Occupy Bernal Heights to "Auction" Home of Wells Fargo CEO

Categories: Occupy
wellsceo.jpg
Now foreclosures are coming back to bite him
This weekend, San Francisco families are planning to descend on the front steps of Wells Fargo CEO John Stumpf's home to deliver a foreclosure notice of their own, and stage a mock auction to show the wealthy financier the same kind of humiliating treatment that local families have experienced, thanks to big banks.

Activists claim they have no other choice but pay him a visit -- their dozens of messages to Stumpf have gone completely ignored, and Wells Fargo has refused to negotiate in good faith with Bernal residents to modify their home loans, despite clear evidence of "wrongdoing" by banks.

Readers might recall that a recent report commissioned by the city claimed that 84 percent of loan foreclosures contain multiple errors and violations, including felony crimes.

This reported only further motivated occupiers, who aside from Saturday's confrontation, will also demand the city impose a moratorium on home auctions, pending public investigations into bank wrongdoing.

Here's what they want from Wells Fargo:

  • Stumpf to meet with the foreclosure victims -- now
  • An immediate moratorium on foreclosures, until a plan is developed to save homes
  • Wells Fargo to provide homeowners fair and affordable loan modifications with reductions in loan principals

According to Occupy Bernal, more than 80 homeowners are in foreclosure right now and "do not have the luxury of waiting while Wells Fargo continues to evict families illegally and sell their homes."

San Francisco foreclosures must stop now," the group said.

Follow us on Twitter at  @TheSnitchSF and @SFWeekly



My Voice Nation Help
29 comments
homes for sale in richmond va
homes for sale in richmond va

one of the places that has been hardest hit by the downward spiral in the housing market, and that is why it is a superb idea to look for any kind of foreclosures that you can find in that area.

Corzine
Corzine

The Occupy movement has grown out of the fact that we live in a system where idiots purchased beyond their means, lost their jobs and now can't pay their bills.  Spend your time looking for a job rather than protesting because I'm getting tired of paying for handouts.  It's a shame the system takes so long to toss people out of their homes when they don't pay AND have ZERO equity to boot.  What were you thinking borrowing all that money with a $40/hr job?  I spent $250K on a house and made a 20% down payment, all while earning more than that per year.  Sure I could of bought more, but I was realistic about my place in life.  But now I'm kind of pissed I didn't way over purchase so I could get some help now.  I do however hope to buy one or two of those foreclosed homes.  Sorry about your luck, but then you made your own bed and now you want to change the rules?  It's like asking Wells Fargo to subsidize your rent for next couple of years.  After you come to terms with your real place in life, try your local HUD office.... And then go get a job! Half million dollar homes are not for everyone, but for the people who can truly afford them…. in good AND bad economic times.  And while I live comfortably, I know my place and it is not in a 100% financed, overpriced home. Sorry for the rant, but dumb people piss me off.  They sign up for these deals and then cry foul when the crap hits the fan.  Nobody thinks anymore and then they want to blame others for predatory lending, foreclosures, etc.  But then they were smiling when they walked into those shiny new homes.  Buying a home at the height of the market was a terrible idea…. Again sorry you got caught holding the bag, but someone has to.  Not all of my business decisions work out, but then I don’t go crying to the banks either.  Move on and get a job.

Jean Meadows - Safeguard
Jean Meadows - Safeguard

Why aren't they Occupying Washington?

I respect the First Amendment!  Even if I don't agree with it.  It is great to see it is still alive and well!

But to be very clear... this country wasn't founded on Hand Outs!  

We have and all are given a Hand Up through opportunity, even minorities (including myself).  If people want New Homes, New Cars, Ivy League Educations, Health Care, Food, Power, Clothes... Your Already Getting All of That!  There is no reason that anyone in the US can't have any and everything they want if they are willing to work for it.... 

Ah!  Work... You know... that is the thing you do that involves providing a skill or service to make a product... 

Your probably saying... But there are no jobs!  Well do you think there were jobs when everyone got off the boat?  No!  We had to make jobs... We had to work together to survive!  We had to be cooperative, creative and innovative! 

This sense of False Entitlement that everyone is slinging around is really gotten way out of hand!  I would like to know who do these people think owes them a living?  Who owes them anything?

I mean give me a break already!

Don't worry Folks!  Your getting your inheritance early from the Fed and your sucking the little bit of life out of your parent's pension funds and retirement accounts before they even make it to the grave!  I hope whomever is paying for the protest permits and tents will STILL be paying for them when the whole country is taken over by people who don't care about your rights or the rest of Ours.  

Enjoy the Free Ride because sooner or later... it's all going to be over and These Mass Distractions won't work anymore!!

P.S. Banks don't have money... they never have and are not supposed to... They are Service Providers... If the housing crisis is the focus for today's Smoke Screen... Maybe they should be protesting why the Fed is paying for damages because the loans weren't properly handled and Why Fannie Mae and Freddie Mac were exempt from all of this?  

After all Fannie and Freddie were the ones that worked with HUD to create the loan programs and forced the banks into giving the loans to people that shouldn't have had them in the first place!  Just contact your local Affordable Housing Department or State HUD!

Why aren't you guys mad at the Fed for Screwing Up?Did you know that the average homeowner doesn't even know that they can fight their mortgage if they know what they are doing?  Did you know that the S&P uses the same credit models and data that the Credit Reporting Agencies?  You probably didn't know that is the same data that is used to keep investors out of the US... and to keep all of the Occupiers out of Jobs!

Why aren't you mad about people doing "Lire Loans"... Excuse me, "No Doc, Stated Income".

You can't just be mad at 1 side of it.  Most of us probably didn't even know that there are over 22 people that touch a purchase loan/transaction and that 18 people touch a refinance loan/transaction.  None of them being done the same but all reporting to one common place HUD!

That's right Sports Fans!  Every one of those loans was reported to HUD and then exited by Fannie Mae or Freddie Mac to the open Global Market!  

No child left behind, no college student left behind, no homeowner left behind!

I sure hope I don't get to be the LAST WINNER!

Lily
Lily

This is what Occupy should be doing.  I don't know why they insist on occupying public property to an underfunded government, bothering small business.  They should go to the property of the rich and the people who f-- over the middle class daily. 

bigriggs
bigriggs

Little known fact.....Wells Fargo did not need the bailout money and did not want to accept it. After being forced to do so, they paid it back as soon as they could with interest.

Info
Info

wells fargo didnt loan any money these investment banks took pension fund money that didnt belong to them and funded loans Do you banks would loan money to people with no proof of income? no doc loans? stated income loans?of course not they aren't that stupid!They took pension funds of police, firefighter, teachers, widown 401k money, etc to fund all these loans.People like Gov Kasich introduced the pension funds of his state to Wall Street who then took that money to fund these bad loans.Google Kasich+Lehman

Realist
Realist

Bunch of stupid twats. Difference here is that Stumpf pays the debts he takes on, like his mortgage, and you self-entitled losers don't.

I had surgery three days ago and am suffering, big time. Yet, here I am, at work, meeting my voluntary obligations.

Fuck you, fuck your dog, and fuck occupy. I hope you're all tazed.

Sally90
Sally90

 D you like your  tall? check my pic--------==== A a right choice to looking for tall_soul_mat !!!! 

TallLoving.Com
TallLoving.Com

 D you like your  tall? check my pic--------==== A a right choice to looking for tall_soul_mat !!!! 

TallLoving.Com
TallLoving.Com

vAre you single?Do you want to make friends?Or do you want to find true love? you answer must be yes!please pay attention to---- [TallLoving.c./0/m]

TallLoving.Com
TallLoving.Com

 Looking to find someone special for your life?An invitation of TallLoving.c/0/m is offered!Here you can find hundreds of thousands of open-minded singles & couples looking to explore their bisexuality.sign up for free! 

annehansenz
annehansenz

The Refi Plus program will waive the normal credit score requirement for a refinance; it will have reduced documentation standards for proof of income; and it will allow for computer-based appraisals, which tend to inflate the value of a home and make it easier to qualify for a refinance.  Search online for 123 Refinance they are the best and fast.

Matthew L Kees
Matthew L Kees

Iceland found a way out, but it came at the expense of the "investors" (i.e. less profits). 

And a few went to jail:

http://mobile.bloomberg.com/ne...

Is it too sensible to do the RIGHT thing, and not just what the LAW allows?

Matthew L Kees, #OWS@MLKstudios:disqus 

Joe
Joe

This is the ONE important way to get the attention needed to stop these corporate theives from proceeding with their ILLEGAL activities. BTW --- it is YOUR tax dollars that bailed out these theives .... to do what?  Use the FED's 0% interest rate loans to the banks (again - your taxes) so they stay fat as communities get destroyed. You are lost if you think this is not affecting YOUR community.

Evappliers
Evappliers

Banks didn't loan money investment banks looted your pension funds and threw the money at homeowners Now they don't even posess the necessary notes to take the properties back hence robo signingSorry investors your money is gone with no collaeral to get anything back

numberswonk
numberswonk

Here's an absurd, completely full goose looney, insane story - but it's true!

My neighbor has been trying to sell his home with with a HAFA short sale. He was laid off and could no longer make payments.  I've provided community pro bono counseling for loan mods and short sales in the past. It's a good thing I do this pro bono, one could never make a living at it.

Wells is the originator of the loans and servicer. 

When the buyer of the short sale walked due to financial problems, the seller's agent quickly obtained a new buyer at the same price and faxed the offer to Wells. But Wells kicked the seller out of the HAFA program and delayed moving forward with HAFA, requiring a standard short sale ...wait for it... even though Wells and the investor lien holder would make MORE money with a HAFA short sale.  

Note that under HAFA the seller receives up to $3,00 cash for keys for moving expenses.But also note that Wells and their servicer get a bonus of about $1,500 plus brownie points under the federal HAMP programs.

I listened to the latest call. "We follow the guidelines, not the math," said the Wells person. Let me repeat - Wells and their investor DON'T WANT MORE MONEY. Is this how they run a business?

RaySFNativeJ
RaySFNativeJ

normally I would agree that expecting a bank to just take a loss like this is simply foolish and not how we do business in this country, but seeing as how bail outs are not really how we do business here either ... this time the occupiers have a point. If the bail out wasnt specifically designated for mortgage relief for the taxpayers who are footing the bill then what was it for?

Christopher Neal
Christopher Neal

Yeah, Wells Fargo is so freakin' evil. They provide jobs for a total of 224,997 employees.

How dare them!!!

Occupy SF Weekly
Occupy SF Weekly

What none of you seem to understand is that ALL the major banks, and many small one's as well, ONLY exist as ongoing, privately owned entities because of massive interventions by the US government and US central bank. The policies of the last 3 years has allowed private banks to continue to carry on profitable businesses amidst massive unemployment,  huge cuts to  education, declining rates of American's with health insurance (but not any decline in corporate health care provider premiums!!), rising tuitions and fees for students seeking to get a college education, and  stagnant and falling wages for the majority of Americans. All of these statements are widely documented facts. The Occupy movement reflects  the fact that the last three decades has seen a massive upward transfer of income and wealth to the top 10% of Americans. This does not reflect the brilliance of those running US corporations and Wall Street institutions. In fact, overall wealth creation and rates of growth (GDP) have DECLINED over the last thirty years relative to the decades prior (1950-1975). What has happened is the rich have been VERY successful at appropriating a much larger share of a slower growing "pie". The Occupy movement has grown out of the fact that we live in a system where major corporate interests can engage in practices -- many of questionable legality -- that completely destroy the viability of their organizations, then get massive injections of state aid and cheap central bank money, and then turn around and expect everyone to simply accept falling wages and a decade long dose of fiscal austerity. 

How many of you know that Wells Fargo paid no -- that's right, NO, federal income taxes for the years 2008-10. This is another fact that you can all verify for yourselves.Wake up! 

TiredOfOccupy
TiredOfOccupy

Absolutely right the bank paid no taxes, but just as every taxpayer has write-offs, so did the bank during those years. The important information that you choose to leave out is that Wells took MASSIVE losses due to the practices of Wachovia, all of which were completely absorbed by the bank and not passed on to the tax payers, as Citi had planned on doing. In the original negotiation, Wachovia was expected to take close to 300 billion in risk related mortgages. Citi said they would cover 100 of that, and asked the taxpayer to foot the bill for the rest. Wells chose to cover all of it on their own books, and used those as a write off. Seems like a pretty up-standing way of doing business to me, and one that everyone who pays federal taxes (49% of the population in 2011...) operates as well. 

You also neglect to point out that the CEO is on record opposing the TARP funds and that they were not needed, but they were insisted upon by the government. As soon as possible, Wells paid the funds back, plus roughly a 7% interest rate. I grew up at a time where everyone took responsibility for their actions, rather than trying to find someone else to point the finger at. 

David Sharples
David Sharples

On Thursday March 1st Come out to support Gloria Takla, one of the 99% fighting to save her home from foreclosure!What: A Press Event to support Gloria Takla who is facing foreclosure

When: 4pm, Thursday March 1st

Where: In front of the San Mateo County Government Center, 400 County Center, Redwood City, CA 94063

Who: Members of the community group ACCE (Alliance of Californians for Community Empowerment), Occupy Redwood City, Occupy San Jose and SignOn.org

Over the past five months Gloria Takla has been waging a fight to save her home from foreclosure by JPMorgan Chase. Gloria has led a community organizing campaign, with the support of members of the community group ACCE (Alliance of Californians for Community Empowerment), Occupy Redwood City, Occupy San Jose and SignOn.org, which has four times turned out over 50 people to demonstrations to support her cause, seen hundreds of people make calls into Chase's executive offices, generated hundreds of petition signatures through SignOn.org and asked elected representatives, Congresswoman Jackie Speier and Sen. Diane Feinstein, to call Chase executives in support of Gloria. Gloria is a leader in the fight to win “Principal Reduction Now!” She also tells a compelling story of being steered into a predatory loan, putting up $150,000 of her money as a down payment and facing foreclosure as a result of Wall Street's deceptive lending practices.

Here are 5 things you can do to help win justice for Gloria:

1.) Turn out to support Gloria on Thursday, March 1st

2.) Email this invitation to your friends and family

3.) Email this link to Gloria's online petition to your friends and family http://signon.org/sign/tell-ja....

4.) Call Jamie Dimon at 212-270-1111 and tell him to give Gloria Takla a Loan Modification

5.) Check out Gloria telling her story on youtube http://www.youtube.com/watch?v...

Mrmayday
Mrmayday

Didn't the Occupy movement open a $20,000 trust-fund account with Wells Fargo? 

AmyP
AmyP

I look forward to hearing how you idiot Occupiers get arrested for tresspassing.

Moronic. Every last one of you.

sarahx
sarahx

Except that Wells has been one of the better banks in this whole fiasco, with much friendlier programs to help people save their homes. And they were one of the first to pay back the bailout money with interest.

Occupy needs focus on facts rather than publicity if they want to have any credibility.

mac691
mac691

If Wells Fargo would do what the Occupy crowd wants, then using Occupy logic,  Wells Fargo should be able to take the profits when the price of housing rises and the houses are sold.

OldAs Dirt
OldAs Dirt

 Did Occupy lend anyone money for anything? If not they have no right to discuss it's disposition. Debt is an agreement to repay, Collateral is what you agree to sacrifice if you don't repay. Making sacrifices you regret is nobody's fault but your own.

Pressto
Pressto

So they are demanding Wells Fargo give away its assets and they wonder why they are not taken seriously. 

Now Trending

Around The Web

From the Vault

 

©2014 SF Weekly, LP, All rights reserved.
Loading...