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Annenberg School of Communication and Journalism University of Southern California

Southern California

Occupy to Stage Rally Against Wells Fargo

The 3 p.m. rally and march aims to raise awareness about fraudlent foreclosure practices.

Protesters planned to rally outside a Los Angeles branch of Wells Fargo Wednesday to raise awareness about the bank's foreclosure practices.

Occupy Fights Foreclosure is organizing the rally, which starts at 3 p.m. outside the Wells Fargo on Figueroa Street and Olympic Boulevard, according to the event's Facebook page.

"Wells Fargo is a foreclosure king against the workers, undocumented communities, low-income communities, the elderly and the disabled," said the group's Facebook event page.

The same Facebook page charged the bank with prioritizing profits and executive salaries above banking customers like Harolyn Rhue, a disabled woman who was fradulently foreclosed upon, according to Occupy Fights Foreclosures.

In response to the claims made by Occupy Fights Foreclosures, a representative for Wells Fargo wrote in an email that the bank has helped more than 841,000 customers with loan modifications and forgave more than $6.3 billion.

"When working with our borrowers who are facing financial challenges, our goal is to keep that borrower in their home when possible," said Gary Kishner, Vice President and Communications Manager at Wells Fargo.

Kishner noted that Wells Fargo's foreclosure rate in California is 1.04 percent, while the bank's national average is 7.04 percent - lower than the national foreclosure rate of 11 percent.

After the rally outside the downtown Wells Fargo branch, protesters will march to the Southern California Immigration Coalition's rally on the corner of Olympic Boulevard and Broadway.

COMMENTS

Wells Fargo cannot "forgive" a fraudulent debt that was created by their corrupt bankers and since the banks recently received a gazillion dollars from our tax money to bail them out, Wells Fargo statement is insulting.

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