FOR IMMEDIATE RELEASE
March 8, 2013
David Sharples, ACCE
MEDIA ADVISORY FOR MARCH 12, 2013
NEW REPORT SHOWS $3.3 BILLION HIT TO COMMUNITY WEALTH FROM IMPENDING WELLS FARGO FORECLOSURES IN CALIFORNIA
Report provides first-ever look at a major bank’s current foreclosure pipeline in California’s cities and the impact of these foreclosures on the State’s economy.
WHAT: Press conference and call to discuss new state-of-the-art findings regarding Wells Fargo’s current foreclosure pipeline and consequences for California’s economy in 2013.
Photo opportunity: homeowners protesting at bank that is foreclosing on them.
WHO: Members of the Community Group ACCE including struggling homeowners
WHEN: Press Conference: Tuesday, March 12 at 1:30pm
WHERE: Wells Fargo Branch,1374 Fitzgerald Dr., Pinole, CA
WHY: The foreclosure crisis continues to damage California’s economy. On Tuesday, policy experts will release a state-of-the-art report documenting the number of homes currently facing foreclosure in California and the economic consequences of these foreclosures for neighboring homeowners, local and state governments, investors, and the families who will lose their homes. The data is broken out by city for the largest 21 cities in California for tailored local reports. The report was written by the Center for Popular Democracy (CPD) and the Alliance of Californians for Community Empowerment (ACCE).
Although Wells Fargo recently announced a record $19 billion in profit in 2012, the bank continues to resist a comprehensive program of mortgage principal reduction, despite the fact that economists from across the political spectrum believe principal reduction is the key to generating a robust recovery for California. If Wells Fargo carries through on its current foreclosure threats, California homeowners
– primarily neighbors of foreclosed homes – will see a $3.3 billion reduction in their property values.