FOR IMMEDIATE RELEASE
FOR MORE INFORMATION CONTACT:
David Sharples, ACCE CONTRA COSTA, 415-377-9037 firstname.lastname@example.org
Community Leaders Call on Wells Fargo to Give Struggling Homeowner a Principal Reduction
Richmond, CA: On Thursday, June 27th at 12:30pm at the Wells Fargo, at 4500 Macdonald Ave., Richmond, CA over 30 struggling homeowners and community leaders will gather to demand that Wells Fargo give Genny Zentella a loan modification and principal reduction.
ACCE members are angry that Wells Fargo steered Genny into a subprime, adjustable loan and now refuse to give her a loan modification or principal reduction. Genny bought her home in San Pablo in 1989. In 2005 she refinanced in order to make improvements on her home. “I had excellent credit and never should have been put into a subprime, adjustable rate, pick a payment loan. I should’ve gotten a fixed rate. Now I’m behind and in danger of losing my home because my payments keep going up. Wells Fargo should do the right thing and give me a loan modification with principal reduction.” Said Genny Zentella.
What: Action to demand Wells Fargo give struggling homeowner an affordable loan modification and principal reduction
Where: Wells Fargo, at 4500 Macdonald Ave., Richmond, CA
When: Thursday, June 27th at 12:30pm
The event comes in the midst of a growing national campaign calling for Wells Fargo, which is the nation’s largest mortgage servicer, to provide major new homeowner relief with principal reduction on a scale that approaches the $300 billion in negative home equity that exists in the U.S. Nationwide, there are 11 million homeowners who are “underwater”
– and owe more on their mortgage than the value of their homes.
Wells Fargo is also a major player in the predatory payday lending industry and has dodged more taxes than any other company since the financial crisis began in 2008, holding back funds that could help put America back to work.
ACCE (Alliance of Californians for Community Empowerment) is a non-profit grassroots community organization in Richmond and across the state. A membership organization of low and moderate income people, the organization works to advance policies and programs that address such issues as community development, affordable housing, access to healthcare, and more.
Alliance of Californians for Community Empowerment (ACCE)
322 Harbour Way, Suite #25
Richmond, CA 94801
Cell phone 415-377-9037