Tens of thousands of families - including mine - are threatened with wrongful foreclosure, and those evictions will further over-strain the already pathetically inadequate supply of affordable rental housing. Wells Fargo is supposed to modify loans under the settlement agreement they signed with the California Attorney General, but in over 3 years they've only modified the loans of around 3% of the 60,000+ people who applied. New York Attorney General Eric Schneiderman is taking legal action to try and force the banks to keep their promises, but so far California Attorney General Kamala Harris has not.
If we convince Ms. Harris to enforce current settlement agreements, and to obtain a foreclosure moratorium until Wells Fargo and Bank of America have complied with those agreements, we can prevent enormous harm - not just to my family and the tens of thousands of others facing eviction, but also to the California and US economy as a whole: a recent report estimates the foreclosure policies of Wells Fargo alone could cost the California economy up to $3.3 billion in lost revenue.
Please sign my petition telling Attorney General Harris to join NY Attorney General Eric Schneiderman and insist banks comply with prior settlement agreements or face legal action.
A recent survey showed banks are not complying with national mortgage settlement terms in California. An email from Joseph A. Smith Jr., the government-appointed monitor for the national mortgage settlement, said that survey's findings "are consistent with much of what I've heard as I've traveled the nation in the past year..."
Wells Fargo is already being sued in California in an attempt to enforce another settlement agreement. "Claiming that Wells Fargo's "greed seems to have no bounds," a class action lawsuit charges the bank approved fewer than three percent of loan modifications after it acquired troubled mortgages from Wachovia and others. Despite agreeing in an earlier settlement to help troubled homeowners, Wells Fargo did next to nothing..."
As a member of that class, I say they've done worse than nothing. Wells Fargo took 2 years to admit we'd turned in all our paperwork. They've refused to accommodate the disabilities of my legally blind husband or the friend we bought our house with, on disability for a spinal injury. They denied our loan modification because $2,030 is more than $2,700, said they wouldn't modify our loan because we still had equity, and then that making half a million dollars profit over the life of our loan wouldn't be enough, so our NPV evaluation was negative and they didn't have to modify our loan.
Class counsel tried to get an injunction to stop the foreclosures while the case was litigated, but failed. By the time the case is resolved, thousands of homes will already have been foreclosed on. If we convince Ms. Harris to join forces with Schneiderman and others to enforce current settlement agreements, and to obtain a foreclosure moratorium until Wells Fargo and B of A have complied with those agreements, we can prevent enormous harm - not just to my family and the thousands of others who are being improperly denied loan modifications, but also to the California and US economy as a whole.
A recent report estimates Wells Fargo’s foreclosure policies could cost the CA economy up to $3.3 billion in lost revenue. Foreclosures depress property values, local property tax revenues, and economic recovery. http://populardemocracy.org/foreclosure-crisis-report
This is an appalling crisis, even for those who can pay their mortgages. Banks have foreclosed on people who never missed a payment; the disabled veteran who died in court after Wells Fargo foreclosed on him for money owed by his neighbor, the retired couple in Twentynine Palms whose home Wells Fargo mistakenly emptied out - twice!
A study commissioned by former San Francisco Assessor-Recorder Phil Ting, of foreclosure sales between January 2009 and October 2011, found that 84% contained one or more clear violations of the law, 99% showed some apparent irregularities and almost a third had problems in four of the six areas of concern checked.
People tell me if I just tried to save myself and stopped trying to help other people too, my petition would get more signatures. Please help me prove them wrong!