Wells Fargo CFO Tim Sloan makes $8 million a year and lives in a $5 million house in San Marino, a wealthy Los Angeles suburb. His bank is trying to evict Ana Wilson from her tiny home in blue-collar South Gate. Wilson, a wheelchair-bound woman with cerebral palsy and breast cancer, missed several mortgage payments while she was in the hospital. Frustrated by Wells Fargo’s refusal to renegotiate her loan, Wilson went to Sloan’s mansion to protest her mistreatment. San Marino cops arrested her.
Who is the real criminal here?
Across the country, families facing foreclosure and homeowners with “underwater” mortgages are fighting back against the big banks that stripped them of their one valuable asset and crashed the economy. The resistance takes many forms - homeowners refusing to leave when the sheriff arrives with an eviction notice, community groups engaging in civil disobedience at bank offices and stockholder meetings, and lobbying campaigns to get city and state government to enact protections from banks foreclosing on owners for missing one or two payments, often as a result of banks making unscrupulous loans.
Peter Dreier, “Putting Names and Faces to the 1 Percent: Wells Fargo’s Tim Sloan,” October 2, 2012.