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California Homeowners Denounce Hometown Wells Fargo for its Abysmal Performance in Keeping Californians in their Homes
ACCE Home Defenders League Launches Campaign against Wells Fargo
– On Wednesday, February 27th homeowners with the ACCE Home Defenders League will descend upon Wells branches across the state and announce their campaign calling on Wells Fargo to enact a broad principal reduction program, reduce short sales and release data on borrowers helped by income and race.
What: Statewide launch of campaign to make Wells Fargo implement a broad principal reduction program
Who: Wells Fargo homeowners with the ACCE Home Defenders League and supporters
When: 11:30 am, Wednesday February 27th, 2013
Where: 4300 Macdonald Ave, Richmond (as well as San Diego, Los Angeles, San Francisco, Oakland)
Wells Fargo is the largest mortgage servicer in California and is currently in the process of foreclosing on more homeowners than any other bank. Wells Fargo has resisted offering principal reduction as a standard element of loan modifications, and the dollar amount of principal reduction Wells Fargo is providing is paltry. According to recent progress report from the Monitor of the Attorney General settlement, Wells Fargo’s average amount of principal reduction was $74,837, compared to Bank of America’s $192,090. And Bank of America gave out nearly $1 billion more in principal reduction during this period, in California, than Wells Fargo did! Loan modifications with principal reduction will help homeowners stay in their homes and stabilize our communities and our economy.
“Wells Fargo, based here in California, should be a leader in the effort to rebuild California and restore community wealth” says Ross Rhodes, a Wells Fargo borrower and ACCE Home Defenders League member. “Instead, Wells Fargo is a community destroyer, with plans to kick over 3,500 families out of their homes next month. It’s time for Wells Fargo to invest in making California stronger and healthier.”
The ACCE Action Home Defenders League is demanding that Wells Fargo:
Make principal reduction a core front-end strategy when considering loan modifications; Release information on the race and income of the homeowners they foreclose on, evict or assist.
Stop all foreclosures and evictions stop until these steps are put into place.
ACCE Action is a statewide community organization of low and moderate income families and is a statewide anchor of the national Home Defenders League
– a network of homeowners fighting back against Wall Street to save their homes.