Struggle forces bank to negotiate mortgage

Some 50 supporters of homeowner Belva Davis demonstrated outside Wells Fargo/Wachovia Bank in this tony Detroit suburb on Sept. 29. The lunch-time action was called by Jobs with Justice; the Moratorium NOW! Coalition to Stop Foreclosures, Evictions and Utility Shutoffs; and the Detroit Metropolitan Interfaith Committee on Worker Issues.

WW photo: Kris Hamel

A Wall Street investment fund run by Wells Fargo rushed to foreclose on Davis’ home last December. Neighbors and supporters braved snow and frigid weather to come out and show support as Davis began a long struggle to save her home.

Like so many others, Davis had fallen behind on her mortgage due to unemployment. When she found a decent-paying job and tried to reinstate her mortgage payments, the bank and its loan servicer, Ocwen Financial, wouldn’t hear of it. They demanded $19,000 up front before they would consider modifying the loan.

Chanting, “The crooks are in the bank! Belva’s here to stay!” demonstrators strung yellow crime scene tape across the front of the building as bank officials hurriedly locked the doors. Literature distributed stated that Wells Fargo/Wachovia was “wanted” for crimes against the people, including, “deceiving taxpayers, attempting to evict good neighbors like Davis, and lobbying to defeat bank regulation and labor reform” like the Employee Free Choice Act.

Demonstrators demanded the bank return the $2.8 billion it got from the federal government to modify mortgages or do what the program calls for: restructure mortgages.

In late August and early September a concerted campaign bombarded Ocwen president, Ronald Faris, with phone calls and e-mails demanding Davis’ loan be modified as required by the federal Home Affordable Modification Program. Obviously frustrated and on the defensive, Faris began replying to many of the e-mails.

A protest on Sept. 12 brought 100 activists, neighbors and politicians to Davis’ eastside Detroit home for a rally demanding justice for the homeowner.

The Sept. 29 action was significant because of the involvement of organized labor and union officials, as well as rank-and-file union workers from many sectors, including skilled trades. Metro Detroit AFL-CIO President Saundra Williams was in attendance along with Secretary-Treasurer Dave Ivers. Williams pledged support in stopping the many illegal foreclosures and evictions taking place throughout southeast Michigan.

Later that afternoon after the demonstration, Ocwen finally agreed to begin negotiations to modify Davis’ loan, according to her attorney Jerry Goldberg. “The struggle played no small part in getting the bank to come to the table,” Goldberg told Workers World.