Members of the Occupy Minnesota (Occupy MN) movement are hoping to mimic a “successful” foreclosure protest further out west when they take on a Minnesota Wells Fargo this Friday. Earlier this month, a woman marched on the Fannie Mae headquarters in California in order to garner attention to her foreclosure. She was arrested, but also got her loan modification. Now, Occupy MN is hoping to get similar results for a couple who fell behind on their mortgage in 2010 and have struggled unsuccessfully to get a modification to their mortgage – both are now employed, albeit their income is reduced – since that time.
Perhaps more importantly, it looks like Wells Fargo is already preparing to cave; they issued a statement yesterday morning stating that they had worked “since 2010” with the homeowner to “try and find an option that will enable him to remain in his home” without reaching a viable solution. Interestingly, the emailed statement notes that “sometimes a customer’s circumstances change at the last minute enabling him or her to qualify for an appropriate resolution.” Like many homeowners, this Minnesota couple reports filing duplicate paperwork multiple times, never reaching a real Wells Fargo representative and the lender refusing the accept checks when they attempted to make payments to catch up on the balance of the loan.
Occupy MN is currently on day 7 of its lifespan and has already marched on the downtown Minneapolis Wells Fargo and Twin Cities Financial. The group surrounded the buildings and pointed giant red foam fingers at the lenders in order to indicate that they hold the banks responsible for the state of the economy. Minnesota’s Occupy movement has been much clearer about its demands that its fellows around the country. The group handed out fliers demanding that Congress reduce the federal budget deficit by “raising revenue via taxes on corporations and banks rather than cutting programs such as Medicare, Medicaid and Social Security,” and now will be supporting a direct plea by a homeowner to stop his foreclosure.
Do you think that this is a good way to get lenders’ attention? Should Wells Fargo give this homeowner a modification?
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