Occupy Wells Fargo to Save the Faulks Home

Supporters of Foreclosure and Eviction Fighter Larry Faulks gathered at the Wells Fargo branch in the Noe Valley neighborhood of San Francisco to demand that Wells Fargo rescind the sale of the Faulks home to DMG Asset Management and offer Larry a fair deal loan modification. Larry and his brother are elderly and disabled and don’t deserve to be thrown to the curb after Wells Fargo illegally sold their home at auction while negotiating a loan modification with them (a practice called “dual tracking”).

The group gathering hundreds of signatures to present to Wells Fargo Community Relations Director Brenda Wright and Wells Fargo CEO John Stumpf.

Susan McDonough of Occupy Noe explains the situation with Wells Fargo, DMG Asset Management, and the Faulks family. She invites supporters to join an action at an open house of Climb Real Estate, the company that flips the homes DMG Asset Management evicts families like the Faulks family from. The protest will take place 12:00pm to 3:00pm on Sunday, October 28, at 1272 Rhode Island Street on Potrero Hill in San Francisco.

Larry Faulks talks about his situation and expresses his thanks to supporters.

The action was organized by Occupy Noe, Occupy Bernal, and the Alliance of Californians for Community Empowerment (ACCE) with participation from the Occupy Direct Action Workgroup (DAWG) and Community Not Commodity.

Links: Bay Area Reporter coverage

ALERT: Wells Fargo: Don’t Throw Seniors or Disabled Folks Onto the Street

Update as of October 27, 2012: Check out the description, video, and photos of the Wells Fargo protest at http://occupynoe.org/wordpress/?p=45


JOIN US TO Demand Wells Fargo Stop the Eviction of the Faulks Family–

Take action:

1) Call Wells Fargo Bank:

* John Stumpf, CEO, +1 415-396-7018

* Brenda Wright, Community Relations Manager, +1 415-623-7738

Wells Fargo illegally sold Larry Faulks’ house without notifying him. Demand that Wells buy the house back from DMG investors and work out a fair loan modification to keep Larry and his brother in their family home. Don’t put disabled or seniors out on the street.

2) Protest:

When: 11:00am TO 3:00pm, Saturday, October 27

Where: Noe Valley Wells Fargo Branch, 4045 24th Street (cross street Castro), San Francisco

What: Demand Wells Fargo’s immediately rescind sale and negotiate an affordable mortgage that allows the Faulks to stay in their family home.

Background:

Larry Faulks’ parents were the first African Americans allowed to buy a home in the Diamond Heights neighborhood of San Francisco. They purchased the house 50 years ago in 1962. Larry was gainfully employed as a tech writer when he had a medical problem that resulted in a failed surgery and permanent disability. Now, Larry and his brother – both disabled – face eviction October 31.

Larry was negotiating a loan modification with Wells Fargo Bank which promised him repeatedly that they would not sell the house. But they did – it’s called Dual Tracking – a practice that has been determined illegal. And Wells Fargo didn’t bother to tell Larry they had done this; he found out from a realtor. On May 17, Larry and his brother learned that their house had been sold without their knowledge.

Wells Fargo sold the house to a company called DMG Asset Management, which has been buying homes in foreclosure in San Francisco. Wells Fargo must buy the house back from DMG, and give Larry and his brother a fair loan modification that allows them to continue to live in their family home and leaves them sufficient income for life’s necessities in their senior years.

Sponsored by Occupy Noe, ACCE, Occupy Bernal.

For more info and updates: