EDITORIAL More than 1000 homes in San Francisco are either in foreclosure or at the start of the process. Some 16,000 homeowners are underwater, and as many as 12,000 may face foreclosure in the next 12 months. A report by the Alliance of Californians for Community Empowerment shows that the city could lose $115 million from the reduced property taxes and the costs of carrying out evictions.Read more »
EDITORIAL The mortgage crisis in San Francisco isn't just devastating to homeowners and to the southeast neighborhoods where foreclosures are most common — it's clear evidence that lenders and their affiliates are and have been acting illegally. This city ought to be taking the lead on pressing civil and criminal charges against the mortgage outfits.Read more »
Bay Area activists, fueled in part by the Occupy movement, have recently taken stands against police brutality, for the rights of the homeless, against the corporate power of banks, and much more. But, arguably, nowhere has the movement been more successful than in the fight against foreclosures and evictions.Read more »
People facing eviction and foreclosure often report hardly being given the time of day by banks and lenders. But yesterday, three top Wells Fargo executives flew to San Francisco to meet with Alberto Del Rio, a Bernal Heights resident facing foreclosure.
Del Rio's parents purchased their home in 1973. The home was refinanced multiple times, he says “for a better life” for his family. The most recent refinance, in 2007, was a result of lenders convincing Del Rio’s mother that refinancing would be an easy to pay for some of her retirement. Read more »
Do you think a groundbreaking report – showing that 84 percent of foreclosures in San Francisco over the last three years involved faulty paperwork, some of it amounting to fraud – would finally mean swift justice for victims of those crimes?
At 7 a.m. this morning (Wed/12), protesters against corporate greed were poised for one of the most impactful actions since OccupySF began.
About 50 people associated with the Foreclose Wall Street coalition were seated in front of all the entrances to the Wells Fargo corporate headquarters on California and Montgomery streets. Back at the site of the OccupySF camp in front of the Federal Reserve Bank on Market Street, protesters gathered. They held a rally there that included a speech from Sup. John Avalos, the only mayoral candidate to actively support the movement.
The messages sounded yesterday on the streets of San Francisco – delivered in speeches, chants, signs, songs, interviews, and the petition handed to Chase Bank officials by a half-dozen protesters before their arrest – should resonate with most Americans. After all, while rich corporations and individuals have been accruing ever more wealth, the vast majority of us have been falling behind.Read more »
The New Bottom Line, a national campaign to hold banks accountable for foreclosures, kicked off in San Francisco this week, as hundredsmarched through the Financial District to demand that Wells Fargo change corporate policies that bankrupt families, dismantle neighborhoods, and empty public coffers. During the bank’s annual May 3 shareholder meeting, a group of homeowners and clergy addressed Wells Fargo CEO John Stumpf to demand a foreclosure moratorium. Read more »