Chase, Citigroup and Ally Financial, try to reach a settlement with State Attorney Generals and the Obama Administration.
Activists call on State, Federal, and Banking Representatives to impose a moratorium on all foreclosures, pending full investigations into lending institutions’ policies and practices that will reveal the extent of fraud on innocent homeowners.
California was one of the hardest hit states with one in every five U.S. foreclosures located in California. This means there are over 2.2 million expected foreclosures in the Golden State through the end of 2012.
The 2.2 million foreclosures are estimated to cost California homeowners, property taxes, and local governments $650 billion statewide. The multi-state settlement only totals $25 billion split between 5 banks. For some activists and State Attorney Generals this meager settlement amount does not come close to their expectations of accountability and consequence.
In addition, banks have in turn sought release from future claims.
Activists want to hold banks accountable for all improper lending and foreclosure practices not just limited to robo-signing but also predatory lending, origination, liars-loans, appraisal, MERS, securitization, insurance, credit-default swap, duel-tracking, modification, foreclosure, and any other fraud and abuse.
Activists demand Attorney General Harris, Wells Fargo, and other banks impose moratoriums and offer more immediate and long-term relief to innocent borrowers by way of principle, interest, and payment reductions in keeping with the changed market values of homes and reduced income of homeowners who have been hurt by the country’s severe employment and economic crises.
Los Angeles, which has been hit particularly hard, has nearly 80,000 homeowners underwater by $7.3 billion. According to a report put out by Alliance of Californians for Community Empowerment (ACCE) and California Reinvestment Coalition (CRC), if the banks wrote down those mortgages, it could pump $780 million into the local economy and spur 11,353 jobs. Overall, Los Angeles homeowners are estimated to lose $78.8 billion in home values as a direct result of the 200,000 foreclosures from 2008-2012.
# # #
For more information please contact Cheryl Aichele 310-912-3494