‘Occupy LA’ Calls For Bank Moratorium On ‘All Foreclosures’, Will Meet With Wells Fargo Officials

LOS ANGELES (CBS) — Protesters with the “Occupy L.A.” movement rallied on Friday at a bank in downtown Los Angeles to call for banks to temporarily halt all foreclosure proceedings nationwide.

Activists held signs and gathered along the steps of the Wells Fargo bank branch on West Olympic Boulevard against the state attorney general’s recent decision to back out of negotiations to settle with the nation’s biggest mortgage lenders over deceptive mortgage and foreclosure practices.

The group is calling upon Attorney General Kamala Harris to force Wells Fargo and other banks to impose moratoriums on “all foreclosures until full investigations into lending institutions’ policies and practices are pursued showing the extent of fraud on innocent homeowners”.

Harris recently ended California’s role in negotiations after calling the banks’ current settlement offer “inadequate for California”.

Friday was the final business day to come to an agreement on the nationwide settlement.

The protest comes as Wells Fargo held a workshop Friday to help would-be homebuyers qualify for a mortgage in order to reduce its inventory of unsold homes.

Many Occupy LA members agreed with Harris’ stance on the negotiations and criticized the $25 billion split between five separate banks that falls “short of expectations of accountability and consequence”.

“We call on Harris to continue to represent the people’s interests over lenders’,” said Carlos Marroquin, a Occupy activist and homeowner advocate. “Also, we call on Wells Fargo to do the right thing for homeowners.”

A handful of the group’s activists will take the unprecedented step on Monday of meeting directly with Wells Fargo officials to discuss the bank’s foreclosure practices and other concerns.

  • ray

    Are you guys losing your homes if so go occupy a JOB and pay your bills.

  • Bob Theduck

    I fail to see how it is the banks fault that people do not/can not pay he mortgages they signed.

    • Rakbahls

      Also, the banks manipulated people into taking loans they could not afford. Stop blaming these issues on people trying to get by. What don’t you look at who is greedy… you little sheeps?

      • Bob Theduck

        Banks can not force people to get loans. Peoples GREED got the best of them for the most part. A lot of times the foreclosures high-lighted by the press have been to people who have had their homes for ten years or more. In those and many of the other cases, people refinanced their homes to take money out to not only improve their homes but buy cars, take vacations and other “luxury” things.

        The only people I feel sorry for are the first time home buyers during the ’02 to ’06 period who bought homes because they were told (and felt) that if they did not buy then they could never afford to buy. Most of those did not witness the ’86 to ’89 boom and bust cycle.

  • Rakbahls

    I’m sure the unemployment rate has something to do with people not having jobs… What do you think?

  • janet owen driggs

    All credit to Kamala Harris for holding out against attempts to make a sweetheart deal with that banks that have received billions of bailout dollars. Those funds would have paid off all the mortgages in America, which in turn would have had the side effect of bailing out the banks. At the very least those banks that caused the collapse that lost jobs and decreased the value of real estate owe us a foreclosure moratorium.

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  • dan

    1. Given for illegal merger of banks (we can see the effects of that now)
    2. Given for unconstitutional use of torture
    3. Given to Telecom Company for illegal wire taps. (Fisa bill that led to the patriot act)
    4. Given to Judges for taking bribes. (SBX211)
    Robert kennedy spoke out against retro active immunity…”QUOTE” The very idea of “retroactive immunity” … is so radical, so repugnant to the most basic principles of the “rule of law,” that only one prior attempt can be found in recent history (at least from my research): the efforts by some in Congress (in 1965) to enact a law retroactively legalizing the mergers by six large banks which clearly — as a federal court found — were illegal under our nation’s antitrust laws.
    The banks knew when they merged that they were almost certainly violating anti-trust laws. But they did it anyway. And when courts began ruling that their behavior was illegal, they ran to Congress to demand that a law be passed granting them amnesty, claiming that the consequences would be ruinous if they were held accountable under the law. ) But the very concept of retroactive amnesty, the idea that corporations could break the law and then have Congress pass a special law legalizing their lawbreaking conduct

  • Heather Meyer

    What’s up with the censorship here? I tried to post AGAIN the comment I did yesterday (but never showed up) and it says it’s a duplicate…so where is it?

    I see the correction to this article wasn’t made either. Mistake? I think NOT!

    • Raymond A. Collier

      Don’t feel lonely, Heather. I posted a comment in response to Mike Peake (above) & it was deleted too. I guess that CBS doesn’t believe in “Freedom of Speech,” unless it’s their own!

      • randy

        They apparently do believe in it, Raymond, seeing as how your post is on the site.

      • Raymond A. Collier

        @randy, It was a differnet “Comment” the I posted previously that was “not Posted to Mike Peake.” The post that is marked “Ray,” is a different person than myself. Thought that you might’ve be smart enough to figure that out. Obviously Not! Some people don’t have Common Sense, like “randy.”

  • Heather Meyer

    Bob, please check out anything from the 60 Minutes piece on credit default swaps, to the film, “Inside Job” so you can figure it out. It’s absolutely vital that everybody understands it. In a nutshell, Wall Street hyper-inflated the value of our homes, while banks were selling super risky mortgages in predatory fashion to homeowners (~70% of which qualified for the safe/stable prime mortgages), and while Wall Street kept encouraging banks to continue and reassured they would buy it ALL up, they also bet that people wouldn’t be able to afford to pay the inflated mortgage payments on these risky loans too. They not only profited all the way up and down their fraudulent scam, but they also received billions in taxpayer-funded bailouts to right those wrongs – of which, they did NOT. Hopefully, this will help clear it up for you some.

  • Heather Meyer

    NOTE TO EDITOR: The action in front of the AG’s office was NOT “against the state attorney general’s recent decision to back out of negotiations to settle” – it was in SUPPORT of her decision to do so, as is reflected in the quote by Carlos. Thank you in advance for the correction.

  • John A Randolph

    Obama should have done this nationwide his first day of office.

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