A Report on the Foreclosure Crisis
California in Crisis: How Wells Fargo’s Foreclosure Pipeline is Damaging Local Communities
Five years after the housing market collapsed, California’s economy remains weak. The unemployment rate is nearly 10 percent, twice what it was in 2006, and in 2012 the State’s underemployment rate averaged an astonishing 19.3 percent.
The continuing housing crisis remains a key cause of this widespread economic tragedy. Nearly two million California homeowners are underwater, owing more on their mortgage than their home is worth.
Since 2008, banks have foreclosed on approximately 1.7 million homes in the state. Right now, around 65,000 California homeowners are in the “foreclosure pipeline” – they’ve received a Notice of Default or a Notice of Trustee Sale. Every day, more and more families get added to this list.
Wells Fargo is the biggest mortgage service provider in California, responsible for nearly one in five of these impending foreclosures. This report shows the tremendous damage that will befall California’s communities if Wells Fargo continues to foreclose on so many families.
Read the Executive Summary here
How the Housing Crisis Continues to Cripple Our Economy
Wells Fargo’s Foreclosure Pipeline in Local Communities:
- San Francisco
- San Jose
- Los Angeles
- San Diego
Principal Reduction is a Win-Win Strategy