Today's Date: February 25, 2021
With February franchise openings, Brightway Insurance now has locations in 25 states   •   The Executive Leadership Council Announces New Scholarship and Career Development Program   •   Bank of America Provides $1.1 Million to Support Texans and Communities Impacted by Winter Storm   •   Massachusetts Governor, Speaker of the House, Leaders of Legislation, Medicine and Advocacy Join Forces to Lead the Nation in Re   •   SAS receives ATHENA Global Organizational Leadership Award for women empowerment, diversity and inclusion efforts   •   ViacomCBS Unveils Comprehensive Streaming Strategy and Expansive Slate of Originals Headed to Paramount+   •   New Ariel-Schwab Black Investor Survey Shows Black Americans Continue to Trail Their White Counterparts in Building Wealth   •   JPMorgan Chase Commits $350 Million to Grow Black, Latinx and Women-owned Small Businesses   •   Launch of New Chase Lounge at the Russell Center Will Help Fuel Path to Success for Black Business Owners and Entrepreneurs in A   •   Combat Veteran Establishes Magda Khalifa Foundation to Help Recipients Find Inner Peace   •   SCAN Survey: Vaccine Mistrust Among Family Caregivers Puts Vulnerable Seniors At Risk   •   pursuit: 365 Features 365 Extraordinary Canadian Women   •   SourceAmerica announces Personal Protective Equipment Grant for network nonprofit agencies   •   Compass Datacenters Launches "Breaking Glass" Video Podcast Series Featuring Nancy Novak   •   Dillard’s to Launch Born on Fifth for Antonio Melani   •   The Citizenship Rights of Harry and Meghan's Second Child   •   Revolve Group Announces Fourth Quarter and Full Year 2020 Financial Results   •   Martin Luther King, Jr.’s Only Grandchild Joins Impact Podcast for Special Black History Month Episode   •   Canada's BETA-i Launches World's First Search Fund Incubator Focused on Supporting Black Entrepreneurs   •   David Adefeso and Sootchy App Take on Black Financial Literacy Gap by Partnering with Capital City Lighthouse Charter School
Bookmark and Share

Wells Fargo Urged To Expand Minority Lending

 ATLANTA - Atlanta-area residents facing foreclosure joined community groups, clergy and labor and government leaders to demand that big banks like Wells Fargo/ Wachovia reform their policies and protect homeowners currently facing foreclosure.  At a hearing at First Iconium Baptist Church, Atlanta-area residents losing their homes detailed the big banks' role in the foreclosure crisis. They told stories of its impact on their families and communities. Participants pointed to lending practices of the big banks and decried their targeting of minority communities.  The hearing was sponsored by the Atlanta Fighting Foreclosure Coalition and the 11.5 million-member AFL-CIO.  

Gloria Sims, a 74-year-old retiree, testified that a big bank gave her and her husband an adjustable rate mortgage they cannot repay on their fixed retirement income.   

Another participant, Therese Bowen, said after she was given two subprime loans her first mortgage payment jumped from $800 a month to $1,200.  Bowen is now facing eviction.  

"Wells Fargo bought my house at foreclosure for $34,000, yet they would not allow me to stay in the home and get a loan modification, even though I have a good income and I could afford to catch up on the missed payments if they would let me," said Bowen.  "Instead they are evicting me from my home, and it will likely sit empty for two years and be one more boarded up house in the neighborhood."  

"Foreclosure is not an equal opportunity tragedy," said AFL-CIO Executive Vice President Arlene Holt Baker, a member of a panel of leaders who heard the testimony.  "People of color are disproportionately hurt in part because we're also disproportionately likely to have lost our jobs. But an even uglier factor is that we have been targeted—chosen—for the dangerous lending practices by big banks almost guaranteed to result in disaster."

Coalition participants also issued a list of demands to Wells Fargo/Wachovia: 
1. Improve participation in the federal Home Affordable Modification Program (HAMP) program to achieve a 100 percent loan modification goal. 
2. Reduce principal balances, reduce interest rates and make home loans affordable. 
3. Protect tenants in foreclosed homes. 
4. Stop high-interest short-term lending. Although not available in Georgia, Wells Fargo's Direct Deposit Advance program charges fees equivalent to about a 120 percent annual percentage rate. 
5. Expand low-interest lending to meet the crucial need for affordable and accessible credit in poor and minority communities:  

Other panelists at the hearing were Rev. Timothy McDonald, First Iconium Baptist Church; Charlie Flemming, President, Atlanta–North Georgia AFL-CIO; Barbara Easterling, President, Alliance for Retired Americans; Vincent Fort, Georgia State Senator and John Eaves, Chairman, Fulton County Board of Commissioners.

After the hearing, participants headed to the Wells Fargo/Wachovia downtown branch in Atlanta for a rally and a meeting with bank executives to discuss the communities' demands.  Hundreds of local residents joined together outside the bank to call on Wells Fargo/Wachovia to stem foreclosures by modifying mortgages in suffering communities to make their voices heard to bank executives they feel have not done enough to remedy this crisis.



Back to top
| Back to home page
Video

White House Live Stream
LIVE VIDEO EVERY SATURDAY
alsharpton Rev. Al Sharpton
9 to 11 am EST
jjackson Rev. Jesse Jackson
10 to noon CST


Video

LIVE BROADCASTS
Sounds Make the News ®
WAOK-Urban
Atlanta - WAOK-Urban
KPFA-Progressive
Berkley / San Francisco - KPFA-Progressive
WVON-Urban
Chicago - WVON-Urban
KJLH - Urban
Los Angeles - KJLH - Urban
WKDM-Mandarin Chinese
New York - WKDM-Mandarin Chinese
WADO-Spanish
New York - WADO-Spanish
WBAI - Progressive
New York - WBAI - Progressive
WOL-Urban
Washington - WOL-Urban

Listen to United Natiosns News