SF Community Board of Trustees condemns Wells Fargo’s predatory lending practices, seeks new Banking Services provider for its money
April 26, 2012
Last night, the SF Community Board of Trustees, condemning its
current provider Wells Fargo Bank, voted to seek a new Banking Services provider for its money, citing that:
- San Francisco Assessor-Recorder Phil Ting has announced a first-of-its-kind audit of county land records of homes facing foreclosure.
- Among the most jarring findings was that 84% of the files audited included legal violations
It also credited community-based organizations like SF ACCE and
Occupy Bernal for fighting to preserve the diversity of their neighborhoods by defending the predominantly minority homeowners at risk of losing their himes to Wells foreclosure.
Trustee Chris Jackson stated that “Predatory lenders like Wells Fargo must be taught to correct their destructive policies.”
Buck Bagot of Occupy Bernal/SF ACCE thanked the Board for “putting its power – and the public’s money – behind my neighbors who Wells has and is hornswoggling out of their homes.”
AFT Local 2121 President Alisa Messer, whose unions represents Community College faculty, also cited Wells’ penurious student loan policies which charge college students up to 18% interest.
Both Bagot and Messer and members of their organizations participated in effort on April 24, 2012 to convince Wells Fargo shareholders to correct the Bank’s negative policies, but were denied admission to its shareholders meeting despite holding Wells Fargo shares.
The Board joined the SF Board of Supervisors and Mayor Ed Lee in
speaking out against predatory lending policies.