Occupy Protesters Shut Down Wells Fargo Over ‘Fraudulent Foreclosures’

Upset with Wells Fargo’s foreclosure practices, protesters held a demonstration Wednesday that briefly shut down one of the bank’s branches in downtown Los Angeles. 

 ction was organized by Occupy Fights Foreclosures, an Occupy Los Angeles subcommittee that has been assisting homeowners fight what they consider are fraudulent foreclosures.

About 80 activists, which included foreclosed homeowners, stood in front of the bank’s entrance for a half hour before joining the nearby May Day demonstration held by the Southern California Immigration Coalition.

“Too many families are being thrown out into the streets,” said Carlos Marroquin, an organizer for Occupy Fights Foreclosures. “Wells Fargo has already paid over a billion dollars in settlements because of their predatory lending practices. It goes to show you that they are not ashamed of what they do.” 

In February of last year, five of the largest mortgage servicers, which includes Wells Fargo, paid $25 billion in a settlement over fraudulent foreclosure practices. The lawsuit was initiated by 49 state attorneys general. The settlement was the largest of its kind in U.S. history.