Enraged homeowners bombarded the headquarters of Wells Fargo, located in San Francisco, as they convened for an annual shareholders meeting. The protesters disrupted the annual meeting and confronted the companies CEO about Wells Fargo’s foreclosure practices.
Numerous major mortgage lenders have been heavily criticized by lawmakers and homeowners for negligent foreclosure practices. Major banks have been accused of employing so-called ‘robo-signers’ to fast-track foreclosures through the system, which caused a collapse of the real estate market starting in 2008. Many of these mortgage loans where insured by the FHA, so the lenders were able to collect the loan balances while people lost their homes.
Some of the demonstrators are facing foreclosure. The state of California has experienced high unemployment and a large number of foreclosures. An estimated hundred angered people gathered outside the building while approximately twelve individuals entered the building, demanding Wells Fargo hold a moratorium on their foreclosure process. Eight of protesters were arrested after they refused to leave the building but received citations and were then released.
The US Treasury and Housing and Urban Development reported that 350,000 homeowners were eligible for federal home modifications but Wells Fargo has only modified the loans of 77,402 mortgage holders.
The questionable practices of major mortgage lenders have caused many people to enter into foreclosure unnecessarily. With the assistance of a foreclosure attorney, the individual may be able to keep their homes. A diligent foreclosure lawyer uses years of experience to assure their clients the most favorable outcomes in their foreclosure suit.
