Mr. Speaker, the extraneous material is a letter I'm sending to Wells Fargo Bank about Mrs. Darlene Bowland, a 68-year-old mother fighting cancer and Wells Fargo Bank. Darlene lived in a modest home in San Jose for 41 years until she was…
Mr. Speaker, the extraneous material is a letter I'm sending to Wells Fargo Bank about Mrs. Darlene Bowland, a 68-year-old mother fighting cancer and Wells Fargo Bank.
Darlene lived in a modest home in San Jose for 41 years until she was evicted a week before Thanksgiving. At the time, Darlene was too weak from chemotherapy to pack up her own boxes. We appealed to the bank. They knew about her cancer and her chemotherapy, but they didn't care. She owned her home free and clear at one time but was a victim of a pay loan, a way to confuse her and basically steal her home.
Mr. Speaker, Wells Fargo earned record profits last quarter, and in 2010 the CEO, John Stumpf, earned more than $17 million in compensation. This Christmas, Mrs. Bowland will be couch surfing with chemotherapy, while Mr. Stumpf will be enjoying his $17 million salary and her home in San Jose stays vacant.
Merry Christmas from Wells Fargo.
Congress of the United States,
House of Representatives,
Washington, DC, December 13, 2011.
Re Ms. Darlene Bowland
Mr. John G. Stumpf,
Chief Executive Officer, Wells Fargo, Montgomery St, San
Francisco, CA.
Dear Mr. Stumpf: Darlene Bowland is a 68-year-old woman
fighting cancer and Wells Fargo Bank. She lived alone in a
modest home in San Jose, California until she was evicted by
Wells Fargo Bank a week before Thanksgiving, even though she
had no place else to go. Wells Fargo Bank knew all about
Darlene's tragic circumstances, but apparently did not care.
Darlene lived in her home for 41 years and at one time
owned it free and clear. She and her former husband raised
their children there. Although Darlene lost her small
cleaning business to the recession a few years ago and now
struggles to make ends meet, she was proud of her house. She
spent what little energy she had after her cancer treatments
tending to her garden. That's where she found some measure of
peace.
Not anymore.
Darlene is just one of many victims of a World Savings loan
product called a ``pick-a-pay'' that she was tricked into and
could not afford. Make no mistake. Darlene is a victim. Pick-
a-pay loans were designed to trap unwary homeowners into
owing more than they borrowed, assuring the banks that sold
them a captive audience that would need to continually
refinance or face foreclosure. These unscrupulous banks and
loan brokers used the voluminous, complex and impossible to
understand loan documents that make up a pick-a-pay loan to
steal Darlene's house in broad daylight.
Wells Fargo was able to file an unlawful detainer and get a
summary judgment that allowed them to evict Darlene, even
though Darlene had sued Wells Fargo claiming she was
defrauded. She was too weak from chemotherapy to pack up her
own boxes.
Wells Fargo earned record profits last quarter. Your 2010
compensation was more than $17 million. Do you know this
woman with cancer is now couch-surfing because you've evicted
her through foreclosure on her home just before the holidays?
Instead of waking up in her house Christmas morning,
Darlene's house will instead sit vacant.
Sincerely,
Zoe Lofgren,
Member of Congress.