CARLSBAD, Calif. — A group of about 50 to 60 protestors interrupted a speech by Wells Fargo (WFC) Chief Executive Officer John Stumpf on Thursday at a banking conference, taking over the stage with chants and complaints about home foreclosures.
The protestors were affiliated with the Alliance of Californians for Community Empowerment, a group that in the past few months has accused Wells of failing to offer principal reductions to delinquent borrowers, as required under the national mortgage settlement.
Stumpf was about 25 minutes into a speech about the state of the banking industry and increased regulation when a woman walked onto stage and held out her hand, which Stumpf shook. The woman then grabbed a microphone, raised her voice and told the audience "Wells Fargo is taking my house tomorrow."
The protestor later identified herself to American Banker as Betty Badro, a Glendale, Calif. homeowner and state worker who has been delinquent on her mortgage for at least two years.
Following Badro's appearance on stage, she was joined by several other protestors. Stumpf was escorted off the stage by a security detail and left the conference.
"While we respect the right of individuals to express their opinions, we are very disappointed in the actions protesters took at the Retail Banking Conference today that disrupted John Stumpf's presentation and the entire conference," Oscar Suris, an executive vice president of corporate communications, said. "This type of behavior damages efforts for productive dialogue and opportunities to work together to reach solutions."
The annual conference was taking place at a hotel in Carlsbad, California and is hosted by American Banker.
You have to be kidding me!!! I am glad she took a stand. I personally tried to contact my mortgage lender before they foreclosed on my home co-jointly owned with my ex-husband. He abandoned the home and I wanted it back. My calls were not returned, I was told they were too busy to handle my account and was given a run around for two months until they processed the foreclosure, resold the house in 5 weeks for a $ 60K profit. If I had the opportunity as this lady, I would have done the same thing! For these mortgage companies,it's business, for us homeowners it's personal. Take the time to address us as people and work with us. I was ready to pay the arrears but the bank wouldn't even return my telephone calls or emails. I say storm every conference until your voice is heard. I am personally tired of the banks discounting us who have paid up until the meltdown and who want to remain in our homes and recoup our investment. My investment has been resold twice and foreclosed at least once since the bank took action in 2010. I'd like to know how the corporate communications officer would feel if it was him in our shoes.